UK fintech AGAM International pioneers early salary access with Prime Bank
AGAM International, a fintech company based in the UK, is pioneering an early salary access pilot with Prime Bank, one of the leading banks in Bangladesh.
Under the system the employees of the bank would be able to access their wages prior to payday, improving their financial stability and limiting the need to borrow loans through informal lenders, said a press release.
It is the first bank-powered Earned Wage Access in Bangladesh, it added.
It is the latest development of next-generation fintech to come out of AGAM International's partnership with Prime Bank. This follows the commercial rollout of a bank-backed micro-loan scheme for individuals last year, which paved the way for millions of Bangladeshis to potentially access credit.
The new Earned Wage Pilot is part of a suite of products that form AGAM International's finance platform, which is designed for growth markets and revolutionising the way customers interact with financial institutions.
Following the pilot, AGAM International and Prime Bank intend to roll out the scheme to major Bangladesh corporations. Prime Bank also intends to provide this transformational service to all their payroll account holders, enabling them to withdraw part of their salary at any time in the month without the need to wait for payday.
The pilot follows the December 2022 launch of PrimeAgrim, a digital nano-loan scheme between Prime Bank and AGAM International, which is revolutionising lending to individuals that are underserved. PrimeAgrim is also transforming the concept of financial literacy and financial inclusion in Bangladesh by embedding education through services and products.
Shabnam Wazed, founder and CEO of AGAM International, said, "Earned Wage Access not only allows instant access to funds but allows the ability to pay for unexpected expenses, empowering individuals to manage their income on their own terms."
Prime Bank's Head of Cards & ADC (Business) said, "We partnered with AGAM International to maximise the power of AI and technology to ensure our services can access the best services equipped with the technological advances of the recent fintech revolution."