The financial inclusion sector touts the benefits of agent banking in bringing formal financial services to underserved populations, but there has been little quantitative evidence about the extent to which agents improve financial inclusion. Using data from a national survey in Brazil, we find that Brazil has largely overcome the distance barrier to financial access, and a majority of Brazilians—67% of the population—now pay at least one bill at an agent. However, only a small proportion of the population use this channel for opening or transacting through a bank account, or for accessing credit: only 12% of banked respondents usually withdraw from their bank account at an agent, 9% usually deposit at an agent, only 6% have accessed a loan through an agent, and 4% have opened an account through this channel. However, we do find evidence that those using agents are poorer, less educated, more likely to work in the informal sector, and to be women than those using other channels. Thus, while only a minority of Brazilians are using agents for financial services other than bill pay, these individuals exhibit characteristics of traditionally underserved populations, suggesting that agents have made a difference for financial inclusion in Brazil. Nonetheless, the 79% of unbanked households that regularly visit an agent represent a missed opportunity to offer financial services to unbanked Brazilians through this channel.