How to Become Cooperative Bank Agent

The process of become an agent of Cooperative Bank is simple, there are few documents that are required in order for your application to be approved. The good thing is that you don’t have to be an account holder with Cooperative bank for you to become their agent.

REQUIRED DOCUMENTS TO BECOME AN AGENT OF COOPERATIVE BANK

1. Certificate of good conduct (for the individual)
2. PIN certificate
3. Bank statements if you are not a Co-op Bank account holder
4. Business permits for the last 12 months
5. Current business permit
6. Certificate of registration
7. Copy of ID or equivalent
8. Two passport size photographs
9. Business owners’ or directors’ CVs
10. CBK Form 3 & CBK Form 4 witnessed by Commissioner of Oaths

For corporates and SACCOs, the following additional documents will be required:

1. Audited books of accounts for the last two years
2. Resolution to carry out agency banking
3. SASRA approval for FOSA’s
4. VAT registration (where applicable)

The applicable fees to facilitate approval are:

1. CBK application fee – Ksh 1,000
2. Float placement – Determined by customer limit which is arrived at during appraisal

Once you have presented the documents and paid the required fee, the approval process will begin—it takes up to one week to get approved as an agent.

The best thing to do is to visit any local Cooperative bank branch and get more information in regards to joining their agency business.

Agency banking goes hand in hand with MPESA business. If you own an MPESA,it’s advisable to apply for agency at Equity and Cooperative Bank, those are the two most popular banking agencies in Kenya.

Here are commissions you expect to earn from Cooperative Bank agency business:

Cooperative Bank Agent (Co-op Kwa Jirani) Withdrawals Commission 

Cooperative Bank Agent (Co-op Kwa Jirani) Deposits Commission 

If you have enough traffic, at least 100 customers per day, you’ll make more than Ksh 1,000 per day from this business.