BRAC Bank opens 1,000th agent banking outlet

BRAC Bank has achieved the 1,000 agent banking outlet milestone as the rapid network expansion drive across Bangladesh continues for the financial inclusion of the unbanked people.

Launching of Shah Ali Agent Banking Outlet in Mirpur-1, Dhaka marked the 1,000th milestone for BRAC Bank, said a press release. 

BRAC Bank Head of Alternate Banking Channels Nazmur Rahim formally inaugurated the outlet. Head of Agent Banking Md Nazmul Hasan was also present. 

The rapidly expanding alternate banking channel now serves 2.50 lakh unbanked people, mostly in rural and semi-urban parts of the country. The channel's rural penetration hits the industry's highest at 77%. 

The channel carries out 350,000 transactions worth Tk2,000 crore per month. Agent banking outlets have also catered to over 100,000 inward foreign remittance disbursements in 2022. 

In 2022, more than Tk4,700 crore SME loan was disbursed through 75,000 transactions. The channel handled Tk950 crore corporate bill collection. Over 40% of total transactions through Agent Banking took place beyond conventional banking hours and on weekends and holidays. 

BRAC Bank has been expanding this alternate banking channel quickly since entering into the agent banking business in 2018. The channel has already reached 419 upazilas in all 64 districts.