Lankan Alliance Finance Limited (LAFL), the joint venture NBFI between Bangladesh and Sri Lanka, is going to launch a new app-based product named "nano loan" for the unbanked population and low-income group of the country with an aim to accelerate financial inclusion in Bangladesh through transforming the consumer lending landscape.
LAFL has partnered with CASHe Alliance Limited (CASHe), a joint venture between Bangladesh and Singapore based companies, and inked a MoU with CASHe earlier to deliver the product, said a press release.
LAFL has obtained Bangladesh Bank approval recently to conduct a pilot project. The partnership leverages world-class, leading-edge artificial intelligence and machine learning technology to meet the growing needs of the borrowers.
Once launched, the nano loan app will offer affordable and instantaneous credit to millions of unbanked digital-first customers.
"This app-based lending product shall represent a milestone in promoting the government's wider vision for a 'Digital Bangladesh' wherein a cashless society, financial inclusion, and above all, conveniences of all kinds of nano borrowing will be ensured," said Lankan Alliance Finance Limited Chief Executive Officer Kanti Kumar Saha after getting the central bank approval in a small function.
"Our partnership with LAFL is formidable and gives me an immense pleasure and pride to announce it. Our companies remain steadfastly committed to our shared mission – to offer consumers affordable, accessible, and differentiated credit products" said Deepak Saluja-Vice Chairman of CASHe Alliance Ltd, Co-founder and Group CEO of TSLC