BRAC Bank crosses 700 Agent Banking Outlets

FE Team | Published: January 18, 2022 23:25:34

Mashrur Arefin

BRAC Bank has crossed 700 milestone by opening 705 Agent Banking Outlets as rapid network expansion drive across the country continues, said a statement.
It now serves 1.40 lac unbanked people mostly in rural and semi-urban parts of the country as the channel's rural penetration hits the industry highest at 77%. Agent Banking Channel carries out over 186,000 transactions worth over BDT 1,600 Crore per month.
From account opening, to cash withdrawal, availing loan to EMI payment, remittance service, utility bill payment - Agent Banking Outlets are now the place to go for the local people for any day-to-day banking. Close proximity and variety of services make the outlets center point of financial solutions in rural Bangladesh.
All services available in branches are also served at agent banking outlets. The customers can also avail any account opening including DPS and FDR, daily transactions, transfer funds, foreign remittance, corporate bill collection, credit card bill, payments of insurance premiums, SME loan disbursement & repayment collection, retail loan lead generation and many more services.
BRAC Bank has been expanding this alternate banking channel in fast pace since entering into 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 at the remote areas of the country.
'Agent App' enables the agents/agents' staffs to take banking beyond the AB Outlet and provide service at customer door steps who are unable to visit outlet and outlets are able to offer banking services beyond the banking hour even in holidays considering customer demand, a unique facility that gives BRAC Bank an edge over others in the industry. Customer deposit is reflected in respective account real-time and it can be accessed from 375 ATMs, 187 branches and also through Online Banking 'Astha App'. The customers originally opening account through Branch can avail service at any Agent Banking Outlet by completing simple biometric verification formalities.
Commenting on the milestone, BRAC Bank's Managing Director and CEO Selim R. F. Hussain, said: "The vision of BRAC Bank is to bring the unbanked segment of the people under formal financial umbrella. Agent Banking will play an enabling role in bringing in a large population who are presently out of formal banking services through this inclusive banking model."
He added: "Our Agent Banking with biometric verification and digital capabilities will bring convenience to the people providing them with 24/7 banking anytime and anywhere. At the same time we have strong control over the activities of all outlets through system and physical monitoring from the compliance perspective to make the channel more secure. The Agent Banking service will create new employment opportunities and contribute significantly to uplift economy of the country especially in the rural parts. We will aggressively expand the network in the coming years to cover the nook and corner of the country."