mFino, a fintech innovator and leading provider of digital banking solutions, is proud to announce that its partnership with BRAC Bank, the leading commercial bank in Bangladesh, hit a new, exciting milestone with the launch of BRAC Bank's 100th agent banking outlet this month.
BRAC Bank has been working with mFino to deliver financial inclusion, employment and rural uplift via doorstep/agency banking. The deployment also supports the current digital transformation efforts at BRAC Bank through the addition of two new user-friendly, digital channels of customer acquisition and customer service delivery.
Reiterating the same, Md. Nazmul Hasan, Head of Agent Banking at BRAC Bank, commented “There is strong commitment towards financial inclusion at BRAC Bank Ltd. For us, agency banking isn’t just about facilitating greater access, it’s also a potential growth engine - mFino realizes both these opportunities for us.”
mFino’s best-in-class platform offers a large universe of features to ensure profitable agency banking. The platform enables BRAC Bank to have associations with a network of agencies and agents through whom the bank's customers are served. Authorized agents can execute banking services like customer onboarding, cash deposit-withdrawal, P2P transfers, utility bill payments, service requests and more for BRAC Bank customers.
The ability to orchestrate and manage distributed agent networks and ensure seamless delivery of a large number of services through new touchpoints would require a powerful platform that supports real-time, affordable and secure micro transactions.
The mFino platform is robust and offers a lot of technical capabilities out-of-box, like reliable messaging, biometric authentication, agent network management, agent sales management, document management for KYC, liquidity management, workflow management, business activity monitoring, and business rules orchestration engine, to drive agent banking success.
Talking about the platform, Mr. Sridhar Obilisetty, CEO at mFino, said, "Our agent banking platform has a highly configurable architecture and a pre-built library of microservices, that let banks onboard and manage partners across multiple delivery channels with ease. This platform has helped one of the world's largest MFI’s scale its agent banking to 10000 agents and 4,500,000 customers."
About BRAC Bank
BRAC Bank Ltd. is the leading commercial bank in Bangladesh. The bank was launched by BRAC, the largest NGO in the world. BRAC Bank began with the vision to provide banking solutions to ‘unbanked’ Small and Medium Entrepreneurs. Consequently, nearly half of bank’s lending portfolio comprises of small and medium enterprises. It is also the only member of the Global Alliance for Banking on Values (GABV) from Bangladesh. The Global Alliance comprises of 48 (as of May 2018) financial institutions operating in countries across Asia, Africa, Australia, Latin America, North America and Europe - serving more than 41 million customers, holding up to USD 127 billion of combined assets under management and powered by a network of 48,000 co-workers.
mFino is the global leader in digital banking. It offers a modern, micro-services, cloud platform that financial institutions can leverage for their transformation to digital-first banking. Financial service providers and fintech leaders in multiple markets use mFino tech to bring digital experiences to life across deposit banking, payments, lending, commerce and life style divisions.