Nano-ready in less than 4 minutes – Bringing smiles to thousands of people!
Sumaiya Akhter is an RMG worker. She works with Ananta Companies Ltd. for two years. Sumaiya supports a family of three. She earns enough to support herself, her younger brother and her grandmother who reside in the village. However, from time to time, urgent needs arise and Sumaiya finds it difficult to manage all her expenses.
Sumaiya recently discovered PrimeAgrim through her work. PrimeAgrim is an AI-powered instant digital nano-loan platform that allows it to take out instant loans. So when faced with the challenge of raising funds to pay for her younger brother’s tuition, uniform and stationery costs, she turned to PrimeAgrim for help. Sumaiya applied for a nano loan on the PrimeAgrim app and got the desired amount in her Prime Bank account in an instant. With the help of PrimeAgrim, she was able to pay for her younger brother’s education costs. Sumaiya can now easily repay the loan after receiving the salary and keep track of her interest expenses.
Like Sumaiya, PrimeAgrim brought smiles to over a thousand RMG workers when needed. PrimeAgrim is an instant, unsecured “digital nano-loan” initiative by Prime Bank for blue-collar workers in Bangladesh. Any worker with a specific salary range can avail a loan up to 30% of their respective salary amount. This groundbreaking initiative allows customers to apply for and qualify for loans in seconds through the PrimeAgrim app. This service is available 24 hours a day, 7 days a week, regardless of bank opening hours, which makes PrimeAgrim an indispensable instant financial support.
PrimeAgrim takes the hassle out of the traditional lengthy borrowing process. Customers can avail this loan through a digital credit score. PrimeAgrim’s AI-powered digital nanofinance platform features machine learning and alternative credit scoring that can sanction a loan in seconds. As part of Prime Bank’s long-term strategy, PrimeAgrim is a step towards the financial inclusion of the unbanked population. This initiative represents a major step in promoting the vision of a “digital Bangladesh”.
PrimeAgrim is already attracting global attention. For this innovative initiative, Prime Bank received Bronze in the Analytics & Artificial Intelligence (AI) category at the prestigious Efma-Accenture Banking Innovation Awards-2021. PrimeAgrim started the pilot project on November 8, 2021 in the RMG sector with Ananta Companies Ltd. Since the pilot, PrimeAgrim has disbursed over 1,000 loans to garment workers. Prime Bank plans to expand services to workers in other sectors and provide financial inclusion for the masses.