CalBank Announces Adoption of Agency Banking

CalBank has announced its intention to reduce the construction of brick and mortar structures and focus on the use of digital platforms for its operations. This move is intended to help the bank to optimize cost while improving on its service delivery.

As part of its effort to transition to agency banking, the bank will deploy about 2,000 agents across the country to drive its new strategy to boost deposit mobilization.

This announcement was made by Managing Director of CalBank, Frank Adu Junior after commissioning the new head office of CalBank.

According to Mr Adu Jnr, the pursuit of the new model will lead to the deployment of about two thousand agents all over the country to partner in deposit mobilization.

“We’re moving from bricks to clicks, this building is brick but it is the last set of brick. In all other places, we’re going to have agents and the plan is to have about 2,000 of these agents that will be able to perform the basic requirements of operating a bank.”

He added, that “The world is going totally digital and I can predict that in the next 15 years, bank branches will be turned to showrooms”

He further explained that the decision to go digital is to support the transformation agenda of reaching the non-banking communities through electronic platforms.

“Today we employ over 800 staff, with 29 branches and over 150 agents across the country. Using our digital platforms such as a short-code *771#, the Cal Bank mobile app and internet banking, the bank can be assessed across the globe”, he said.

President Akufo Addo on his part, congratulated the efforts by Cal Bank and pledged the government’s support to enhance the use of digital financial platforms.