Prime Bank, Swisscontact to introduce digital lending platform

Staff Correspondent

22 March, 2021 12:00 AM printer

Prime Bank Limited (PBL) announced partnership with the Sarathi project of Swisscontact Bangladesh to introduce digital lending facility to low-income people such as Readymade Garments (RMG) workers.

The project “Sarathi- Progress through Financial Inclusion”- jointly funded by Metlife Foundation and Swisscontact- is working with commercial banks in Bangladesh to bring RMG workers and residential community members within the sphere of mainstream commercial banking and enable them to conduct transactions as account holders and clients, said a press release.

The objective of the partnership is to create a digital lending platform powered by Prime Bank’s lending products and Sarathi’s expertise on financial inclusion and creating awareness on financial management amongst the low-income communities.

Both organisations have also agreed to work together in other areas of collaboration for mutual benefit.

Sarathi’s Team Leader, Syeda Ishrat Fatema said during the agreement signing: “Swisscontact and Sarathi are happy to take part in this digital lending facility introduced by Prime Bank. Introducing a credit product targeting the low-income communities has always been a challenge for the commercial banks due to the lack of participation by the low-income demographic in digital financial transaction. Thanks to Prime Bank for designing such a product that is well thought out, appropriate and affordable for the low-income households of RMG sector.”