BRAC Bank, ISPAB team up to finance entrepreneurs in internet service


BRAC Bank and Internet Service Providers Association of Bangladesh (ISPAB) have joined hands to finance entrepreneurs in internet service.

Syed Abdul Momen, deputy managing director and head of SME banking at BRAC Bank, and Md Emdadul Hoque, president of ISPAB, signed an agreement to this end at the bank’s head office in Dhaka on 9 February, said a press release.

The partnership will enable internet service providing companies to easy access to finance as they strive for market expansion across the country.

It will also boost the country’s ISP sector as eligible ISPAB members can now avail collateral-free loan through the bank’s One-Stop-Service and transaction solutions from BRAC Bank.

Commenting on the agreement, Syed Abdul Momen said, “We hope with this easy access to finance facility, the ISP companies will be able to scale up their operations and ensure internet service across the country.

"In this digital era, internet has become a way of our life – be it doing business, education, healthcare, banking etc. Internet is instrumental to economic development and national progress. We are pleased to form this partnership with ISPAB which we believe would pave the way for a phenomenal growth in the sector," he added.

Md Emdadul Hoque said, “ICT entrepreneurs are bringing in new innovation and injecting dynamism in the economy. They are complementing the government’s vision of Digital Bangladesh by spreading internet network throughout the country. With this banking and financing facilities from BRAC Bank, we will now be able to expand broadband network and serve customers across the country.”

Alomgir Hossain, head of small business (east), Biplab Kumar Biswas, head of underwriting (small Business) at BRAC Bank, and Mahmud Shahed, executive director, and Nazmul Karim Bhuiyan, secretary general of ISPAB, were also present at the signing ceremony.