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Tough economic times cuts SME led agency banking transactions

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Banks agent shop serving customers on Nov 16, 2020. [Jonah Onyango, Standard]

Transactions done by banking agents dipped with cash deposits reducing by almost 10 per cent, signalling the tough economic period that shadowed the better part of the year, a new report shows.

The latest Bank Supervision Annual Report 2023 by the Central Bank of Kenya (CBK) shows a drop in cash deposits, withdrawals and transfer of funds transactions done through agent banking.

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