BM Report 

Agent Banking Channel of BRAC Bank PLC has completed five years of its journey becoming the number one in loan disbursement, fourth in the numbers of agents and outlets and sixth in the deposit portfolio in agent banking subsector.

The private sector commercial bank, which is the major financial enterprise, owned by BRAC, the world’s largest NGO in the development sector, has also achieved several business milestones and financial inclusion of unbanked people.

“The vision of BRAC Bank is to bring the unbanked under the formal financial umbrella. Through this inclusive banking model, Agent Banking enables bringing in a large population out of formal banking services,” Selim R. F. Hussain, Managing Director and CEO of the BRAC Bank, told audiences at their Agent Banking conference recently.

He added that the Agent Banking sector creates new employment opportunities and significantly uplifts the economy, especially in rural areas. We look forward to expanding the network

BRAC Bank Agent Banking Outlets constitute 63% of the total of loans disbursed through the Agent Banking channel in the entire banking industry. The channel dealt remittance inflow of BDT 2,300 crore in the last five years. 

The bank’s Agent Banking has reached all 64 districts with 1,040 with 79% of the outlets located in rural areas. Women share 23% of the total of 3.58 lakh Agent Banking account holders and more than 70 female entrepreneurs work as agent partners and 600 as Agent Field Officers (AFO). 

To celebrate the completion of 5 years of Agent Banking, BRAC Bank organized its first National Conference to formulate a strategy and roadmap as the bank moves forward with the rapid network expansion drive of the alternate banking channel across the country. 

M Masud Rana FCA, DMD and Chief Financial Officer, Md. Sabbir Hossain, DMD and Chief Operating Officer, Chowdhury Moinul Islam, DMD and CAMLCO, Nazmur Rahim, Head of Alternate Banking Channels, Md. Nazmul Hasan, Head of Agent Banking, and the entire team of Agent Banking from across the country attended the conference.

Incepted in 2001 with a particular focus on the SME segment the bank has now 187 branches, 36 sub- branches, 330 ATMs, 456 SME Unit Offices, 1,040 Agent Banking Outlets. With more than 8,000 people BRAC Bank, traded as ‘BRACBANK’ on Dhaka Stock Exchange, also serves customers across the Corporate and Retail segments. With more than 1.4 million customers the bank has already proved to be the largest collateral-free SME financier in the country.