BRAC Bank partners with Apon to extend instant digital loan to RMG workers

BRAC Bank partnered strategically with Apon Bazaar to extend small-ticket digital loans to ready-made garment (RMG) workers in minutes.

The joint initiative aims to enhance the lives of RMG workers, providing small-ticket loans without any paperwork, says a press release.

This initiative is a step towards financial accessibility for the RMG staff affiliated with Apon. It ensures they can apply for loans through mobile phones at any time beyond banking hours. They will get instant loans up to BDT 50,000 without hard-copy documentation.

The bank has earlier developed a new digital loan proposition 'Jibika' for low-income people as part of its mission of financial inclusion. The beneficiaries' assessment, evaluation, and creditworthiness will be completed in minutes for real-time loan disbursement.

The project will be implemented with the support of Apon, one of the pioneering omnichannel marketplaces in the industry of affordable products and services for RMG workers. It operates shops inside factories, selling food and other disposables to workers at slightly discounted prices.

Syed Abdul Momen, Deputy Managing Director and Head of SME Banking, at BRAC Bank, and Shaikh Saif Al Rashid, Managing Director, of Apon Bazaar, signed the partnership agreement recently.

"This joint initiative is a crucial step towards ensuring easy access to credit for RMG workers and bring convenience to their lives. This business model ensures financial inclusion, economic well-being, and better health for the RMG workers, especially females. As a SME-focused bank, BRAC Bank is strongly committed to taking banking to the unbanked," stated Syed Abdul Momen.

Yasir Arafat, Director of Apon, Mohammad Jakirul Islam, Head of SME Strategy, Innovation & New Business, Nazmul Hasan, Head of Agent Banking, and Azizul Hoq, Head of Business Transformation and Product of BRAC Bank, were present at the signing ceremony.