POST TIME: 12 June, 2019 09:42:23 AM
Agent banking gains popularity

Agent banking gains popularity

Agent banking is gaining more popularity across the country as about 29 lakh accounts were opened and over Tk 3,734 crore was deposited in six years till March 2019.

According to the quarterly data of January-March, 2019 of Bangladesh Bank (BB), deposit collection through the agent banking was Tk 3,734.50 crore, which was 20 per cent higher from Tk 3,112.41 crore in the October to December 2018.

At the end of January to March quarter, the number of agent banking accounts across the country also increased by 18 per cent or around 4.50 lakh compared to the previous quarter.

The number of accounts with agents increased to 29, 06,655 from 24, 56,982 in the January-March period of 2019.

At the end of the January-March quarter, the number of agents increased to 4,866 from 4,493 of the previous quarter and the number of bank agent outlets also increased to 7,838 from 6,933 in the same quarter.

Official data show that Bangladeshi expatriates sent Tk 7,182.65 crore through the agent banking channel, which was Tk 5,557.42 crore in the October to December quarter of 2018.

Talking to BSS, Islami Bank Bangladesh Limited (IBBL) Deputy Managing Director Abu Reza Mohd Yeahia said agent banking is moving fast across the country since the banks are providing all sorts of efforts to bring the grassroots people under the banking services.

“Agent banking is providing banking services by engaging representatives under a valid agency agreement,” he added.