Page 2 - Financial Transactions

Core banking transactions soar 400% in 2017 on digital agents: Report

Transactions via core banking services have seen a 400 per cent spike in 2017 on increasing use of agent points for financial transactions along with government-to-people facilitation services, says a report. "This has translated to higher monthly median revenue and profit, which doubled from their 2015 levels-from USD 40 to USD 93 and USD 16 to USD 31,respectively," a study by financial inclusion consulting firm MicroSave in partnership with Bill & Melinda Gates Foundation said today. Almost two-thirds of the agents conduct interoperable transactions, finds the report. While about 70 per cent of interoperable agents offer cash-in services, about 60 per cent offer cash-out and remittances for other banks, it said. "This also explains the reduction in the number of non-exclusive agents, as agents no longer need to be associated with multiple providers to be able to serve more customers, it is a common learning that interoperability offers benefits for the wider ...