18/09/2022
RUFEP PROMOTES FINANCIAL INCLUSION THROUGH AGENCY AND MOBILE BANKING
Financial Service Providers (FSPs) face a challenge to extend their services to rural areas due to the high cost of setting up physical infrastructure.To extend financial services to the underserved population, financial service providers engage Third Parties such as banking agents to process financial transactions on behalf of the Principal. For Digital Financial Services such as Mobile Money, the Mobile Network Operators (MNOs) as Principles also engage Mobile Money Agents as intermediaries to transact on their behalf.
From 2014-2022, the Rural Finance Expansion Programme (RUFEP) signed about 30 grant agreements with implementing partners under the Agency and Mobile Banking Window of the Innovation and Outreach Facility (IOF) to promote agency banking.