The Meghna Bank PLC. Agent Banking division was formed in December 2020 and started its operation through a soft launch in April 2021 with the objective of being aligned with the Government’s financial inclusion goals. The operation was launched amidst a very saturated market, with the sole aim to uphold financial inclusion by providing easily accessible banking services for the masses in a secure and simple manner in regions that are both remote and financially excluded.
The core objective for Meghna Bank has and will be bringing low-income groups into the grasp of banking services and informing them about the benefits of using these services to conduct transactions, practice saving and take loans over existing traditional methods. The division aims to give its clients better increased control over their financial needs.
The uniqueness of Meghna Agent Banking is how it is expanding to provide additional services to its customer. Meaning, apart from banking services, it is working on providing more and more extra services for the customers. Giving a one stop solution for customers creates and empowers customers as well. Along with financial inclusion, Meghna Agent Banking is bringing its customer in to the grasp of digital inclusion. Some of the services offered to customers include instant fund transfer facilities and various utility bill payments through the agent outlets. This is helping both customers and enterprises, as customers are able to pay on time and enterprises are able to make their collections in a more reliable and timely fashion. Meghna Agent Banking will essentially be providing all sorts of banking services as per the Prudential Guideline of Bangladesh Bank for Agent Banking services in Bangladesh.
Digitization is definitely the way forward and herein lies the biggest arsenal that Meghna Bank will be deploying throughout its banking services. From services at every touch point to providing digital apps to aide everyday activities. This whole idea is aimed at a multitude of aspects such as expansion, customer engagement, service availability and overall ease of access to financial services. With the world moving ever speedily towards financial inclusion in different platforms using different methods, our aim is to provide the simplest and easiest solutions that can be accepted and adapted by the general populous.
The rural population holds a great deal of the unbanked individuals in the community and Meghna Agent Banking is working tirelessly in bringing these populous under the grasp of banking services. Currently, Meghna Agent Banking has 14 outlets facilitating over BDT 85 Crore. Our current business plan views to have hundreds of outlets in the coming year throughout the country. In view of increasing Meghna Agent Banking’s coverage in the rural communities, massive expansion will be taking place over time. The dynamic team members of Meghna Agent Banking are working tirelessly to ensure that this coverage is increased at a phenomenal rate.
Out collection system will be an additional service within the paradigm of agent banking that will play a very vital role for the years to come. It will be a feature that will benefit enterprises of different scales to ensure their regular cash collections throughout the country. Brokers, employees, distributors, corporations, FMCGs, small agencies and other individuals involved in this trade will soon be able to go to any agent outlet and deposit the regular collection payments to ensure smooth business operations.
The tremendous growth of the Agent Banking Channel in our country and the whole world is a blessing in the context of financial inclusion. We select agents who are locally known and accepted by the people of that area. This helps in building customer trust as they are known beforehand. Another key area where agent banking has scope to flourish is loans. Meghna Agent Banking is emphasizing on this opportunity and is designing special products targeted specifically for this market. By creating targeted products under our micro financing initiative, Meghna Agent Banking will be leading an unprecedented move in the loan segment of the banking industry. Like many other countries and international organizations, the government of Bangladesh has also taken a number of initiatives and formulated national strategy. All these combined with our joined effort will prove fruitful as it will encompass financial inclusion in the country and bring more growth for the bank.
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