BRAC Bank Limited has launched Agent Banking to take banking services to the unbanked people especially in the remote areas of Bangladesh.
Sir Fazle Hasan Abed KCMG, Chairman, BRAC Bank Limited, formally launched the new banking channel simultaneously at all the eight divisions of the country via video conference from BRAC Bank Head Office in Dhaka on October 30, 2018. Selim R. F. Hussain, Managing Director & CEO, and Syed Abdul Momen, Head of SME Banking, and senior officials of the bank were also present.
The Agent Banking Outlets are located at Adamjeenagar Bazar in Narayanganj, Rajgonj Bazar in Jashore, Sarajgonj Bazar in Chuadanga, Bizra Bazar in Cumilla, Nandigram in Bogra, Borhanuddin Bazar in Bhola, Kaliganj Bazar in Sylhet, Ulipur Bazar in Kurigram, Tarakanda Bazar in Mymensingh and Bhandaria in Pirojpur.
With introduction of Agent Banking, the customers at the remote areas of the country will be able to avail account opening, cash deposit and withdrawal, DPS, FDR, fund transfer, foreign remittance, utility bills & insurance premium payment, loan disbursement & repayment, government allowance receipt, debit card & cheque book requisition, school fee payment and many more banking services at the Agent Banking outlets.
Since its inception, BRAC Bank has been providing SME loan through its SME Unit Offices throughout the country. BRAC Bank is the largest collateral-free SME financier in Bangladesh. Now with the launch of Agent Banking, the bank will be able to take the full array of banking services to the customer base across these remote part of the country.
On the occasion, Sir Fazle Hasan Abed said the vision of BRAC Bank is to bring the unbanked segment of the people under formal financial umbrella. Agent Banking will play a facilitating role in bringing in a large population who are presently out of formal banking services through this inclusive banking model. He hoped that this new distribution channel will be equally successful like the one of SME loan and mobile financial services by penetrating deep into rural economy. BRAC Bank will rapidly expand Agent Banking services throughout the country in coming days and aim to become a leader in Agent Banking in the country.
Selim R. F. Hussain said, “Our Agent Banking with biometric verification and digital capabilities will bring convenience to the people providing them with 24/7 banking anytime and anywhere. BRAC Bank will leverage on its expertise in SME Banking to make Agent Banking a widely expansive distribution channel. The Agent Banking service will create new employment and contribute significantly to uplift the rural economy.”