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Bangladesh’s gig workers benefit from launch of AI microfinance platform

By Leandra Monteiro

October 20, 2022

  • AGAM International
  • Bangladesh
  • Digital Lending

AGAM International, UK, SBK Foundation, Bangladesh’sBangladesh’s entrepreneurs and ‘gig’ economy workers many of whom are women are able to access loans for the first time through a landmark agreement between SBK Foundation and UK FinTech AGAM International.

This announcement between Bangladesh’s first digital-only microfinance provider, SBK Foundation, and UK FinTech AGAM International, will enable Bangladesh’s app-based entrepreneurs to access the credit they need to purchase goods to enable them to carry out their jobs.

Shabnam Wazed, CEO and Founder of AGAM International said, “We are changing the face of finance, making finance accessible for all. As a female founder I am particularly proud that AGAM has joined with SBK Foundation to enable it to deliver financial products to large numbers of entrepreneurs and ‘gig’ economy workers, the majority of whom are women, giving them the dignity to be able to apply for a transformative loan.”

This new offer will be focused on ‘gig’ economy riders and makeup salespeople to purchase smartphones, bicycles and product samples. The average loan is expected to be around 25,000 to 50,000 BDT.

Under the partnership, SBK Foundation is able to draw on AGAM’s credit scoring platform to enable unbanked people to have access to finance, even when they lack a traditional credit history. AGAM’s data provides the SBK Foundation with the confidence to identify prospective borrowers.

Two of the first businesses whose workers can obtain loans from SBK Foundation and AGAM International are Shajgoj and Food Panda.

SBK Foundation’s Founder, Sonia Bashir Kabir said, “We are delighted to be able to connect with AGAM International to work together to empower workers to access the credit they need through technology. It is great to see two female-led Bangladeshi organisations work together to make change for individuals and communities.”

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