Another bank starts agent banking in rural, semi-urban areas

Southeast Bank Limited is the latest addition to the list of banks with an operational agent banking wing.

The bank formally launched its agent banking service “Shagotom” on Sunday in a bid to bring unbanked people in rural and semi-urban areas into the banking system.

According to Bangladesh Bank data, 24 banks have launched their agent banking initiatives as of September 2020 while 28 had agent banking licence. The banks operate their agent banking wings with more than 14 thousand outlets across the country.

Southeast Bank Managing Director M Kamal Hossain inaugurated the bank’s agent banking operation which will cover rural and semi-urban areas of Dhaka, Chattogram, Khulna, Jashore and Rangpur.

Among others, Southeast Bank Adviser Zakir Ahmed Khan, Southeast Bank Capital Services Managing Director Air Commodore (Retd) Md Abu Bakar and ERA Infotech Ltd Chief Executive Officer Md Serajul Islam were present at the inauguration ceremony.

BB data shows the number of agent banking accounts in the country is 8,221,893 as of September 2020.

Of them, 7,111,887 or 86.5 percent are rural accounts, according to the Financial Inclusion Department’s quarterly report on agent banking.