National Bank of Kenya (NBK), headquartered in Nairobi and licensed by the Central Bank of Kenya (CBK), is a well-established financial institution offering a wide range of services, including loans, accounts, insurance, and investments. Since its acquisition by KCB Group in 2019, the bank has strengthened its presence and services in the country.
One way the bank enhances customer convenience is through agency banking, which allows clients to access banking services within their localities without the need to travel to a branch. National Bank agents provide services such as cash deposits, withdrawals, balance inquiries, and mini-statements on behalf of the bank.
This article outlines the requirements and steps to become a National Bank agent in Kenya.
Who Can Become a National Bank Agent?
National Bank agents play a crucial role in extending banking services to more customers. Entities eligible to become agents include:
- Sole Proprietorships: Independent business owners can apply to become agents.
- Partnerships: Businesses run by two or more individuals are eligible.
- Societies: Registered societies can become agents.
- State Corporations: Government-owned corporations can also act as agents.
- Trusts: Trusts and public entities, once approved by their regulatory bodies, can apply.
- Public Entities: Public entities are also allowed to become agents, provided they have regulatory consent.
Requirements to Become a National Bank Agent
To ensure that the entities acting as agents are financially stable and can deliver reliable services, National Bank sets specific requirements. Applicants must meet the following criteria:
- Legal Business Operation:
- The business must be legal and registered, with at least 18 months of operation.
- Favorable CRB Record:
- The applicant’s Credit Reference Bureau (CRB) report for the past 18 months should show a favorable credit standing.
Documents Required to Become a National Bank Agent
Applicants must provide the following documents to support their application:
- National ID: A copy of the national ID card of the business owner(s).
- KRA PIN: Copies of the Kenya Revenue Authority (KRA) PIN of the directors.
- Certificate of Good Conduct: A valid certificate of good conduct.
- Bank Statements or CRB Report: The applicant must provide bank statements covering the last 18 months or an up-to-date CRB report.
- Passport Photos: Two recent passport-size photographs of the business directors or owners.
- Photo of the Business Premises: A photograph showing the business location.
- Business License: A valid business permit or license indicating the business is legally operational.
- Certificate of Incorporation/Registration: For companies, this includes the memorandum and articles of association.
These documents ensure that the prospective agent is financially stable, operating a legal business, and is of good standing in the business community.
Applicable Fees to Facilitate Approval
Becoming a National Bank agent involves some minimal fees to cover the cost of setting up and facilitating transactions:
- POS Lease Fees: Kshs 6,000 for leasing a Point of Sale (POS) device.
- Float Requirement: A minimum float of Kshs 20,000 and a maximum float of Kshs 100,000 is needed. This float ensures agents have sufficient funds to meet customer demands for deposits and withdrawals.
Why Become a National Bank Agent?
Being a National Bank agent offers several benefits for businesses:
- Increased Customer Base: Offering banking services can attract more customers to the business.
- Enhanced Revenue: Agents earn commissions for transactions such as deposits, withdrawals, and other banking services.
- Customer Convenience: Agents help bring banking services closer to customers, especially in areas where National Bank branches are not available.
- Trust and Credibility: Partnering with a reputable bank like National Bank enhances the credibility of a business.
Services Offered by National Bank Agents
Agents provide essential banking services that include:
- Cash Deposits: Customers can deposit money into their National Bank accounts.
- Cash Withdrawals: Customers can withdraw funds from their accounts.
- Balance Enquiries: Agents help customers check their account balances.
- Mini-Statement Requests: Agents can also provide customers with mini-statements, summarizing their recent transactions.
How to Apply to Be a National Bank Agent
Prospective agents can begin the application process by contacting National Bank’s customer care or visiting the nearest branch to express their interest. It is essential to meet all the outlined requirements and provide the necessary documents during the application process.
National Bank of Kenya Contacts
For further inquiries and assistance, interested applicants can reach out to National Bank using the following contact details:
- Phone: 020 282 8900, +254 703 088 900, +254 732 118 900
- Email: customercare@nationalbank.co.ke
In conclusion, becoming a National Bank agent is an excellent opportunity for businesses to increase their revenue streams while offering vital banking services to local communities. With straightforward requirements and significant benefits, more businesses are encouraged to partner with National Bank and enhance their customer offerings.
