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TRANSCRIPT
Women Agent Training Deck
For the training department of MFS providers
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Points to note
This training deck is intended for the use of the training departments of MFS
providers to train their women agents.
It seeks to serve as a generic template for key considerations to be kept in mind
when delivering training to women agents.
The deck may be customised to include key operational procedures such as
business processes and agent network compensation which may vary according
to individual providers.
2
Contents
I. Understanding how MFS can help women and women agents
II. Focus on training women agents
III. Explaining the business case to newly on-boarded women agents
IV. Key operational procedures
i. Common MFS products
ii. Legal requirements
iii. Compliance and obligations
iv. Customer service
v. Liquidity Management
vi. Grievance redressal
vii. Agent support
V. Risks in MFS and risk mitigation
VI. Training Assessment
3
I. Understanding how MFS can help you
There are a number of reasons for you to sign up
5
“Everything that is
great in the world, all
the works, beneficial
and good, half must
be credited to
woman”
-Kazi Nazrul Islam
You will be earning and this will help you become financiallyindependent enabling you to make your own financial decisions.
Become financially independent
You will learn new skills such as engagement with customers,time management, communication, multi tasking and technicalskills which can be transferred to any situation.
Develop new skills
You will become better enabled, equipped and empowered tomake key decisions.
Sense of empowerment
You will contribute towards the financial inclusion of your fellowcitizens and help serve people in need.
Contribute towards nation building
You will have a much greater personal legacy. This business willhelp you become an agent of change and a role model for otherwomen.
Personal legacy
Stories from women agents
6
MFS brings reputation, respect and remuneration to women
Shahida is a 42-year-old woman and stays with her husband and three daughters at
Jalakathir Upazilla in Barisal. Prior to becoming an MFS agent, she was working with an
insurance company as a group leader. She was satisfied with the work, but the income was
not sufficient to save enough money for the future of her family.
She opened her independent insurance office. This built confidence into her to handle cash
and manage customers on her own. She became also became an MFS agent . There was
substantial growth in her reputation in her upazilla and around.
The daily customer footfall is around 50, which is high considering the geographic location
of her outlet. She does transaction amounting to BDT 40,000 per day. She says, “I open at
least 17 new women MFS accounts in a month. I have monthly targets that I need to
achieve to earn benefits in the form of incentives and gifts from the provider.”
She believes, “If we teach women how to use MFS by giving more time to a woman
customer, they can surely understand the benefit of MFS and get motivated to use it
themselves in their mobile phones.” Shahida is satisfied with the confidence and trust that
her women customers place in her. She is thankful to MFS for providing her with
the opportunity to live with dignity and respect in a society where it is difficult
for women to work outside their homes.
Stories from women agents
7
MFS, a primary source of income for women
Shikha is a 37-year-old divorcee. She lives with her father and daughter. She lives in Mirpur(in Dhaka). Her daughter is studying in high school, while her father is a retired governmentemployee. At an early age, she became the sole bread-winner for her family.Initially, she was working at a school, before joining a micro-finance institution as a fieldofficer. The work required intensive travelling. While she was good at her work, constanttravel made it difficult for her to manage her family. She decided to leave the job and startsomething of her own.
She knew of MFS and its benefits from outlets around her house. She was confident thatworking on her own terms as an MFS agent will provide her the much neededtime to take care of her elderly father and shape the future of her daughter.Hence, she decided to become an MFS agent. This was three years ago.
She owns a shop and has recruited two staff members, whom she has trained. Beside MFS,she also provides mobile accessories. As of now, per month customer footfall at her outlet is500 and per day turnover is BDT 100,000. Initially, she did face some challenges with respectto training and adoption of technology, but it took her just six months to overcome thesechallenges. In her day-to-day operations, she has learnt the tricks of the trade. The field staffof MFS providers confide that Shikha is their top performing agent who brings good businessto them and, hence, provide priority service to her.
While Shikha has a male-dominated customer segment, she feels that women, too, should useMFS and derive the benefits of it. Her message for fellow women is to overcome thesocial barriers and leverage MFS as a primary source of income.
Many opportunities exist for growth and success
8
Growth in MFS
• MFS will continue to grow exponentially as the most accessible channel for financial services
Increasing use of mobile phones
• As mobile phone penetration increases, the potential customer base increases as well
New use cases
• Newer use cases such as salary disbursements and bill payments are steadily gaining ground. Developing countries across the world are using MFS for financial inclusion and women agents have a major role to play.
Convenience
• MFS still remains the most convenient method of accessing financial services Research shows that women MFS users are few and here women MFS agents can make a difference. hence a lot rides on you.
Agent economics
• Becoming an MFS agent is cost effective and gives good return on investments with low costs and low overheads
On average, an
agent makes
6,057 BDT per
month from the
MFS business.
II. Focusing on training women agents
Why do we need You - The Women Agents?
10
Increasing women
participation in
the MFS sector
and empowering
women to control
their financial lives
cannot be done
without women
agents.
Women possess Certain Inherent as well as Evolved Characteristics of that position
them better to serve MFS customers
You are perceived to be more patient andtherefore better capable to explain MFS towomen users and increase their uptake
You are seen as being better at selling to bothmen and women in most markets.
You score higher than men in the customerservice ratings
You are more efficient at processing customerqueries than men
MFS will not only give you higher societalrespect and dignity, but also a medium oflivelihood to support your family.
You are very often highly trusted members oftheir respective communities.
You have a
major role !!!
What do women customers say about you
11
“We confide in apa (sister) about our household distress. We transactsafely with her, especially if we do not want others to know about it”
- Women customers at an MFS outlet run by a women agent
“The agent always asked me for my mPIN and I used to tell him. I onlyrealised later from the apa that I should not have shared it with him”
- An female MFS user in Dhaka explaining customer protection methods by women agent
“Whenever I had to withdraw my college fees, I had to visitat least 4-5 agents, before I located a female agent whowas willing to give me the cash, without any extra charge”
- A young out-of-station student in Sylhet describing her experience of a large
cash-out transaction
“I don’t trust the agent, but rather rely on my friends and family members toguide me. If there was a female agent, I can speak to her freely and trust her”
- An MFS user in Chittagong, decrying the lack of support from the male agent
There are challenges for agents and customers
12
Product
Insufficient product knowledge
Social
Affordability
Technical literacy requirements
Risks of fraudSocial biases
Security concerns
Harassment
FraudOperational
Agent knowledge and behaviour
Trust in channel
Service denial
Account opening process
Network downtime instances
While these issues are faced by a broad range of customers
and agents, women are much more susceptible to these
barriers due to the prevailing socio-cultural environment in
the country, especially in rural areas.
III. What is the Business Case for You -
Women Agents
What do you invest?
14
Adequate time to devote to the MFS agency
• You must be willing to spend time building the MFS business
Efforts in acquiring and servicing your customers
• Customers have to be acquired after explaining the benefits of the products and services
Investment in liquidity
• Financial investment will be needed to manage optimum float levels
Investment in infrastructure
• Your outlet must reflect the messaging of the provider
You will need different type of support as investment apart from the regular investment
being made by all agents.
Support from
family members
is a critical aspect
for women agents. A
positive family
environment can
be the difference
between success
and failure.
Efforts required from You
15
Transactions
Liquidity
Marketing
InformationYou must provide any information that thecustomer might seek with regards to the productsand services offered
Products and services must be marketed usingcollateral provided by the provider. Branding ofthe premises must also be done.
Investment must be made to maintain both e-floatand cash to ensure optimum liquidity
Cash-in and cash-out transactions have to beconducted based on the needs of customers
Acquisition
You are required to acquire MFS customers andon-board them following the procedures laid outby the provider
Grievance
Redressal
You must proactively try to resolve anycomplaints that a customer may have. Goodknowlesge of the grievance redressal processes ofthe provider is essential.
New women agents
may consider
seeking
assistance from
family members
during the initial
periods of the
agency operations
until she achieves
increased familiarity
with the operations
and confidence
Do you think family support will be an issue?
16
The support of your
family members,
especially men,
will greatly enhance
your chances of a
successful business
Having the support of your family members willhave a definite positive effect on your MFSbusiness
We know that some male family members may behesitant when it comes to you starting an MFSagency.
The reasons may be diverse but we understand.
We will conduct a separate group orientation andsensitisation session for them
There may be resistance…
…But we will support you!
Callout!
17
What are the various products and services that agents can offer to customers?
What products can you offer to your customers?
18
1. Disbursement of inward foreign remittances.
2. Cash in /out using mobile account through agents/Bank branches/ ATMs/MobileOperator's outlets.
3. Person to Business (P2B) Payments ‐ e.g. a. utility bill payments, b. merchant payments.
4. Business to Person Payments (B2P)- e.g. salary disbursement, dividend and refundwarrant payments, vendor payments, etc.
5. Government to Person Payments (G2P) e.g. elderly allowances. Freedom‐fighterallowances, subsidies, etc.
6. Person to Government Payments (P2G) e.g. tax, levy payments.
7. Person to Person Payments (P2P) One registered mobile Account to another registeredmobile account.
8. Other payments such as microfinance, overdrawn facility, insurance premium, DPS, etc.
Beware of OTC transactions!!!
Transactional limits
19
Bangladesh Bank has stipulated the following transactional limits for MFS
Transactions Limits
Daily Deposit 5 times (maximum)
Daily Withdrawal 3 times (maximum)
Daily Deposit Amount BDT 50 - 25,000
Daily Withdrawal Amount BDT 50 - 25,000
Daily Transfer Amount BDT 10 - 10,000
Monthly Deposit 20 times (maximum)
Monthly Withdrawal 10 times (maximum)
Monthly Deposit Amount BDT 1,50,000
Monthly Withdrawal Amount BDT 1,50,000
Monthly Transfer Amount BDT 25,000
Daily Agent Cash In/B2B Credit 5 times
Compensating the agent network
20
What are the commissions that you can receive?
How do you ensure high commissions
• Commissions are paid immediately into your registered MFS account
• You will receive commission on registering new customers and for conducting transactions
• There will be special incentives from time-to-time depending on the promotional activity of the provider
• Once you register as an MFS agent your MFS account is also registered
• Commissions are paid directly on the completion of any transaction that you conduct
• Make customers adopt multiple use cases resulting in more “cash in” transactions
• Facilitate payments of services at the agent location• Encourage customers to receive money from friends and
relatives into their mobile wallet• Encourage cash withdrawal from your store and make them
use the cash to purchase “other products” from your store• Remember to offer discounts on “other products” to ensure
a happy customer
Registration of agent
MFS account
Registering
customers
Conducting
transactions
Commission
paid
immediately
on
completion of
successful
transaction
Commission
paid
cumulatively
at intervals
along with
incentives
Text message sent
via SMS confirming
payment and amount
Compensating the agent network
21
The commissions
that operators pay
agents must, at a
minimum, be
generous enough to
persuade agents to
invest in
float, learn and
remember relevant
processes, and
serve MFS customers
Commission on customer acquisition
Commissions on transactions
Frequency of payouts
<To be filled by Provider>
<To be filled by Provider>
<To be filled by Provider>
Registering customers is more beneficial
22
• According to research, registered users are more likely to use mobile money for purposes
other than domestic money transfer.
• This means that these registered users are likely to conduct more cash-in transactions at
your agent outlet, especially since you registered them as customers.
• Registered users are also likely to use mobile money more often than unregistered users.
They are 8% more likely to use MFS at least once a month than unregistered users. This
means they will visit your outlet more often once they are registered.
Customer registration
100 customers registered<Input Commission
on registration>Amount
Cash in Transaction
100 customers conducting cash-in transactions for various services availed
<Input Commission on cash-in
transactions>Amount
Non registered customer transfer
100 customers come for OTC transfers only<Input Commission charged for OTC
transfer>Amount
Earnings through registered customers
Earnings through non-registered customers
Total earnings: BDT <Amount>
23
Products to offer- benefits to you
Encouraging customers to use a wide variety of products is extremely beneficial for all parties!
• Customers who use a variety of services apart from simple money transfer will tend to load more cash into their MFS accounts
• They are likely to visit your agent outlet if they are happy with your service
• This means you will have increased cash in transactions and as a result an increase in commissions as well
The commission for
cash-in paid to you
for each transaction
will be _____________
The more customers
who cash-in at your
outlet the higher
your commission will
be!
How do you encourage usage of all MFS services
• Facilitate payments of services at the agent location
• Make sure your customers know about the various services and products available through MFS
• Use every possible opportunity to educate the customer about common services which are more convenient through MFS
24
Products to offer- how customers will use them
1. Recharge
2. Load money
1. XXXX
2. XXXX
3. XXXX
1. XXXX
2. XXXX
3. XXXX
Additional points to note
<Please enter any additional points or instructions in this space>
25
Products to offer- how customers will use them
1. Recharge
2. Load money
1. XXXX
2. XXXX
3. XXXX
1. XXXX
2. XXXX
3. XXXX
Additional points to note
<Please enter any additional points or instructions in this space>
26
Products to offer- how customers will use them
1. Recharge
2. Load money
1. XXXX
2. XXXX
3. XXXX
1. XXXX
2. XXXX
3. XXXX
Additional points to note
<Please enter any additional points or instructions in this space>
IV. Key operational procedures
How to open a MFS account?
28
1. Filling up the account opening form of the customercorrectly
2. Ensuring collection of passport size photograph of thecustomer
3. Ensuring collection of Know Your Customer (KYC)documents from customers
4. Provide customer with their copy of the account opening form
5. Maintain appropriate records of customers andtransactions
Your role and responsibility as an agent
Typical KYC documentation
accepted
1. Copy of National ID card
2. Copy of citizenship certificate
3. Copy of driver’s license/ Passport
You are required to register and open MFS accounts of allcustomers using the devices that the provider hasprescribed with all the necessary documentationrequirements.
It also must be understood that deviation from prescribedprocesses will result in adverse impacts to your business.
29
How to open an MFS account- phone instructions
1. New customer
2. XXXX
1. XXXX
2. XXXX
3. XXXX
1. XXXX
2. XXXX
3. XXXX
Additional points to note
<Please enter any additional points or instructions in this space>
30
How to open an MFS account- phone instructions
1. New customer
2. XXXX
1. XXXX
2. XXXX
3. XXXX
1. XXXX
2. XXXX
3. XXXX
Additional points to note
<Please enter any additional points or instructions in this space>
Why are Know Your Customer (KYC) documents required?
31
The KYC documentation norms are mandatory and these processes enables You to:• Create customers’ risk profiles and monitoring suspicious transactions• Track customers’ use of services
MFS Account activation and
storage of documents for
future reference
Verification of KYC documents
and customer details compliant
with the MFS guidelines
Filling of account opening
form and collection of KYC
documents
Acquisition Verification Activation and Storage
Your role and responsibility as an agent
Liquidity management
32
Liquidity Management in MFS is the optimal and sustainable handling, controlling and directing of cash and e-float
Inadequate liquidity will lead to turning customers down or service denials
Liquidity required depends on:
• Average transaction volume
• Average transaction value
• Cash-in/cash-out balance
• Max transaction size
1. Maintain adequate amount of both e-float and cash asprescribed by the provider
2. Plan in advance for increased transactions during periods ofhigh customer footfall
3. Be aware of how much time it will take to rebalance
4. Do not wait till your float or cash balances are depleted
�Disappointed customers
�Damaged trust in the system and thus long-term loss of both existing and potential future customers
�No business for agents
No liquidity
Your role and responsibility as an agent
Liquidity management
33
Adapt the 1.5 stock rule of replenishing float
This works on the premise that you will need to have 1.5 times the previous days outflow (cash and e-money (float)), in stock, to effectively serve the customers on the next day.
If today, You have
provided a cash-out
of BDT 100,000 and have accepted
deposits or cash-in
worth BDT 50,000; You will need to have
cash worth BDT
100,000 x 1.5 = BDT
150,000 the next day in order to effectively
serve customers.
The same applies for e-
money (float) = BDT
50,000 * 1.5 = BDT
75,000. So she needs to
ensure she has uploaded
her agent wallet with BDT
75,000.
Thus, the total working
capital she will invest is
150,000 BDT + 75,000
BDT = 225,000 BDT for
the next day, if today she
has done business worth
BDT 150,000
Customer service
34
1. Always be courteous to customers regardless of transactionsize or frequency
2. Try and exceed customer expectations
3. Keep the agent outlet neat and organised making it a safe andsecure place for customers to transact
4. Listen to customer’s views and feedback and try and improvethe service accordingly
5. Do not debate or argue with the customer- always try to solvethe customer’s problems
Customer service is anything we do for the customer that is reliable & reassuring, done with courtesy and competence
Good customer service is the ability to consistently & constantly exceed customer expectations
Addressing capacity gaps among your customers
Key parameters for providing superior customer service
1. Product knowledge
2. Communication
3. Problem resolution
4. Professionalism
Your role and responsibility as an agent
At the agent level these processes drive both structured growth as well as streamlinedoperations. You must understand these processes and also understand that deviation from thesame is likely to impact your business adversely. These processes may include:
• Customer acquisition• Collection of documentation• Conducting transactions• Communication with MFS provider
Compliance and obligations
35
Internal Business Processes
Branding
You can always contact the support call centre or contact the MFS field
staff for any queries you have regarding business processes
Since your outlet will be the customer’s first interaction with the MFS provider, it isextremely important to ensure that the outlets are branded in a correct manner, using theapproved collateral provided by the provider.
• Branding would impart knowledge to visitors at your outlet about the existenceof the product and service at the outlet
• Branding would also attract immediate attention of a customer looking for anMFS outlet nearby
• Branding material from a trusted MFS provider would also increases yourcredibility as an agent
Compliance and obligations
36
Liquidity
You must:• Constantly monitor the status of your cash/e-
cash balances• Rebalance, if the transactions reaches a defined
minimum operating level• Proactively modify cash/e-cash balances to match
routine demand fluctuations• Be aware of all modes of rebalancing
Effective liquidity
management techniques
Adapting the 1.5 stock
rule of replenishing float.
Your liquidity requirement will depend on:
• Average transaction volume• Average transaction value• Cash-in/cash-out balance• Max transaction size• Expected increase in transactions
No liquidity could lead to service denial! It is to be avoided at all costs!
Compliance and obligations
37
Warning!
Non compliance of these responsibilities can
lead to termination
1. Follow the business processes as laid out by the MFSprovider
2. Ensure proper branding of the agent outlet using collateralprovided by the provider
3. Maintain the requisite amount of e-float and cash asprescribed by the provider
4. Maintain full confidentiality of customer data collected foraccount opening
Your role and responsibility as an agent
Confidentiality
Confidentiality is the assurance that sensitive information remains private and not able to be viewed or used by those unauthorised to do so.
• You must should ensure that any information collected from your customer is not shared with unauthorised persons.
• All documentation and records collected must be stored in a secure manner with access available only to authorised persons.
• You should handover or transmit data only to authorised staff of the MFS provider. Special care should be taken with sharing phone numbers of women customers.
Grievance redressal
38
1. Record any complaints raised by customers
2. Maintain a complaint register and log every complaint madeby customers
3. Aim for speedy resolution of any grievances that customersmay have by taking support of the provider staff
4. Instruct and direct the customer to approach the MFSprovider through the means of a call centre or a designateddepartment
You are the customer’s primary contact point for any MFSconcern or issues.
It is extremely critical as an agent to take up and understand thecustomer complaints in a professional manner and try resolvingthem at a high rate of successful closure of complaints.
Escalation:
YOU must ensure that you understand the escalation matrix for various issues and communicate the same to the customer
Your role and responsibility as an agent
Common issues faced by customers
39
• Use the material provided by the MFS provider to explain the difficult terms to the customer
• Use practical demonstrations to explain the terms
• Share material such as pamphlets and brochures with the customer for easy reference in the future
Understanding
terms used in
MFS
Unauthorised
charges
Unauthorised
access to
customer PIN
Fraud during
transactions
• Immediately escalate the issue at hand to the representatives of the MFS provider
• Prominently display a chart of all charges and fees at the agent location
• Immediately escalate the issue at hand to the representatives of the MFS provider
• Ask customer to change the PIN at the earliest
• Guide the customer on security risks of sharing PIN or transacting in crowded places
• Immediately escalate the issue at hand to the representatives of the MFS provider
• Note down the customer complaint in the complaints register with all details of the transaction
• Update the customer based on the response from the provider
Common Issues faced
by customers
Possible redressal
methods to be employed
by agents
How will providers support you?
40
Your entitlements from your provider
Agents are entitled to business support from the provider,in terms of branding and marketing, technical issues as wellas business tools to enable them to perform better.
Women agents, in particular, will receive morehandholding in every facet of operations as they start theMFS business.
Agents must understand who the key points of
contact within the provider staff for different support
functions
Dedicated back office support
Call centre Access
On ground Support – dedicated pool of field staff
Receive Merchandise – tariff posters, fliers
Receive business tools – agent record sheet, transaction books, registration forms
V. Risks in MFS and mitigation strategies
Callout!
42
What are the different risks that you may face as women MFS agents?
There are a number of risks that you may face at agent level
43
Operational
Unauthorised access to agent
phone
Technical failure
Fake customer identity
ReputationalFraud
Counterfeit currency
Phishing, SMS fraud
Unauthorised PIN access
Reversal request
Incorrect transaction
Improper verification of KYC
Security
Theft and robbery
While there are many other risks associated with MFS, these
are the most relevant to you as women agents.
New women agents are particularly susceptible to security risks and risks of fraud. Both,
You and Your Provider have to ensure adequate handholding to protect you during daily
operations.
There are mitigation mechanisms which can be put in place
44
Operational
• You need to be cognisant of the different kinds of transactions and customers which visit the outlet.
• In case of any suspicion contact your provider.
• The outlet should never be left unattended.
• Sufficient liquidity must be maintained both in e-float and in cash.
• Collection of original documentation from the customers may reduce the incidence of this type of fraud.
• KYC documents should be screened thoroughly.
• Maintaining a copy of KYC will also help reduce this risk
ReputationalFraud
• You must attend the training provided by your providers to be aware about the possible frauds
• You need to identify counterfeit and fake text messages
• You must be aware of the processes to be followed while reporting a fraud
Security
• You must adhere to the provider guideline on infrastructure to deter potential theft.
• You also should ensure that your outlet is located in a crowded place and attended by a male staff so that any incidence of theft would not go unnoticed.
• You should know the contact information for the local police/local government officials who can assist you when security risks arise
As women agents, you must incorporate the following measures in your agency operations tomitigate the risks involved in agency banking.
SCENARIO 1: OTC TRANSACTIONS AND REGISTRATION
45
A woman from the community approaches you to conduct an OTC money transfer to a phone number she has with her. She says the phone number is the account of her mother.
What do you do in this scenario?
SCENARIO 2: LOST PIN AND CASH OUT
46
A customer with a registered account approaches you. She wants to know if money a relative sent to her account actually arrived, and wants to check her balance. In addition, she cannot remember her PIN.
If the money did come through, she wants to perform a cash-out transaction.
What do you do in this scenario?
SCENARIO 3: ALLEGATIONS OF FRAUD
47
A male customer with a registered account approaches you. The customer alleges that 1,000 taka from his account has disappeared, and he does not know how. He is angry, and is demanding the money be returned to him.
What do you do in this scenario?
THANK YOU !!!
48
Do you feel confident that you too can become one of these successful women MFS agents?
Annexure: MFS in Bangladesh is rapidly growing
49
Adoption and usage rates of MFS in Bangladesh are increasing month on month
As of August 2016 there were 373.09 lakh
customers of MFS across the country
These customers conducted 123,652,738
transactions in one month!
The transactions were worth 20,343.22 crore BDT
These customers were serviced by a network of 633,294
MFS agents spread across the country
On an average there are
4,120,858 transactions conducted daily worth
678.11 crore BDT
In the few years since the launch of the MFS guidelines, the sector has shown significant growth.
As Bangladesh is a bank-led model, all of the MFS products on the market are run by banks or their
subsidiaries. Bangladesh Bank has allowed 28 banks to offer MFS, of which 19 banks have already
started to work on their MFS products in some capacity.
Although MFS in Bangladesh was initially seen by consumers as a cash
transfer service, this is beginning to change. Other types of services, such
as utility bill payment, salary payment, payment collection, merchant
payment, and savings schemes are also available in the market.