Prime Bank launches digital loan system for garment workers

Prime Bank Limited has introduced a digital loan disbursement system for the garments workers- the move, the bank claimed, is the first of its kind in the banking industry in Bangladesh.

In collaboration with Swisscontact, a Switzerland-based non-profit-organisation, and the British Fin-tech AGAM International, this pilot loan activity was initially launched in early September in 2021 for selected factories only, according to a press release.

Upon its successful completion of the pilot launching, the bank intends to rollout the service nationwide.

It will be possible to digitally disburse loans through the proposed 'PrimeAgrim' system after assessing the customers' credit eligibility.

"This pilot service run bears testament to our strong commitment towards financial inclusion through digital services," said Hassan O Rashid, managing director of Prime Bank Limited.