Agent Banking
Zaytoon Business Solutions is currently working as an Agent Banking facilitator by collaborating with financial institutions to provide banking services in rural and underserved areas.
Strategic Partnership with Banks for Agent Banking
Zaytoon collaborates with Mutual Trust Bank (MTB) PLC and Brac Bank PLC as their banking partner for delivering Agent Banking services. This partnership allows Zaytoon to operate as an intermediary between the bank and rural communities, extending essential banking services to regions where access to formal banking is limited.
Establishing Accessible Agent Banking Outlets
Zaytoon sets up agent banking outlets in strategic rural locations. These agent points act as mini bank branches, providing various banking services such as deposits, withdrawals, remittances, bill payments, and small-scale financial advice.
Comprehensive Banking Solutions at Agent Points
Through its agent network, Zaytoon facilitates a wide range of banking services, including:
- Cash Deposits and Withdrawals: Customers can deposit or withdraw cash through agents without the need to visit distant bank branches.
- Account Opening: Agents are equipped to help customers open basic savings accounts with Mutual Trust Bank and Brac Bank PLC, completing necessary KYC formalities on-site.
- Loan Disbursement and Repayments: Agents assist in processing small loans and receiving repayments, extending banking services beyond simple transactions.
- Remittance Services: In addition to banking, agents play a crucial role in distributing both local and foreign remittances, offering a one-stop solution for rural customers.
Digital Integration for Seamless Banking Operations
Zaytoon leverages a secure digital platform to connect agents with the bank’s core systems. This digital integration enables real-time verification, transaction processing, and compliance monitoring. Security measures, such as OTP-based verifications and biometric authentication, help ensure the safety and integrity of transactions.
Promoting Financial Literacy and Awareness
To promote financial literacy and inclusion, Zaytoon conducts regular awareness programs in rural areas. These programs educate locals about the benefits of banking services, how to access them through agents, and the importance of saving and managing money. Additionally, Zaytoon trains its agents to handle transactions efficiently and offer basic financial advice.
Affordable and Convenient Access to Banking Services
The agent points provide a more affordable and accessible alternative to traditional banking, reducing the need for customers to travel long distances or incur additional costs. This is particularly beneficial in regions where transportation options are limited, and digital literacy is still developing.
Incentivizing Agents for Expanding Outreach
Zaytoon incentivizes agents by sharing commissions on transactions conducted at their outlets. This model motivates agents to actively promote banking services in their communities, helping expand Zaytoon’s reach and impact.
Strict Adherence to Regulatory Compliance
Zaytoon ensures that all agent banking activities comply with Bangladesh Bank’s regulations and guidelines. Agents follow strict e-KYC protocols, which helps maintain transparency and trust in financial services.
Zaytoon’s efforts in agent banking create a ripple effect in rural communities by enhancing access to essential banking services. By working closely with partners like Mutual Trust Bank PLC and Brac Bank PLC , Zaytoon effectively serves as a bridge between formal banking institutions and underserved populations, empowering people with secure and convenient financial services.
Zaytoon Business Solutions is working as an agent banking facilitator by establishing agent networks, partnering with banks, providing secure digital integration, and actively promoting financial inclusion in regions like Telkupi, Durduri, Dampura, and Jagirpara. This approach makes banking accessible and affordable for rural communities while expanding Zaytoon’s social and economic impact.
Agent banking is the latest innovation in banking services available in Bangladesh aiming to provide formal banking services to the unbanked. The aim is to provide a secure alternative delivery channel of banking services to the underprivileged and under-served population who live in remote locations.
Mr. Arfan Ali, the founding Chairman of “Zaytoon Business Solutions” is the pioneer of Agent Banking in Bangladesh. He has promoted “Financial Inclusion” of the un-served and unreached people of the country, and worked tirelessly to include them in the financial ecosystem.
However, despite Bangladesh Bank directives, banks have not been able to successfully deliver banking services to the rural and secluded population through agent banking outlets. Zaytoon Business Solutions in association with a2i project of the Government has taken the initiative to deliver all financial and other e-services, including agent banking services so that village people do not need to go elsewhere for the services.