BRAC Bank, ACI join hands to expand digital financing

BRAC Bank has partnered with ACI PLC to expand digital banking and alternative financing across the conglomerate’s business network, including its subsidiaries, distributors, dealers, suppliers and contract farmers.
Under the agreement, BRAC Bank will facilitate digital payments for ACI’s distributors and dealers through Bangla QR, Smart POS and designated payment channels. It will also provide digital loans through its “SHAFOLLO” platform, enabling eligible borrowers to access credit through a simplified process with automated disbursement.
The partnership will also offer customised financing to distributors for working capital and inventory needs, alongside supply chain financing facilities such as inventory loans, factoring and reverse factoring, according to a press release.
To streamline transactions, the bank will introduce virtual account-based collection services for ACI’s distributors and dealers. It will also extend agricultural credit and specialised financing to contract farmers, covering a wider segment of ACI’s agricultural value chain.
The two organisations will explore further financial initiatives and innovative banking solutions to address evolving business needs.
Tareq Refat Ullah Khan, managing director and CEO of BRAC Bank, said the partnership would improve operational efficiency, strengthen business linkages and widen access to finance across ACI’s distribution, supply and agricultural networks.
Dr Arif Dowla, managing director of ACI PLC, said the collaboration would strengthen business operations, improve access to finance and create opportunities for sustainable growth.
The agreement was signed by Tareq Refat Ullah Khan and Dr Arif Dowla at ACI headquarters on 4 November, according to the press release.