Sumaiya Akhter is an RMG worker. She has been working with Ananta Companies Ltd. for two years. Sumaiya supports a family of three. She earns enough to support herself, her younger brother and her grandmother who reside in the village. However, every now and then emergency needs appear and Sumaiya finds it difficult to manage all her expenses.
Sumaiya recently got to learn about PrimeAgrim from her work. PrimeAgrim is an AI-based instant digital nano loan platform that allows her to take instant loans. So when she was faced with the challenge of accumulating funds to pay for her younger brother's school tuition fees, uniform and stationery expenses, she turned to PrimeAgrim for help. Sumaiya applied for a nano loan on PrimeAgrim app and got the desired amount to her Prime Bank account in an instant. With the help of PrimeAgrim she was able to pay for her younger brother's educational expenses. Sumaiya can now easily pay off the loan upon getting the salary and keep track of her interest expenses.
Like Sumaiya, PrimeAgrim has brought smiles to the faces of more than a thousand RMG workers in their time of need. PrimeAgrim is a collateral-free, instant 'Digital Nano Loan' initiative of Prime Bank for the Blue-collar workers of Bangladesh. Any worker with a specific salary range can avail loan up to 30% of their respective salary amount. This groundbreaking initiative enables the customers to apply and avail of loans within a few seconds through the PrimeAgrim App. This service is available 24/7 irrespective of banking hours, making PrimeAgrim a much-needed instant financial support.
PrimeAgrim takes away the hassle of the traditional lengthy borrowing process. Customers can avail of this loan through digital credit assessment. PrimeAgrim's AI-driven digital nano financing platform has machine learning and alternative credit scoring that enables loan sanction in a few seconds. As a part of Prime Bank's long-term strategy, PrimeAgrim is a step towards ensuring financial inclusion for the unbanked population. This initiative represents a major milestone in promoting the vision for a 'Digital Bangladesh'.
PrimeAgrim is already attracting global attention. For this innovative initiative, Prime Bank has received the Bronze under Analytics & Artificial Intelligence (AI) category at the prestigious Efma-Accenture Banking Innovation Awards-2021. PrimeAgrim started piloting on 8 November, 2021 in the RMG sector with Ananta Companies Ltd. Since pilot, PrimeAgrim has disbursed more than 1,000 loans to garment workers. Prime Bank plans to expand the services to workers of other sectors and ensure financial inclusion of mass people.