Brac Bank passed the 700 milestone by opening 705 agent banking outlets as the rapid expansion of the network across the country continues.
It now serves 1.40 lacs of unbanked people, mostly in rural and semi-urban parts of the country, with the chain’s rural penetration reaching the highest level in the industry at 77%. The agent banking channel conducts over 186,000 transactions worth over Tk 1,600 crore per month, according to a press release.
From account opening, cash withdrawal, loan, EMI payment, remittance service, utility bill payment – bank agent outlets are now where go for locals for all day to day banking.
Proximity and variety of services make outlets the focal point of financial solutions in rural Bangladesh. All the services available in the branches are also served in the points of sale of the banking agents.
Customers can also benefit from any account opening, including DPS and FDR, daily transactions, remittances, overseas remittances, corporate bill collection, credit card bill, premium payments. SME loan repayment insurance, disbursement and collection, retail loan generation and many other services, the press release adds.
Commenting on this milestone, Managing Director and CEO of Brac Bank, Selim RF Hussain said, “BracBank’s vision is to place the unbanked segment of the population under a formal financial umbrella. currently out of formal banking thanks to this inclusive banking model.”
“Our Agent Banking with biometric verification and digital capabilities will bring convenience to people providing them with banking services 24/7, anytime and anywhere. At the same time, we have strict control on the activities of all outlets through system and physical monitoring from a compliance point of view to make the channel more secure.The Agent Banking service will create new employment opportunities and contribute significantly to the “improving the country’s economy, especially in rural areas. We will aggressively expand the network in the coming years to cover every nook and cranny of the country,” he added.