Syed Abdul Momen, deputy managing director and head of SME banking at BRAC Bank, and Shaikh Saif Al Rashid, managing director of Apon Bazaar, signed the partnership agreement late last month.

The initiative aims at improving the lives of RMG workers affiliated with Apon Bazaar. It allows them to apply for loans using their mobile phones beyond banking hours. They can get instant loans up to BDT 50,000.

The bank had earlier developed a new digital loan proposition 'Jibika' for low-income people as part of its mission of financial inclusion.

The workers’ assessment, evaluation and creditworthiness will be completed in minutes for real-time loan disbursement, a release from the bank said.

The business model ensures financial inclusion, economic well-being and better health for the RMG workers, especially females, said Momen.

Fibre2Fashion News Desk (DS)