Sampath Bank PLC recently announced the beginning of a new and revolutionary agent banking concept called, ‘My Bank’. In line with its current aspiration to transform Sri Lanka’s banking landscape, Sampath Bank has begun the process of doubling its network of access points. As a result, over 100 agents have been established across the country, enabling customers to seamlessly transition from traditional brick and mortar branches resulting in ultimate ease and convenience in banking.
In order to make banking truly accessible to any Sri Lankan, from people in cities to disadvantaged communities, this product is available to any customer who holds a Sampath Bank debit card. Sampath Bank customers can visit any agent among the active network of over 100 trusted agents island-wide appointed by the bank to carry out transactions.
Agents are able to perform certain functions on behalf of the bank. These include deposits, withdrawals, utility bill payments, balance inquiries and fund transfers. As deposits and withdrawals are among the most common transactions that customers carry out, Sampath Bank has decided to waive off the associated fee. Balance inquiries are also free or charge while a minimal fee has been set for utility bill payments and fund transfers. Customers can carry out any of the above transactions with a transaction upper limit of Rs. 25,000.
As most of the agents are operational between the hours of 6 a.m. and 10 p.m., seven days a weeks, customers will have an enhanced window to perform such transactions. This will provide customers an unbeatable level of convenience thanks to these extended banking hours. As agents are distributed evenly across geographical zones, customers can also save on the transport costs associated to travelling to the actual bank branch. All agents and their locations are listed on the bank’s website for added convenience.
Speaking about this new development, Deputy General Manager Deposit Mobilisation Sanath Abhayaratne had this to say: “As Sampath Bank stands strong being the growing force of financial services in the nation, we are in no doubt that our groundbreaking agent banking service will be well received by our customers. Gone are the days where one will have to spend time standing in queues or in your mode of transportation. My Bank will enable our busy customers to spend more time on other aspects of their life, allowing for increased levels of productivity within the day.”
My Bank agents also benefit from this operation. As Sampath Bank is a respected corporate entity that understands its corporate social responsibility, all agents earn a commission based on the type of transaction performed. When factoring in Sampath Bank’s three million strong debit card customer base that is eligible for My Bank services, agents will also gain exposure within the communities that they operate in. Additionally, agents have the benefit of acquiring a machine to facilitate credit card payments as well.
The launch of this new product translates to higher levels of financial inclusion for all Sri Lankans. A product such as these will serve as the ideal mechanism to encourage more of our population to start saving, an essential factor for personal stability and growth while serving as the most convenient way to bank while avoiding unnecessary expenditure.