Prime Bank to offer nano loans
The global trend of loan availability at one's fingertips is gaining grounds in Bangladesh, this time with Prime Bank preparing to launch PrimeAgrim app, an AI-based instant digital nano loan platform.
Customers whose salaries are of a specific range can avail up to 30 per cent of that as a loan within a few seconds through the app, which makes use of machine learning and alternative credit scoring. This service is available 24/7, the bank said in a statement.
A pilot project has already been run since November 8, 2021 with garment maker Ananta through which over 1,000 loans have been disbursed among garment workers.
Prime Bank plans to expand the services for workers of other sectors.
Ant Group, an affiliate of Alibaba, introduced digital micro-lending half a decade ago.
City Bank recently roll out digital loans for the first time in Bangladesh in mid-December last year.
bKash users can now apply for the loan, ranging from Tk 500 to Tk 20,000, through its app, receive it instantly and repay it in three equal monthly instalments.
Dhaka Bank is also set to disburse small-scale personal loans between Tk 10,000 and Tk 3 lakh to account holders without asking for paper documents.