Consolidated Bank Ghana (CBG) has launched its new agency banking service. The bank targets 8,000 agents by 2028 to expand financial services across Ghana. This initiative aims to bring convenient banking closer to individuals, businesses, and underserved communities.
This new service is part of CBG’s strategy to deepen financial inclusion. It will also reduce congestion at traditional bank branches. The bank has already onboarded 168 agents nationwide. CBG plans to increase this number to 1,000 agents by the end of 2026. The goal is to reach 8,000 agents by 2028.
Ghana consistently prioritizes financial inclusion to boost economic growth. Broadening access to banking services helps formalize the economy. It also supports small businesses and individuals. This move by CBG aligns with the Bank of Ghana’s broader agenda. Previous efforts by the central bank have focused on enabling digital financial services. Mobile money has significantly expanded access to basic financial transactions in Ghana.
Naomi Wolali Kwetey, Managing Director of CBG, explained the importance of the service. She stated, “Our agency banking service allows customers to access key banking services in their communities through approved agents.” Ms. Kwetey noted that the initiative will create greater convenience for customers. It will also support Ghana’s financial inclusion agenda and economic growth. The Bank of Ghana has been commended for creating an enabling environment for such innovations.
The agency banking service offers several key functions. These include cash deposits and withdrawals. Customers can also perform interbank transfers and bill payments. The service facilitates account opening. This expansion is expected to create new business opportunities for agents within local communities. It allows customers to conduct essential transactions without traveling to distant bank branches. This saves both time and cost for customers. Decision-makers in the banking sector will closely watch the uptake and impact of this initiative. Its success could influence further expansion of agency banking by other financial institutions.
The agency banking platform has strong security features. It aligns with PCI Security Standards requirements. This ensures secure transactions for both customers and agents. Deputy Managing Director of CBG, Sheila Azuntaba, highlighted the bank's commitment. She stated the service makes banking more accessible, efficient, and reliable. Agents operating under this initiative will benefit from insurance coverage through CBG’s bancassurance arrangement. First Vision Technologies, in partnership with Modefin, developed the platform. This partnership combines global expertise with local innovation. It delivers banking solutions tailored to Ghana’s market realities. This initiative marks a significant step towards bridging financial access gaps across the nation. It will empower individuals and businesses with reliable financial tools.