Agent banking and its prospects in Bangladesh

Abstract

Now-a days the banking process is becoming faster, easier and wider throughout the world. At the same time banking sector is modernizing and expanding its area in different financial events every day.In recent years banks have diversified their services bytheir different products and services and also new subsidiaries are created so that they perform additional services to the customer or by merging with other types of financial institutions. Modhumoti bank ltd (mmbl) started its operation as a commercial bank in Bangladesh at 10th September, 2013 after obtaining license from Bangladesh Bank. The Bank’s vision is to lead the new generation of local commercial banks by excelling in customer delivery through insight empowered employees, smart use of technology and a full scale of highest quality products and services. Modhumoti bank ltd has recently introduced a new devastating and special product and service in our country which is Agent Banking. This bank has launched the Agent banking service in their recent 2nd anniversary which is currently established in their Shakhipur Branch. This report is all about Agent banking and its prospects in Bangladesh. Agent banking service is new to this country and before Modhumoti bank there are two other banks only who have launched this service in Bangladesh. Agent banking service is kind of new to this country and it’s still not that spread across the country. The main purpose of agent banking is to bring and introduce the banking services to the people of rural areas through an agent where the physical structure of a bank cant established there.