Agency Banking

In line with its vision to provide world-class banking services to Benin’s unbanked, Fema has pioneered the Agency Banking model in Benin. Fema is currently the only bank licensed by the Bank of Benin to do so.  Fema’s Agency Banking model comprises its Smart Account and Smart Agent Network in a novel model combining a low requirement, easily accessible account and convenient, trustworthy branchless banking capitalizing on the nation’s large expanse of retailers.


Fema Smart Account

The Fema Smart Account is our innovative, quick to open, easy to access bank account. Fema has permission from the Benin Financial Conduct Authority (BFCA) to use reduced KYC, hence, only one form of national ID and no additional documentation is required to open an account! For the first time in Benin, patrons can open either savings or current accounts in approximately five minutes! This is done by our Smart Agents or Smart Friends using a custom mobile phone. Smart Friends are Fema’s itinerant sales ambassadors, who can be spotted around Benin in their bright orange Fema Smart Account t-shirts. Smart Agents are retail locations contracted and trained by Fema to conduct banking transactions on our behalf. 

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Fema Smart Agent Network

Fema's Smart Account is serviced by Smart Agents - grocery stores, supermarkets, pharmacies, phone shops etc. that are recruited, trained and certified by Fema Bank to conduct basic banking transactions on our behalf. The first and only of their kind in Benin, Fema Smart Agents are equipped with Point of Sale terminals (POS), with which they assist clients in making deposits, withdrawals, bill payments and other basic banking transactions. For cash management, Fema Smart Agents hold a float with the Bank.

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