Software Group Presents Agency Banking Model at Egyptian Banking Institute Event

Software Group had the opportunity to present the Agency Banking model as an accelerator for inclusion and growth at an event organized by the Egyptian Banking Institute (EBI) and supported by the Central Bank of Egypt (CBE). The event was attended by heads of financial inclusion from various banks in Egypt who showed great interest in the idea of having agency banking operations.

What is agency banking, the merits of introducing an agency banking model in the country and how it will help with the current distribution challenges, best practices from Software Group’s global experience and more, were among the topics Software Group’s team touched upon during the presentation.

Egypt’s Financial Inclusion Strategy* (2022-2025) emphasizes the Central Bank of Egypt's eagerness to provide useful and affordable banking services to all segments of society, and empower them economically by cooperating with all state authorities.

With over 100 M population, 36 active banks and partially dispersed population, some with limited access to financial services, Egypt presents a vast and untapped financial services opportunity. In addition, nearly 40% of adults do not have transactional bank accounts and 70% of bank account holders do not fully utilize banking services**.

The potential of the Agency Banking model for Egypt Banks will enable them to expand their customer base without investing in physical branches, cut operational costs, offer convenience, and accelerate financial inclusion and growth.

With Software Group’s 12+ years of experience in implementing agency banking solutions across Africa, APAC and Latin America, we can only look forward to exploring this space in the MENA region and contributing to a better digital financial ecosystem that drives impact and changes the lives of millions.

Reference: 

*CBE Financial Inclusion Strategy