How to Expand your business by becoming a Co-op Bank Agent

By David Indeje / October 27, 2017 | 12:30 pm



Co-op Bank Kwa Jirani Agent

Co-operative Bank of Kenya Limited (NSE: COOP) has focused on the country’s SME market with specific products tailored for it.

The bank in a bid to reduce operating expenses and improve efficiency, it has placed emphasis on innovation, and agency banking as a key driver of diversification for banks and a distribution channel of banking products.

Kenyan banks recorded  30.9 percent improvement in agency banking attributed to the growth of transactions relating to payment of retirement and social benefits, transfer of funds, cash deposits and cash withdrawals according to the latest data from the Central Bank of Kenya “Bank Supervision Annual Report 2016.

For Co-op bank, agency banking has made it possible to reach many underserved areas, increasing the access to, and availability of, financial products and services without having to invest in ‘bricks and mortar’ bank branch infrastructure.

Read:

 Co-op Kwa Jirani: Bringing the Bank Closer to You 

The Journey To Financial Inclusion: The Input of Co-op Kwa Jirani

“This is a convenient and simple banking model to suit your lifestyle as well as offer you convenience,” says the bank on its website.

Popularly known as Co-op Kwa Jirani, they offer banking services such as registering customers, taking deposits, dispensing withdrawals, funding transfers, processing payments (e.g. utility bills) among other services.

According to the bank, “Becoming a Co-op Kwa Jirani Agent expands one’s business revenue through the commissions earned on transactions.”

Those seeking to become agent do not necessarily have to be Co-operative Bank account holder to be accepted as agents.

Just visit your nearest Co-op Bank branch, fill in an application form and submit the following documents along with the application form:

Certificate of good conduct (for the individual)
PIN certificate
Bank statements if you are not a Co-op Bank account holder
Business permits for the last 12 months
Current business permit
Certificate of registration
Copy of ID or equivalent
Two passport size photographs
Business owners’ or directors’ CVs
CBK Form 3 & CBK Form 4 witnessed by Commissioner of Oaths

 

However, you will need to raise KSh 1,000 application fee charged by Central Bank of Kenya. You will also need to place a float.

According to Co-op Bank, the float will be determined by customer limit during the appraisal.
According to Co-operative Bank, the following are eligible to apply to become agents with the bank:

Limited liability companies.
Sole proprietorships.
Partnerships
Societies
Co-operative societies
State corporations
Trusts
Public entities


To apply to be an agent, you will need the following documents when you visit the Co-operative Bank branch for application:


Certificate of good conduct (for the individual)
PIN certificate
Banks Statements if you are not a Co-op Bank account holder
Business permits for the last 12 months
Current business permit
Certificate of registration
Copy of ID or Equivalent
Two passport size photographs
Business Owners’/Directors’ CVs.
CBK Form 3 & CBK Form 4 witnessed by the commissioner of Oaths.

 

Corporates seeking to open agencies will need to provide the following additional documents:

Audited books of accounts for the last two years
Resolution to carry out agency banking.
SASRA approval for FOSA’s
VAT registration (where applicable)





About David Indeje

David Indeje is a writer and editor, with interests on how technology is changing journalism, government, Health, and Gender Development stories are his passion. Follow on Twitter @David_IndejeDavid can be reached on: (020) 528 0222 / Email: info@sokodirectory.com

View other posts by David Indeje


More Articles From This Author







Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (334)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (181)
  • 2019
  • January 2019 (253)
  • February 2019 (216)
  • March 2019 (285)
  • April 2019 (254)
  • May 2019 (272)
  • June 2019 (251)
  • July 2019 (338)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (319)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (278)
  • April 2018 (225)
  • May 2018 (238)
  • June 2018 (178)
  • July 2018 (256)
  • August 2018 (249)
  • September 2018 (256)
  • October 2018 (287)
  • November 2018 (284)
  • December 2018 (185)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (190)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (165)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (248)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (108)
  • May 2015 (116)
  • June 2015 (120)
  • July 2015 (148)
  • August 2015 (157)
  • September 2015 (188)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (207)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950