Central Bank of Malaysia introduced agent banking

Agent Banking was introduced by Central Bank of Malaysia (Bank Negara Malaysia) to allow financial services to reach out the rural areas in a more cost efficient manner through the use of non-bank retail outlets.

The agent banking authorized by Bank Negara Malaysia provides basic banking services such as accepting deposits, facilitating withdrawals, fund transfers, bill payments and financing repayments. To ensure the interest of the public is protected, all the transactions are conducted at agent banking on a real-time basis and guidelines provided by Bank Negara that cover areas of governance and oversight, management of agents, customer protection, awareness and education.

All authorized banking agents will the following logo:

Author: VSDaily Editor

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