Agency Banking Business 💰

Agency banking has proven to be one of the most effective ways to offer an all-inclusive financial model. Here at Woodcore, we understand our position in the market, knowing fully well that we do not directly serve the un-banked, rather, we built a more inclusive infrastructure regardless of the demographics for businesses that focus on serving the under-banked.

This use case will largely cover the gritty details of building an agency banking business on a modern infrastructure like Woodcore. In this use case, we will be covering both the Business proposition and Technical know-how when using Woodcore.

The Business — Value Proposition

Company Persona 🏢

Curtis is an indigenous Microfinance Bank registered in Nigeria. Providing quick and easy access to credit facilities and managing deposits.

At Curtis, our vision is to build an exceptional agency banking platform to provide fast and reliable access to financial needs to the un-banked.

The Solution 🏗

Curtis would be building an Andriod application that can run both on mobile Andriod devices and POS machines for their field agents to do the following:

• Facilitate onboarding of new customers.
• Facilitate cash deposits
• Facilitate cash withdrawal
• Facilitate interbank transfers

At the end of this use case, we expect that you will have a better Technical guide on how to achieve the above using Woodcore.

The Technology — Let's build

Firstly, you should have basic experience performing HTTP API requests. If you don't, just say hello to us and we will connect you to an engineer to help you build in a couple of hours.

The Terminal

Let us work with the assumption that you already have a white-labeled agency banking application from Fincra or any company providing agency banking applications as a service.

POS Terminal — Woodcore Communication

Going with the approach of implementing the solutions above, we will discuss how the agency banking POS will be integrated for effective communication with the core banking system, Woodcore. With real-life scenarios.

Create Customer.

Halimat approached a Curtis agent requesting to create a new Bank Account for herself. The agent enters Halimat KYC details into the Andriod device.

Resource

1. An account creation API request is made from the POS to Woodcore.
2. A customer file and a deposit account are created — Attaching a Nigerian Uniform Banking Account Number [NUBAN] is created for the customer
3. An SMS alert notifying the customer of the newly created account using Termii

📘

Hurray 🎊

Halimat now has a Nigerian Uniform Banking Account and a Number [NUBAN] with Curtis Bank.

Facilitate Deposit

Halimat decided to make a deposit into her newly created account. The agent graciously receives the cash and posts a credit instruction to Halimat's account respectively.

Resource

1. Request is made on the POS to debit a Halimat's card — The application behind the POS will route card transactions to the responsible parties involved in the validation of the PAN, performing ISO transactions, etc
2. Request is made to Woodcore to deposit cash into Halimat's account
3. Email and SMS Notifications are sent to Halimat

Facilitate Cash Withdrawal & Transfers

After months of making multiple cash deposits into her account, Halimat approached another Curtis Bank agent, requesting to withdraw NGN 5,000 from her account.

Transfers

Halimat again, approached a Curtis Bank Agent requesting to make a payment to Premier Montessori College for her son's school fee. She provided cash to the agent inclusive of the transaction fees.

Summary

Building an agency banking system can be super difficult or easy based on the tool — However, the use case and description covered on this page do not particularly cover the area of implementing the android application that runs on a POS devise or an android mobile phone.