By Phiwa Sikhondze
In an exciting development for the local banking sector, Eswatini Bank has announced plans to roll out agency banking services by the end of August 2024.
This announcement was made by Nozizwe Mulela, the Managing Director (MD) of Eswatini Bank, during the customer networking day held at the Matsapha Lifestyle Branch.
The move to introduce agency banking is set to significantly enhance the bank’s reach, particularly in underserved and rural areas, where access to traditional banking services like ATMs can be limited. Agency banking will allow customers to perform a range of banking transactions through third-party agents, making banking more accessible and convenient.
“We are thrilled to introduce agency banking as a new service to our valued customers. This initiative is part of our broader strategy to improve financial inclusion and bring our services closer to the people,” said Mulela. “By leveraging the extensive network of agents, we aim to provide banking services to areas that currently lack physical bank branches.”
During the networking event, Mulela highlighted the benefits of agency banking, which include reduced travel time and costs for customers, as well as extended banking hours through agents.
This service will enable customers to use ShareSha to access their money through agents in various shops and other retail outlets. The initiative will also enable customers to deposit and withdraw money at designated agent locations.
Eswatini Bank’s initiative aligns with the national agenda of promoting financial inclusion and economic empowerment. By adopting innovative banking solutions, the bank is positioning itself as a forward-thinking institution committed to meeting the evolving needs of its customers.
The customer networking day at the Matsapha Lifestyle Branch provided an opportunity for clients to engage directly with the bank’s leadership, share their experiences, and learn more about the upcoming services.
As the rollout date approaches, Eswatini Bank is working diligently to finalize partnerships with potential agents and ensure that the necessary infrastructure is in place. The bank has also committed to providing comprehensive training to agents to guarantee the delivery of secure and efficient banking services.