An intermediary who assists in bringing banking services to Equity Bank clients in a certain location is known as an agent. The agents provide cash withdrawals, cash deposits, account opening, school fee payments, utility payments, loan applications, account balance inquiries, and cash withdrawals.
Based on the transactions, equity bank agents receive commissions.
To become a proper Equity Bank agent, you must meet the required standards which we’ve shared down below.
Who can become an Equity bank agent?
Anyone with a registered business from a mobile money agent, gas station, supermarket or grocery store, pharmacy, hardware store, or retail shop that has been open for at least 12 months is eligible to become an Equity Bank agent.
You also need a business bank account with Equity Bank and a physical address where you intend to operate your agent banking business to become an Equity Bank agent.
Requirements to Become an Agent
- Your business must be registered and licensed as a sole proprietorship, a limited liability company, or any other type that the central bank deems appropriate for the agent banking business.
- Starting capital of UGX 2 million.
- A new POS machine costing UGX 2.1 million.
- Have a bank account with Equity.
- Bank Statements.
- Physical location
- Proof that you have been operating for the past 12 months in the same place.
- Articles and Memorandum of Association.
- Valid business licenses.
What It Takes to Become an Equity Agent
- Start by visiting a nearby Equity Bank branch.
- Present the Branch Manager with any pertinent paperwork and discuss your agent request.
- You will then be given application documents for agents to complete and a checklist for equity bank agents.
- Officials from the bank will then come to your business location before you’re approved.
Becoming an Equity Bank Agent is easy. All you have to do is follow the steps we’ve shared and all will go well. Also important is that when planning to apply, you shouldn’t make Equity agent banking your main source of income. You must have an existent business already in place, such as a mobile money business, kiosk, or petrol station among others.