Agency banking offers the potential to increase and deepen financial inclusion across Uganda. Following regulations passed in July 2017, banks in Uganda can use agency banking an extension of services traditionally offered in bank branches whereby third parties (agents) own these services on behalf of banks to expand their presence, particularly in rural areas where brick-and-mortar branches are often expensive. For instance, estimates indicate that over 9 million Ugandans need to travel more than an hour to access a bank branch.1 For customers, agency banking means reduced travel time as well as greater access to and increased convenience of formal financial services.
EBO Financial Services has also taken steps to partner with some Banks and provide Agency Banking to people who are far from their banks. These Banks include Stanbic , DFCU.
With this product, clients of Stanbic and DFCU Banks can access several bank services such as cash deposits, withdraws, transfers, bill payments, fees etc at any EBO Branch.