Prime Bank partners with BB to expand digital nano credit access

Prime Bank PLC signed an agreement with the Bangladesh Bank (BB) to avail the central bank's refinance facility for digital nano loans.

Hassan O Rashid, chief executive officer of Prime Bank PLC, and Iqbal Mohasin, director of the Financial Inclusion Department of the Bangladesh Bank, signed the agreement at the BB headquarters in Motijheel, Dhaka recently, according to a press release.

This initiative marks a significant step toward expanding access to affordable, digital credit facilities for underserved and unbanked segments of society, in line with the Government and Bangladesh Bank's vision of building a Cashless Bangladesh.

Through this refinance scheme, Prime Bank will be able to offer fully digital loans to eligible customers at a maximum interest rate, making small-scale credit more accessible, affordable, and convenient for individuals across the country.

Prime Bank has already been offering PrimeAgrim, a fully digital loan solution for retail customers.

Through PrimeAgrim, customers can conveniently access a portion of their monthly salary as a short-term loan with instant approval and seamless disbursement.

This refinance partnership with Bangladesh Bank further strengthens Prime Bank's commitment to advancing financial inclusion, accelerating digital transformation in the banking sector, and ensuring easy access to small-scale credit for customers nationwide, the release added.

Md Habibur Rahman, deputy governor of Bangladesh Bank; Kazi Mutmainna Tahmina, additional director; Rup Ratan Pine, executive director; M Nazeem A Choudhury, deputy managing director of Prime Bank PLC; and AZM Fouz Ullah Chowdhury, head of digital channels, were also present.