Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/kri8/Article/
Published: May 31, 2013
In October 2011, Prime Minister Datuk Seri Najib Tun Razak said BSN would appoint 5,000 agents within three years to provide greater access to banking services for the rural population.
"By the end of this year, we will surpass the target," its chief executive officer Datuk Adinan Maning said after the opening ceremony of the World Savings Bank Institute (WSBI) Asia Pacific Regional Group Meeting yesterday.
Agent banking service is aligned with the financial inclusion agenda under Bank Negara Malaysia's 10-year Financial Sector Blueprint from 2011 to 2020.
Financial inclusion aims to enable all members of society, including the underserved segment, to have access to quality, affordable and essential financial services.
This could be done by developing more innovative delivery channels, such as agent banking and micro financing products, to cater to the different financial needs of all segments of society.
Meanwhile, Second Finance Minister Datuk Seri Ahmad Husni Mohamed Hanadzlah, who officiated at the meeting, said financial inclusion is an essential requirement to uplift socio-economic conditions of the under-served and lower income groups.
Thus, he said, technology is a strong enabler in driving transaction costs down, to allow more in the low-income group to enjoy basic ban-king services.
He said to date, 6.3 million transactions were carried out through agent-banking, translating into a monetary value of RM560 million.
Of the total, bill payments make up the largest chunk, with transactions worth RM400 million, followed by deposits, withdrawals and Sijil Simpanan Premium services, valued at RM91 million, RM66 million and RM1 million, respectively.
Adinan said BSN will also launch new services in July to enhance its financial performance.
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