Agency banking transactions in Kenya 2022, by type
Cash deposits were the most frequent banking transaction undertaken through bank agents in Kenya as of 2022. They equaled over 74 million, while over 43 million cash withdrawals were conducted in the same period. Overall, bank agents operated over 158 million banking transactions, worth around 12.8 billion U.S. dollars. The banking agency model was rolled out in 2010 by the Central Bank of Kenya, allowing commercial banks to contract third parties to offer financial products and services on their behalf. Traditional banks could, therefore, extend their network without the need of increasing the number of branches.