Towards achieving a more inclusive financial sector, Bank Negara Malaysia today introduced the framework for agent banking. A recommendation in the Financial Sector Blueprint, this initiative allows financial institutions to reach out to the underserved segments of the population particularly in rural areas in a more cost efficient manner through the use of non-bank retail outlets.
Authorized banking agents will provide basic banking services of accepting deposits and facilitating withdrawals. Other basic banking services that can be provided by the agents are fund transfers, bill payments and financing repayments. All transactions are conducted on a real-time basis to protect the interest of the public.
As at end-July, during the pilot run of agent banking, more than one million transactions worth more than RM190 million has been conducted through 2,322 agents of three participating financial institutions.
To ensure that agent banking is conducted in a safe and reliable manner, Bank Negara Malaysia has issued the Guidelines on Agent Banking to the financial institutions. The Guidelines outlines the requirements to be observed by financial institutions in the areas of governance and oversight, management of agents, customer protection, awareness and education.
All authorized banking agents will display a national agent banking logo together with the logo of the financial institutions. This will facilitate the public to identify the authorized agents and the availability of the basic banking services.
For further information on agent banking, the public are advised to call the hotlines of the participating financial institutions or Bank Negara Malaysia at 1-300-88-5465.
Logo to Identify Authorised Banking Agents
15 August 2012