BRAC Bank set to offer digital SME loans to aamarPay merchants

By Gloria Mathias

BRAC Bank has signed a Memorandum of Understanding (MoU) to provide digital SME loans to thousands of merchants of AamarPay.

AamarPay is an online payment gateway and FinTech company offering payment gateway solutions for SMEs and large enterprises in Bangladesh.

Under the partnership, BRAC Bank will provide the country’s first digital SME loan, ‘Shafollo’ and digital microloan, ‘Jibika’ to the micro merchants of aamarPay across the country. With digital loans, the entrepreneurs of aamarPay will be able to avail of paperless instant loans 24/7.

The objective of the collaboration is to leverage BRAC Bank’s extensive SME network to cater to the ever-growing smallholder entrepreneurs engaged in eCommerce and emerging business fields at the grassroots level across the country.

Syed Abdul Momen, Deputy Managing Director and Head of SME Banking, BRAC Bank, and Ishtiaque Sarwar, Managing Director, aamarPay, signed the agreement at the bank’s head office in Dhaka on November 21, 2023. Senior officials of BRAC Bank and aamarPay were present at the signing ceremony.

Commenting about the collaboration with aamarPay, Deputy Managing Director & Head of SME at BRAC Bank Limited, Syed Abdul Momen said, “BRAC Bank has always been focused on SME financing with a broader vision of financial inclusion. Our digital and microloans are playing a significant role in bringing the unbanked small entrepreneurs under a formal banking system, facilitating national development. This partnership will provide easy access to credit using digital tools to the grassroots entrepreneurs helping them create a market and solidify their businesses. We will continue to adopt digital solutions cater to provide more convenience to SME customers.”