How profitable is the Equity Bank Money Agent Business In Kenya?

bank agents in kenya

How profitable is the Equity Bank Money Agent Business In Kenya?

Kenyan banks are increasingly embracing the agency model agency to bring their services closer to the citizens in a way never envisaged before. Not only does it save the customer numerous hassles associated with visiting banking halls but also does it create a new revenue stream for business people. Appointed money agents by banks earn using the commission model from transactions done at their outlets similar to the M-pesa agency model. Major players who have rolled out these services in Kenya are Equity Bank Money, Co-operative Bank with its Co-op Kwa Jirani , and Kenya Commercial Bank with its KCB Mtaani . Choosing the best agency model for your business is a topic for another day. But to the main topic, how profitable is the Equity Bank money agent business in Kenya?A copy of how Equity Bank agents get commissions on transactions they perform at their till was obtained by one of our writers and the rates are:-

Cash Withdrawals

  • Ksh100 -2500-  Ksh 15
  • Ksh 2,501-5,000 – Ksh 25
  • Ksh 5,001-10,000 – Ksh35
  • Ksh 10,001-20,000 – Ksh 60
  • Ksh 20,001 – 35,000 – Ksh 70
  • Ksh 35,001-50,000 – Ksh 90
  • Ksh 50,001 and above- Ksh 120

Cash Deposits Commission rates

  • Ksh 100- 5,000 – Ksh10
  • Ksh 5,001-10,000- Ks 15
  • Ksh 10,001-20,000- Ksh 20
  • Ksh 20,001 and above – Ksh 30

Other services

  • Account Opening – Ksh 100
  • Eazzy 24/7 – Ksh 30
  • Account Reactivation – Ksh 50
  • Beba – Ksh 50
  • E hapo hapo – Ksh 50

From the look above, the commission rates are pretty attractive given that this is passive income with minimal operational costs. We would like to hear your opinions if you are engaged in the business or have any thoughts to share!

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