Agent banking involves the provision of banking services through non-conventional means such as retail outlets with the use of technology. In developing countries, such as Bangladesh, agent banking acts as a medium between the rural unbanked majorities and banking services that they would otherwise not have access to. The case analyzes how innovation in the banking sector can aid poor people to gain access to financial institutions through the Agrani Doer banking business model. It elaborates on the rules and regulations of agent banking and how the first state bank of Bangladesh, Agrani Bank, establishes coverage to places not deemed possible before. The concept of agent banking, in an illustrative case, is linked to Ansoff's Growth Matrix as Agrani Bank uses technology and innovation in its business strategies to achieve its desired growth goals.
This case study analyses the Information & Communication Technology (ICT) sector of the West African country Nigeria; the growth of their internet services leading to online payment options. The rise of telecommunication companies and mobile payment options are also scrutinized here to some extent. The report discusses the overlying assumptions of weak online financial security issues that developing countries face and how payment aggregators are aiding in the process in order to achieve a smooth digital marketplace. Flutterwave, is a B2B digital payment Application Programming Interface (API) that allows processing of credit and debit for cards, other local alternative payments, such as mobile money and Automated Clearing House (ACH), across Africa. They ensure that global merchants are able to process payments like a local African company. The case of Flutterwave is discussed in detail with their business model—customer profiles, provided services, a landscape of their competitors and the challenges faced doing business; in order to shed some light on the aspect of making Nigeria a potential destination of investment for many Multinational Corporation (MNC’s) in the future.
Digitalization in financial services, in another way financial technology or FinTech, has drastically extended financial intermediation while customers are experiencing and engaging with the development of new digital products and competencies. Nevertheless, over two billion people worldwide remain out of accessing financial services that make financial inclusion an equally important concern for all economies, including Bangladesh. Over the last few years, a good number of academic literature has been made on FinTech covering how essential it is to serve the unbanked and underbanked countries. This study tries to provide an inclusive survey of relevant literature on FinTech and its potential to disruptive financial intermediation globally and nationally. Therefore, a descriptive research design has been adopted entirely based on secondary resources and mostly relying on the Global Findex database, International Monetary Fund (IMF) releases, and Bangladesh Bank reports. It has been evident that digital financial inclusion is connecting more and more people to the financial system at a growing pace resulting in substantial welfare benefits throughout the nation. Even if the active use of mobile money systems, digital banking, especially internet banking, is reshaping our bank. However, there is much work to be done compassing the challenges and the threats of FinTech as important policy issues for the existing financial landscape. In conclusion, this study provides an insight into the country's digital financial system and contributes to further study in relevant disciplines.
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