The Parliament of the Republic of Uganda passed the Financial Institutions (Amendment) Act, 2016 which makes provisions for Agent Banking. Agent Banking, governed by Agent Banking Regulations 2017 will enable financial institutions enter into the Digital Financing space to drive financial inclusion and increase access to financial/banking services to a range of under-served and unbanked population segments.
Banks in Uganda through their umbrella body Uganda Bankers Association (UBA) have approached Agent Banking through a shared interoperable technology platform and agent network management framework to harness the benefits that accrue from collaboration/convergence. The approach is meant to enable all agents provide agent banking services to customers of all/any bank as the individual banking institutions continue to drive the recruitment of customers and marketing of their own products and services.
Through this shared platform, banks will use Agent Banking Services to foster financial inclusion and deepen the financial infrastructure and financing lower levels of the economy helps families of any social and economic status to create wealth.