BRAC Bank has opened its 630th Agent Banking Outlet amidst continuation of rapid network expansion drive throughout the country.
Talking about the milestone achievement, Selim R. F. Hussain, MD & CEO of the Bank, said: “The vision of BRAC Bank is to bring the unbanked section of the people under formal financial umbrella. Agent Banking will play a significant role in bringing in a large number of people who are currently out of formal banking services through this inclusive banking model.”
From account opening, to cash withdrawal, availing loan to EMI payment, remittance service, utility bill payment – Agent Banking Outlets in Hat and Bazarhave now become an important place for the locals for any day-to-day banking. Close vicinity and various services turned the outlets into center point of financial solutions in rural Bangladesh.
All services available in branches are also served at agent outlets. The clients can also avail many services including DPS and FDR openings, debit card and cheque book requisitions, transfer funds, government allowance receipts, payments of insurance premiums and tuition fees.
BRAC Bank has been expanding this alternate banking channel at a fast speed since entering into Agent Banking business in October 2018. The channel has already reached its services to the residents of 63 districts. The outlet tally is expected to reach 700 by December 2021 and 1,200 by December next year (2022) as the bank aims at emerging as a leader in Agent Banking arena to serve the unbanked people in the remote areas of Bangladesh.
BRAC Bank Agent Banking has the highest rural penetration with 75% of the outlets located in rural areas. As of June 2021, the bank onboarded 1 lac unbanked people through agent banking channel, mobilized BDT 464 crore deposit, disbursed BDT 1,847 crore loan, and received BDT 4,128 crore loan repayment. The bank altogether handled transaction worth BDT 14,542 crore.
Agent Banking Mobile App allows the agent partners to take banking beyond the outlet and provide door-to-door services, a unique facility that gives BRAC Bank an edge over others in the industry. Customers deposit is reflected in respective account realtime and it can be accessed from 375 ATMs, 187 branches and also through Internet Banking Astha App. The clientsoriginally opening account through branch can avail service at any Agent Outlet through completing simple biometric verification formalities.
