Increasing pressure on banks’ profit margins and traditional sources of revenue, and the success of technology-driven innovations such as M-PESA in Kenya, has given rise to increased interest in Mobile Money and other Financial Technology (FinTech) applications. However, the requirement for Know Your Customer (KYC), due diligence and the risks of linking Smartphone applications to deposit accounts are still major challenges that often require local solutions.
Banks are also increasingly exploring alternatives to costly traditional bank branch models. Agency Banking can leverage the existing physical presence and local cultural empathy and language skills of potential banking agents, particularly outside major cities whilst providing a pathway for greater financial inclusion.
This course will deliver a comprehensive understanding of the opportunities and challenges involved at this new financial frontier and critically review current applications, such as the use of Blockchain in Trade Finance and the pros and cons of cryptocurrencies such as Bitcoin.
On completion, you will be able to:
- Understand the environmental conditions required for Mobile Money
- Analyse the limitations of Mobile Money versus traditional banking
- Appreciate the benefits to bank clients of Agency Banking
- Understand the role of the bank as principal in managing agents
- Develop an outline plan for the rollout of Agency Banking services
- Strategic role of Mobile Money and Agency Banking in Financial Inclusion
- What is FinTech and how is it changing the Financial Services landscape?
- Applications: electronic wallets, payment services and other banking services
- How Blockchain and cryptocurrencies are changing the landscape
- Know Your Client (KYC) requirements in Mobile Money applications
- What does a sustainable Agency Banking business model look like?
- Risk management issues
July dates includes attendance at FinTech Week exhibition.
This course is week three and four of The Banking Masterclass programme from 25 June – 20 July.
All courses will be conducted entirely in English. A proficient level of both spoken and written English is required by all delegates so that they are able to fully benefit from the course and participate in our interactive style of training.