BRAC Bank hits 1000th agent banking outlet

BRAC Bank has achieved the 1,000 agent banking outlet milestone as the rapid network expansion drive across Bangladesh continues for the financial inclusion of the unbanked people.

The bank reached the milestone through the launching of Shah Ali agent banking outlet in Mirpur-1, it said in a press release on Friday.

Nazmur Rahim, head of alternate banking channels of BRAC Bank, formally inaugurated the outlet in presence of Nazmul Hasan, head of agent banking.

The rapidly expanding alternate banking channel now serves 250,000 unbanked people, mostly in rural and semi-urban parts of the country. The channel’s rural penetration hits the industry's highest at 77 per cent.

The channel carries out 350,000 transactions worth Tk 20 billion per month. Agent banking outlets have also catered to over 100,000 inward foreign remittance disbursements in 2022.

In 2022, more than Tk 47 billion SME loan was disbursed through 75,000 transactions. The channel handled BDT 950 crore corporate bill collection. Over 40 per cent of total transactions through Agent Banking took place beyond conventional banking hours and on weekends and holidays.

From account-opening to cash withdrawal, loan to EMI payment, remittance service, and utility bill payment – Agent Banking Outlets are now the place to go for the local people for any day-to-day banking.

The customers can also avail of any account opening through eKYC, including DPS and FDR, daily transactions, transfer funds, corporate bill collection, credit card bills, foreign remittance disbursement, payments of insurance premiums, SME loan disbursement & repayment collection, and retail loans lead generation many more services.

Commenting on the milestone, BRAC Bank’s managing director and CEO Selim RF Hussain said: “The vision of BRAC Bank is to bring the unbanked under the formal financial umbrella. Through this inclusive banking model, Agent Banking enables bringing in a large population out of formal banking services.

“The channel creates new employment opportunities and significantly uplifts the economy, especially in rural areas. We look forward to expanding the network in the coming years to cover the nook and corner of the country.”