Economy Desk: The concept of agent banking has changed people’s traditional ideas about banking. Through this, the customer can make transactions outside of working days. Customers from any part of the country are availing of the 24-hour service of agent banking. 31 listed banks are providing this service through 21 thousand outlets across the country. Agent banking has brought benefits to people in rural areas over urban areas in just a decade. Savings, loans, remittances, and bill payments are in people’s hands. Besides, the rural people, who are backward in trade and commerce, have joined the mainstream of the economy. Due to the simple quality of this service, it has gained immense popularity in a short period of time.
According to Bangladesh Bank data, 31 banks have launched agent banking services in just one decade. At the end of October, the number of bank agents stood at 15,540. The number of agent banking outlets stands at 21,443. In the same period in 2022, there were 14 thousand 883 agents and 20 thousand 363 outlets. That is, the number of agents increased by 659, and the number of outlets increased by 1,100 within a year. About 80 percent of these agents and outlets are in villages.
According to Central Bank data, the number of deposit accounts in agent banking stood at 2 crore, 9 lakh, 31 thousand, 465 till October. During the same period of the outgoing year, deposits in agent banking have accumulated 35 thousand 50 crores. In the same period of the previous year, deposits in this sector were 30 thousand 649 crores. That is, in just one year, deposits in agent banking have increased by 4 thousand 401 crores. The deposits of village people are about 6 and a half times more than those of city people.
According to Bangladesh Bank accounts, loans in agent banking have increased along with deposits. However, institutional customers are ahead in terms of loans. However, the central bank has issued instructions to provide special benefits to small customers. And last October, 809 crores of loans were disbursed against deposits of 35 thousand crores in agent banking. The loan amount disbursed during the same period last year was Tk 674 crore.
According to the review of Bangladesh Bank’s agent banking data, Islami Bank Plc is the top among the first five banks in terms of deposits. And the second and third stages are Dutch-Bangla and Bank Asia, respectively. The next positions are Al-Arafah Islami Bank and Agrani Bank. The status of these five banks remains unchanged, even in collecting remittances from expatriates. But Dutch-Bangla Bank Plc is at the top in terms of outlets. Then Bank Asia, Islami Bank, City Bank, and BRAC Bank. On the other hand, Bank Asia is at the top of the list in terms of accounts. Then Dutch-Bangla Bank and Islami Bank.
According to the data from Bangladesh Bank, deposits through agent banking increased to 35 thousand crores in October, from 8 thousand crores in 2019. Deposits in agent banking services increased by more than 400 percent in four years.
According to Bangladesh Bank, 8 thousand 795 crore remittances were collected through agent banking in July–October of the current financial year. Out of this, remittances through agent banking were Tk 2 thousand 48 crores in October. 1,660 crores in September, 1,977 crores in August, and 3,109 crores of remittances through agents in July.
