Banks get risk-shy, engage agents | The Guardian Nigeria News

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Money deposit banks (MDBs) are increasingly transferring risks of cash processing and management to third parties under the guise of agency banking model, an investigation by The Guardian has revealed.

It was gathered that banks see agency banking as the new frontier of the old competition in the retail segment. Similar to the days marketers were given bogus targets, the agents are now handed targets with mouth-watering bonuses attached.

A first-generation bank, for instance, has kicked off campaign, running from November 1 to January 31, 2021, promising to give “top performing agents” cash rewards ranging from N50,000 to N500,000.

In a mail sent to the operators on October 31, the bank listed the six categories of the promo (created to boost its agency banking network) to include silver, silver plus, gold, gold plus, platinum and…



Source: Guardian Newspaper