Banking

City Bank disburses Tk 700 crore in digital loans thru bKash

City Bank has touched the milestone of disbursing Tk 700 crore in digital loans through bKash.

The bank launched an initiative, styled "Digital Nano Loan", with the country's largest mobile financial services (MFS) provider in 2021 after piloting the programme for one year under the supervision of Bangladesh Bank.

Over 245,000 bKash customers have taken 'nano loans' from City Bank amounting to more than Tk 700 crore, the bank said in a press release.

Arup Haider, head of retail banking of the bank, said: "Through traditional methods, we managed to disburse just 0.3 million loans in 15 years, whereas the nano loan count reached 0.7 million in less than two years. It is a matter of great joy and pride for us."

Ali Ahmmed, chief commercial officer of bKash, said: "City Bank's collateral-free loan, which can be taken and repaid through the bKash app, is a revolutionary addition to the scenario of financial inclusion in the country.

"A large number of unbanked people have gained the eligibility to digitally access credit facilities, giving them more freedom and ability in daily financial transactions. Though the limit of the loan is just Tk 20,000, we are working to gradually raise the ceiling in the near future," he added.

As of 2023, 24 percent of these customers are women and 55 percent of the total borrowers live in rural areas.

Customers can instantly get 'nano loans' ranging from Tk 500 to Tk 20,000 from City Bank with just a few taps.

To avail this loan, customers do not need to go to any office or sign any document, they don't even need a nominee or guarantor for the loan.

The validity of this loan is maximum of three months and with the help of technology, interest rate is determined on a daily basis.

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