respondents. Microcred agents also appear to be better off than mobile money agents in terms of education (14 versus 11.7 years) and income (767.5 USD versus 487.4 USD, respectively).

The endline survey was conducted in March 2016, one year after the baseline, with the same respondents. The endline included a module in which individuals were asked to recall the last transaction with an agent and / or at a branch. There are 269 visits to a branch teller and 85 to an agent made by treated individuals. This module recorded the total time involved in the visit, including time for transport, waiting to be served, and face to face with the agent or teller. The average waiting time is about 22 minutes at the branch but only 15 minutes at the agent, while the face to face time with the agent was 9.5 minutes compared to 10 minutes at the branch.<sup>12</sup> These averages mask, however, important heterogeneity by the location where individuals was encouraged to open the account. In order to assess whether these differences are statistically significant, columns 2 to 5 of Table 4 regress the different reported times against a dummy for whether the visit was to an agent, a dummy for whether the respondent was encouraged to open the account with an agent, the interaction of these two dummies and the distance from the respondent’s house to the branch.<sup>13</sup> By construction, the coefficient on the dummy “Visit to Agent” shows the difference between a visit to the agent and the branch among individuals encouraged to open the account at the branch. The bottom of Panel B of Table 4 reports the difference in the outcome among visits to the agent between individuals sent to the agent and the branch and the difference between visits to the agent and the branch among individuals sent to the agent, which is the counterpart to the difference reflected in the coefficient on “Visit to Agent”, along with the p-value for the test that each difference is zero. Column 1 of Panel B of Table 4, for example, shows that among individuals sent to the branch, visits to the Microcred agent are 6.9 USD cents cheaper on average than visits to the branch. Similarly, among individuals sent to the agent, visits to the

> 12 Waiting times can be much longer at the branch than at the agent, especially when long queues form at the beginning of the month. The 90th percentile waiting time at the branch is 60 minutes but only 30 minutes at the agent. In contrast, the 10<sup>th</sup> percentile waiting time is 5 minutes at the branch and 2.5 minutes at the agent. In addition, as part of the neighborhood survey, we asked that enumerators record the time they had to wait for the agent or a bank teller to answer the actual survey. The average waiting times reported by enumerators are similar to the 10<sup>th</sup> percentile waiting times reported by study participants that opened an account. Enumerators report a wait time of 5.6 minutes with tellers at the branch versus only 2.7 minutes with agents. Some enumerators told us that they announced themselves as they entered the establishment and so waiting times may have been shorter than for an average client waiting to make a transaction.

> 13 In particular, we run the following regression:

> Yi = α+ β1 Visit to agentij + β2 Agenti + β3VisitAgentij ∗Agenti + β4Dist_branchi + εi. Each observation corresponds to an individual _i_ in a visit _j_ . The variable _Visit to agent_ is a dummy that takes value of one for a visit to an agent, while the dummy _Agent_ takes value one if the individual was encouraged to open the Sukaliku account with an agent. We note that the same respondent may report visiting a branch only, an agent only or both. As a result, standard errors are clustered at the respondent level.

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