Grapevine

By Standard Media
Jul 24, 2024

Tough economic times cuts SME led agency banking transactions

Banks agent shop serving customers on Nov 16, 2020. [Jonah Onyango, Standard]

Transactions done by banking agents dipped with cash deposits reducing by almost 10 per cent, signalling the tough economic period that shadowed the better part of the year, a new report shows.

The latest Bank Supervision Annual Report 2023 by the Central Bank of Kenya (CBK) shows a drop in cash deposits, withdrawals and transfer of funds transactions done through agent banking.

The only transaction that had a positive increase was the payment of retirements and social benefits. This went up 42.1 per cent.

The drop in transactions and amounts is despite an increase in the number of agent banking outlets by 5.7 per cent in 2023 compared to 2022.