Prime Bank has introduced a digital loan disbursement system for the garments workers and this move is the first of its kind in the banking industry in Bangladesh.
The pilot launching of this service was in collaboration with Swisscontact and the British Fin-tech AGAM International, for selected factories only.
Upon successful completion of the pilot, the bank intends to roll out the service across the country.
The groundbreaking product proposed as 'PrimeAgrim' assesses customers' credit eligibility and completes disbursement digitally. Negating the hassles of document submission, all steps from loan application to assessing creditworthiness and sanctioning, will be digitally executed, saving time and energy.
Commenting on the pioneering initiative, Prime Bank's Managing Director and CEO Hassan O Rashid said, "Prime Bank has always been at the forefront when it comes to technological innovations. This pilot run bears testament to our strong commitment towards financial inclusion through digital services."
Prime Bank's DMD, CBO and Head of Consumer Banking ANM Mahfuz, said, "The RMG sector has the maximum contribution to our economy and this digital innovation will facilitate the RMG workers to access easy loan to meet their emergency requirements that will ensure financial inclusion for this very group".
Shabnam Nida Wazed, founder and CEO of AGAM International, said "For the first time in Bangladesh an initiative has been launched where customers, especially the garments workers can get loan in minutes without the hassle of queuing or visiting a branch in these uncertain times. We are extremely glad to be a part of it".