Deposit collection through agent banking increased by 22 per cent in the April-June period of 2024 compared with that in the same period of the previous year.
According to Bangladesh Bank data, deposits鈥� balance in agent banking outlets increased to Tk聽39,813 crore in April-June in 2024 from that of Tk聽32,542 crore in the same period in 2023.
It was Tk聽35,632 crore in the January-March period.
Loan disbursement through agent banking increased by 14.42 per cent to Tk聽9,150 crore in the April-June period in 2024 compared with that of Tk聽7,997 crore in the same period of 2023.
It was Tk聽8,872 crore in March 2024.
Since access to finance is one of the key challenges of financial inclusion, lending through agent banking is beneficial to rural customers in developing countries, the BB in its quarterly report said.
As of June 2024, rural customers received Tk聽6,575 crore (80.81 per cent) of the total loan disbursed through agent banking channel, which was very much in line with the objective of the agent banking to enhance the rural people鈥檚 access to finance.
According to the central bank data, the number of accounts opened through agent banking reached 2,30,32,015.
Of which 1,11,10,011 accounts belong to female customers, and the rest belongs to male.
It indicates that more female customers are coming forward to opening accounts and getting almost equal access to the financial services through agent banking compared with male customers, the BB report said.
In addition, 1,98,12,295 accounts belong to customers in the rural areas.
The highest number of accounts and the highest amount of balance were in the form of savings.
Remittance collection through agents also increased in the reporting period.
At the end of June 2024, Tk聽1,16,875 crore in remittance was disbursed through agent banking.
Agent banking is an alternative way to provide banking services to underprivileged population in the rural areas especially to those living in remote areas.
The Bangladesh Bank introduced agent banking in 2013.
Compared with the traditional banking system, it is a less costly system where customers are able to receive various banking services on a real-time basis from the platform through an agent, the BB in the report said.
At present, 31 banks are operating agent banking activities in Bangladesh.
Of them, the top five banks registered more than 73 per cent of the total outlets.
As of June 2024, the total number of agents and outlets were 15,991 and 21,473 respectively.