Kazi Zahidul Hasan :
Agent banking operation is gaining momentum in the country, as it is providing the need-based financial services promptly to the unbanked population.
The banks through agent banking outlets across the country achieved aggregate deposits over Tk 922 crore as of September this year, according to figures available with the Bangladesh Bank (BB).
At the end of 2016, banks mobilized Tk 380 crore deposits through their agent banking outlets.
A total of 10,38,242 agent banking accounts were opened till September 30 this year, while a total of 5,44,536 accounts were opened till December 31 last year.
“Agent banking is a cost effective service and it has yielded remarkable results among the unbanked population in remote
areas of Bangladesh. Even, people are also receiving inward foreign remittance in agent banking outlets without any charge,” BB spokesperson Subhankar Saha told The New Nation on Friday.
He said agent banking operation is the first step toward the financial inclusion, which the central bank is pursuing for the benefit of unbanked population.
“The unbanked people of the country are going to the agent banking outlets mainly for having the financial services from remote areas. This has led to rise in the total number of accounts sharply,” said Subhankar Saha.
On December 9, 2013, the central bank issued the agent banking guidelines, a landmark initiative mainly to bring the unbanked population under the umbrella of full-fledged banking services.
Agent Banking means limited-scale banking and financial services to the underserved population through engaged agents under a valid agency agreement, rather than a teller or cashier. It is the owner of an outlet who conducts banking transactions on behalf of a bank defined in the guidelines of the central bank.
The agent banks collect small- scale cash deposits and facilitate withdrawals maintaining a ceiling as defined by the Bangladesh Bank apart from disbursing inward foreign remittances. They also disburse small loans and work on loan recovery apart from collections against utility bills.
The central bank has already given approval to more than a dozen banks to run the agent banking operation mainly in backwards areas of the country. Now many banks are joining the queue to get agent banking approval from the BB.
“Agent banking is getting momentum in the far-flung areas where people even never dreamt of this facility earlier. Remittance beneficiaries are especially feeling very spirited about opening such accounts to enjoy charge-free services,” said Subhankar Saha.
He said people of remote areas are also getting small-scale loan facilities from the agent banking windows. Such a facility helped them take part in various income generating programmes leaving a positive impact on their livelihood.
As of September 30 this year, three private commercial banks (Dutch Bangla Bank, Bank Asia and Al-Arafa Islami Bank) disbursed Tk 78.72 crore through their agent banking windows, according to the central bank data.
Agent banking operation is gaining momentum in the country, as it is providing the need-based financial services promptly to the unbanked population.
The banks through agent banking outlets across the country achieved aggregate deposits over Tk 922 crore as of September this year, according to figures available with the Bangladesh Bank (BB).
At the end of 2016, banks mobilized Tk 380 crore deposits through their agent banking outlets.
A total of 10,38,242 agent banking accounts were opened till September 30 this year, while a total of 5,44,536 accounts were opened till December 31 last year.
“Agent banking is a cost effective service and it has yielded remarkable results among the unbanked population in remote
areas of Bangladesh. Even, people are also receiving inward foreign remittance in agent banking outlets without any charge,” BB spokesperson Subhankar Saha told The New Nation on Friday.
He said agent banking operation is the first step toward the financial inclusion, which the central bank is pursuing for the benefit of unbanked population.
“The unbanked people of the country are going to the agent banking outlets mainly for having the financial services from remote areas. This has led to rise in the total number of accounts sharply,” said Subhankar Saha.
On December 9, 2013, the central bank issued the agent banking guidelines, a landmark initiative mainly to bring the unbanked population under the umbrella of full-fledged banking services.
Agent Banking means limited-scale banking and financial services to the underserved population through engaged agents under a valid agency agreement, rather than a teller or cashier. It is the owner of an outlet who conducts banking transactions on behalf of a bank defined in the guidelines of the central bank.
The agent banks collect small- scale cash deposits and facilitate withdrawals maintaining a ceiling as defined by the Bangladesh Bank apart from disbursing inward foreign remittances. They also disburse small loans and work on loan recovery apart from collections against utility bills.
The central bank has already given approval to more than a dozen banks to run the agent banking operation mainly in backwards areas of the country. Now many banks are joining the queue to get agent banking approval from the BB.
“Agent banking is getting momentum in the far-flung areas where people even never dreamt of this facility earlier. Remittance beneficiaries are especially feeling very spirited about opening such accounts to enjoy charge-free services,” said Subhankar Saha.
He said people of remote areas are also getting small-scale loan facilities from the agent banking windows. Such a facility helped them take part in various income generating programmes leaving a positive impact on their livelihood.
As of September 30 this year, three private commercial banks (Dutch Bangla Bank, Bank Asia and Al-Arafa Islami Bank) disbursed Tk 78.72 crore through their agent banking windows, according to the central bank data.
