Prime Bank pilots maiden digital loan scheme for apparel workers

Prime Bank has introduced a pilot digital loan disbursement scheme for the apparel workers which is maiden in the banking industry of Bangladesh.

The test launching of the credit disbursement was done in collaboration with Swisscontact and the British Fin-tech AGAM International, early on September 2021 for a number of selected factories.

Upon successful completion of the experimental scheme, the bank intends to rollout the product nationwide, said a press release.

The groundbreaking product has been named ‘PrimeAgrim’ that assesses customers’ credit eligibility and completes disbursement digitally. Discarding the hassles of various documents submission, all steps from loan application to assessing credit worthiness and sanctioning, will be digitally executed, saving time and energy.

While 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 loans 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 garment workers can get a 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”.