Brac Bank marks milestone of 750th agent banking outlet as countrywide expansion drive continues

Brac Bank has achieved the milestone of 750th agent banking outlets as the rapid network expansion drive across Bangladesh continues.

The milestone was achieved through the inauguration of Pobnartek Agent Banking Outlet in Ashulia on Monday (16 May).

Md Nazmul Hasan, head of agent banking; Mainuddin Ahmed, branch manager, Gonokbari branch; Mizanur Rahman Mizan, regional head, Gazipur region, SME banking; Gazi Junaid Hussain, regional coordinator, agent banking; and local dignitaries were present at the inaugural ceremony, reads a press release.

The rapidly expanding alternate banking channel now serves 1.75 lakh unbanked people, mostly in rural and semi-urban parts of the country, as the channel's rural penetration hits the industry highest at 77%.

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 plays an enabling role in bringing in a large population who are presently out of formal banking services."

He also said the channel is creating new employment opportunities and contributing significantly to uplift the economy, especially in rural areas.

"We look forward to expand the network in the coming years to cover the nook and corner of the country," he added.

Agent Banking Channel carries out over 174,000 transactions worth over Tk1,500 crore per month.

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 release further states.

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

Brac Bank has been expanding this alternate banking channel in a fast pace since entering into the agent banking business in October 2018.

The channel has already reached 64 districts.

The AB outlet tally is expected to reach 1,000 by December 2022 as the bank aims to emerge as the key contributor in agent banking space to serve the unbanked people in the country's remote areas. 

"Agent App" enables the agents/agents' staff to take banking beyond the AB outlet and provide service at customer doorsteps who are unable to visit outlet and outlets can offer banking services beyond the banking hour even in holidays considering customer demand.

Customer deposit is reflected in respective accounts in real-time, and it can be accessed from 373 ATMs, 187 branches, and through online banking "Astha App".

The customers originally opening account through the branch can avail service at any agent banking outlet by completing simple biometric verification formalities.