Prime Bank has introduced a digital loan disbursement system for garment workers which is the first of its kind in the banking industry of Bangladesh.
The test launching of the credit disbursement was done in collaboration with Swiss contact and the British Fin-tech AGAM International, early on September 2021 for a number of selected factories.
Upon successful completion of the experimental scheme, the bank intends to rollout the product nationwide, said a press release.
The groundbreaking product has been named ‘Prime Agrim’ that assesses customers’ credit eligibility and completes disbursement digitally. Discarding the hassles of various documents submission, all steps from loan application to assessing credit worthiness and sanctioning, will be digitally executed, saving time and energy.