UCB joins BB refinance scheme for digital nano loans
United Commercial Bank PLC (UCB) has signed an agreement with Bangladesh Bank under the 'Digital Nano Loan' refinance scheme.
Through this arrangement, UCB will use the central bank's refinance facility to disburse digital nano loans at a lower interest rate via a fully technology-driven process, opening new opportunities for people who remain outside conventional financial services.
The loan scheme aims to provide fast, transparent and easily accessible credit through digital platforms, advancing the country's financial inclusion agenda.
Keep updated, follow The Business Standard's Google news channel
The signing ceremony took place at Bangladesh Bank's head office. Mohammad Mamdudur Rashid, Managing Director and CEO of UCB, and Md Iqbal Mohasin, Director of the Financial Inclusion Department of Bangladesh Bank, signed the agreement on behalf of their respective organisations.
Bangladesh Bank Deputy Governor Dr Md Habibur Rahman, Executive Director Rup Ratan Pine, and senior officials from both institutions were also present.
Officials expressed optimism that the digital nano loan initiative will boost financial inclusion nationwide and improve the socio-economic conditions of low-income communities.
