The aim of agent banking is to provide banking service to the unbanked people. It is becoming popular day by day in rural Bangladesh, where banking service has not yet reached. It is a cost-effective alternative for the banks as it takes huge amount of money to open branches and operate them. Already a number of banks have started operating agent banking across the country. Many people particularly in rural and remote areas are getting the benefits from this banking practice. This has created an opportunity for them to get banking service, since in most cases they cannot afford to to go to the city to carry out bank transactions. However, many people in the country are still outside the banking system. Agent banking can help them have banking facilities available at their doorsteps. So, commercial banks should focus more on agent banking and bring everyone under banking service.
Through agent banking, people are now getting remittance without hassle, and can save small deposit, pay utility bills and get government-provided financial help without going to the city. But at the same time, people have to be more careful while doing transactions through this banking service. A few incidents of fraudulence relating to agent banking have been reported in the last couple of months. Things to check before doing transaction through agent banking include:
1. The agent's registration number from the bank's website.
2. SMS of deposit or withdrawal of the balance before leaving the bank. The SMS is supposed to be provided only by the particular bank's SMS service.
3. The account balance from the agent point if required.
Abdullah-Al-Noman,
Student of BBA,
North South University, Dhaka,
abdullah.noman11@northsouth.edu