Sterling Agent Banking Sterling Bank
The technology enables authentication through biometrics rather than using a PIN making it more targeted at the less educated and secure.
Launch date: 2013
Keywords: Biometrics, Branch, Cybersecurity/Authentication, Operational Excellence/Cost Efficiency
Although we have filled this out under physical distribution- we actually believe it is a ‘phygital’ distribution as it uses both physical and digital means to distribute banking to the underbanked/unbanked.
Agent banking provides a cost effective and efficient manner in delivering banking services while increasing our footprint in the Nigerian market. Moreso, it enables our bank serve the unbanked and under-banked further enabling our retail business growth. Our agent banking business is largely dependent on technology and people where the IT solution links all bank agents, customers and the backend banking application in a single, easy to use platform.
Account opening and operation on the agent banking platform is easy to use and designed with the customer in mind. The agents use an all-in-one (camera, payment and biometric) POS machine to serve customers and require a customers’ fingers for authentication. An at agent location, customers are able to carry out the following transactions:
• Account opening
• Airtime purchase
• Service payment- DSTV, Electricity
Currently, we have over 400 agents across Nigeria with a 60% active rate.