Bank Asia launches Nano Loan services

Bank Asia Limited has launched Digital Nano Loan services to transform its business with the rapidly changing technological environment, give customers better banking experiences and facilitate their access to formal financial services.

Adil Chowdhury, president and managing director of the bank formally launched the Nano Loan service at a ceremony held at the Bank Asia Tower in Karwan Bazar, Dhaka on Wednesday.

At the event, he also witnessed the live Nano loan application process, its sanction and disbursement to a customer who has an account with the bank by using the newly developed App, according to a press release.

Ziaul Hasan, deputy managing director and lead of the project, Hossain Ahmad, SEVP and CIO, Md Serajul Islam, chief executive officer of Era-infoTech, a technology partner of the bank, Quazi Mortuza Ali, SVP (Agent Banking) and concerned officials of the bank and Era-infoTech were present at the launching ceremony of the pilot phase.

Launching the new product, the President and Managing Director hoped this product will change the horizon of lending and contribute to the rapid boosting of the customer base. He also asked officials of the concerned department and division to align work in a coordinated manner to face possible technological and business-related challenges.

In the Nano loan process, the credit scoring model has been designed based on analyzing financial and metadata. Disbursement of the loan amount will be made through a digital method to a customer account maintained with Bank Asia. Initially, the loan ticket size will be between Tk 500-Tk 50,000 up to 06 months tenor. Customers will receive the amount amid duly fill up of the online application, disclaimer of information seek from mobile and digital approval of sanction.

Being a pioneer in the agent banking industry, Bank Asia has been supporting the mass with its digital product to contribute to achieving Digital Bangladesh Vision by ensuring overall socio-economic growth.

Bank Asia Limited started its service with a vision to serve people with modern and innovative banking products and services at an affordable charge. The bank’s commitment is to provide modern and value-added banking services to all segments of society by maintaining the very best standard in a globalised world, with the help of technological advancements.