A bank agent is an entity that has been contracted by a bank and approved by Central Bank of Kenya (CBK) to provide services on behalf of them at a commission.
Thanks to agency banking, customers have the ability to deposit and withdraw money, pay school fees and utilities such as water, make NHIF payments check their balances and get their mini statements..
Banks have embraced this type of banking;
- As it seek to reduce their running costs by not employing more tellers to serve customers as most deposits and withdrawals are being done by agents.
- As it has helped curb long queues, as more and more customers prefer to do their banking in agencies.
- As it is convenient to customers, as agencies are nearer to them and they can withdraw and deposit at any time.
Below is the process of applying and starting an agency bank;
- Apply at the bank you want to be an agent for.
- Perform self-appraisal to check if you meet the set requirements.
- Appraisal of your application is done.
- Central Bank of Kenya approves your application.
- Set up the agency.
How to become a co-operative bank agent
You need to meet the following requirements;
- Provide a certificate of registration of your business.
- Open a co-operative account if you don’t have one.
- Provide a copy of your National ID.
- Provide your pin certificate.
- Two passport size photos.
- Have a current business permit that shows you have been in business for at least 3 months.
- Provide a certificate of good conduct.
- Fill a CBK form 3 and 4 and have it witnessed by commission of oaths.
- Provide a 6 month statement if you don’t have an account with co-operative.
- Pay a license application fee of Ksh 1000.
- Have the ability to raise the amount of float determined by the bank when they are appraising your application.
Co-operative bank agent commission on cash withdrawals
| Withdrawal Amount(Ksh) | Charges (Ksh) | Commission |
| 50-2,000 | 50 | 20 |
| 2,001-5,000 | 50 | 20 |
| 5,001-10,000 | 70 | 30 |
| 10,001-20,000 | 80 | 35 |
| 20,0001-30,000 | 100 | 45 |
| 30,001-40,000 | 120 | 55 |
| 40,0001-50,000 | 140 | 65 |
| 50,001-100,000 | 250 | 120 |
Co-operative bank agent commission on cash deposits
| Deposit Amount(Ksh) | Charges (Ksh) | Commission |
| 100-14,999 | FREE | 10 |
| 15,000-19,999 | FREE | 15 |
| 20,000-29,999 | FREE | 20 |
| 30,000 and above | FREE | 30 |
| Utilities | 50 | 25 |
| Balance Inquiry | 10 | 5 |
| Mini statement | 20 | 10 |
How to become a KCB bank agent
You need to meet the following guidelines.
- Have an account with KCB .
- Provide your National ID.
- Provide your KRA pin certificate.
- Two colored passport size photos.
- Have a certificate of good conduct.
- Attach a copy of your business licenses.
- Evidence to show that your business has been operational for at least one year.
- Fill an application form at a KCB branch.
KCB bank agent commission on cash withdrawals
| Withdrawal Amount(Ksh) | Charges (Ksh) | Commission(Ksh) |
| 100-2,000 | 20 | 10 |
| 2,001-2,500 | 30 | 15 |
| 2,501-5,000 | 32 | 16 |
| 5,001-10,000 | 53 | 26.50 |
| 10,001-20,000 | 75 | 37.50 |
| 20,001-35,000 | 105 | 52.50 |
| 35,001-50,000 | 105 | 52.50 |
| 50,001-75,000 | 185 | 92.50 |
| 75,001-100,000 | 185 | 92.50 |
KCB bank agent commission on cash deposits
| Deposit Amount(Ksh) | Charges (Ksh) | Commission(Ksh) |
| 100-10,000 | FREE | 10 |
| 10,001-20,000 | FREE | 15 |
| 20,001-50,000 | FREE | 20 |
| 50,001-75,000 | FREE | 25 |
| 75,000-100,000 | FREE | 30 |