Prime Bank Partners with Bangladesh Bank to Boost Digital Credit Access

Prime Bank PLC has entered into an agreement with Bangladesh Bank (BB) to access the central bank’s refinance facility for digital nano loans, aimed at providing affordable and accessible credit to underserved populations.

The agreement was signed by Hassan O Rashid, the CEO of Prime Bank PLC, and Iqbal Mohasin, the Director of the Financial Inclusion Department of Bangladesh Bank, at BB’s headquarters in Motijheel, Dhaka, according to a recent press release.

This collaboration marks a significant step toward improving financial inclusion in Bangladesh, offering affordable digital credit to previously underserved and unbanked sections of society. The initiative aligns with the Government of Bangladesh and Bangladesh Bank’s vision of creating a cashless society.

Under this refinance scheme, Prime Bank will be able to offer fully digital loans to eligible customers at a competitive interest rate, making small-scale credit more accessible, affordable, and convenient for individuals across the country. The program is expected to help reach remote and rural areas, where access to traditional banking services has been limited.

Prime Bank has already been offering PrimeAgrim, a fully digital loan solution for retail customers. Through PrimeAgrim, users can easily access a portion of their monthly salary as a short-term loan, with instant approval and seamless disbursement.

This new partnership with Bangladesh Bank will further enhance Prime Bank’s commitment to advancing financial inclusion, accelerating digital transformation in the banking sector, and ensuring easy access to small-scale credit for people throughout the nation. The press release also highlighted that this move will help drive economic empowerment by providing much-needed financial services to previously neglected communities.

Present at the signing ceremony were Md Habibur Rahman, Deputy Governor of Bangladesh Bank; Kazi Mutmainna Tahmina, Additional Director; Rup Ratan Pine, Executive Director; M Nazeem A Choudhury, Deputy Managing Director of Prime Bank PLC; and AZM Fouz Ullah Chowdhury, Head of Digital Channels at Prime Bank.