Bangladesh Finance and SM Fintech signed an agreement on Monday to provide advance financial services to the employees of private organisations against their monthly salaries who are in dire need.
Under the agreement, Bangladesh Finance will provide financial services that SM Fintech will offer to its registered members against their salaries.
Kyser Hamid, managing director and chief executive officer of Bangladesh Finance and Arif Sikder, CEO of SM Fintech, signed the agreement on behalf of their respective organisations.
Kyser Hamid said the agreement's goal is to make banking services available to customers' doorsteps. Additionally, by bringing a big number of consumers under banking, time and money would be saved.
Under the agreement, if anyone needs money at any point of time of the month, there will be no need to borrow money from moneylenders or other sources at high-interest rates. Instead, they will get loans against their salary in advance for the exact number of days they have worked in that month.
Bangladesh Finance will offer the financial service, and SM Fintech Limited will offer technical assistance by using their app-based platform "Myne".
Arif Sikder said that through the arrangement, they wanted to cut down the harassment of the clients and long queues for banking services.
Group CFO of Bangladesh Finance Sajjadur Rahman Bhuiyan, Head of Sustainable Finance Mohammad Kohinoor Hossain, Chief Risk Officer Suman Kumar Kundu and others were also present at the event.