About Agent Banking

Agent Banking is a pivotal distribution channel of BRAC Bank, designed to deliver a wide range of banking services through an independent network of Agents. These Agents operate in geographically remote and rural locations, enabling access to financial services for the unbanked and underbanked. Leveraging biometric authentication and digital financial services, Agents conduct real-time, secure transactions on behalf of the bank.

History of Agent Banking

Agent Banking originated in developing countries and gained recognition through pioneers like Brazil. In Bangladesh, it was initiated in 2014, and BRAC Bank launched its Agent Banking service in 2018 to promote financial inclusion.

Overview of BRAC Bank Agent Banking

BRAC Bank aims to expand its reach using state-of-the-art digital banking solutions, focusing on:

• Serving the unbanked and underbanked segments.
• Promoting financial literacy.
• Creating employment opportunities in rural areas

Agent Banking Services

BRAC Bank offers a wide range of digital banking services, including:

Account Opening

• Individual Savings Account
• Digital Customer Onboarding
• SME Account
• Term Deposit (DPS and FDR) Account Opening

Transaction Services

• Cash Deposit and Withdrawal
• Fund Transfer (internal and interbank)
• Loan Repayment Collection
• Utility Bill Payment
• Credit Card Bill Collection
• Inward Foreign Remittance Disbursement

Account Maintenance Services

• Account Information Update
• Term Deposit Closure/Encashment
• Nominee Management
• Account Closure

Other Services

• Balance Inquiry
• Application for SME, Agriculture, and Women Entrepreneur Loans
• Retail Personal Loan and Credit Card Applications
• Customer Biometric Re-Enrolment

Criteria to become a BRAC Bank Agent

To qualify as an Agent:

• Must be a business entity with a valid trade license.
• Should have knowledge of technology-based financial services.
• Must not hold licenses from other banks’ Agent Banking programs.

Benefits of Agent Banking

• Accessible digital financial services.
• Promotes financial inclusion and literacy.
• Cost-effective delivery channel for rural areas.
• Encourages remittance inflows through formal banking channels.

How to Apply

To become a BRAC Bank Agent, apply online, email us at agent.banking2@bracbank.com, or visit a branch. Terms and conditions apply.

Frequently Asked Question (FAQ)

1. What is Agent Banking?

Answer: Agent Banking means providing limited scale banking and financial services to the underserved population through engaged agents under a valid agency agreement. It is regulated under the recent guidelines issued by Bangladesh Bank.

2. What is difference of Branch Banking and Agent Banking?

Answer: In terms of service there is no difference. But in nature Branch is owned by the Bank but Agent Banking Outlet owned by the third party.

3. Who can be a BRAC Bank Agent?

Answer: Anyone (individual/company) who has legal business entity having trade license.

4. What is the identity of an Agent?

Answer: Bank will issue Agent Appointment letter after approval and also issue a License on the name of agent/agent’s business before operation go live.

5. Any previous Business experience required to become an Agent?

Answer: Yes, At least one year business experience is required.

6. What kind of Business experience required?

Answer: Any business having trade license.

7. Is there any education qualification requirement?

Answer: Yes, interested agent would be educated having a minimum qualification S.S.C or equivalent.

8. Is there any age limit?

Answer: Yes, interested agent age limit would be 18-65 years.

9. What is the first step of interested Agent?

Answer: Agent need to propose one/multiple prospective locations to establish Agent Banking Outlet(s).

10. Single agent can apply for multiple Agent Banking Outlets?

Answer: Yes agent can, but interested agent need to have any business entity in the proposed/nearby locations.

11. Is it required to be local residence?

Answer: Yes, interested agent would be local resident of the proposed/nearest area (preferred).

12. Is it necessary to be financially sound and solvent to become an Agent?

Answer: The interested agent must be financially sound and solvent.

13. Should agent propose premise to setup Agent Banking Outlet?

Answer: Yes, Interested agent would propose own/rented premise and it should be ground/1st floor.

14. Is there any dependency on record with any bank/financial institution to become an agent?

Answer: Proposed agent should not be loan defaulter/Bankrupt with any bank/financial institution and not penalized by any civil or criminal court.

15. Can anyone be Agent who is already an Agent of other Banks?

Answer: No, One person/Company cannot be multiple Bank’s agent at a time.

16. Who will bear Agent Banking Outlet premise rent and advance (if required)?

Answer: Agent will be solely responsible to pay premise monthly rent and necessary advance.

17. Is there any mortgage to get Agent Banking license?

Answer: No, there is no mortgage required.

18. Is there any establishment cost to become an Agent?

Answer: Yes, Agent need to invest BDT 100,000 – BDT 300,000 (depends on premise size) to establish Agent Banking Outlets. The cost will cover necessary Branding, Furniture and IT Equipment.

19. Is there any other investment after establishment cost?

Answer: Yes, Agent need to ensure Cash and Agent Transactional A/C Balance BDT 10-20 Lakh to ensure daily transactions.

20. Is there any other monthly recurring expenses to run Agent Banking business? and who will bear the expenses?

Answer: Yes, there are some other monthly expenses like stationeries, entertainment, conveyance etc. The expenses will be borne by the Agent but bank will provide all the necessary Account Opening Forms, Transaction slip, Cash register and Attendance register.

21. What is difference between Bank Branch customer and Agent Banking Outlet customer?

Answer: Basically there is no difference, all accounts are bank account.

22. Is there any restriction of Agent Banking customer in the Bank Branch?

Answer: No there is no restriction. Agent banking customers can do any transaction in any BRAC Bank Branches.

23. How Agent Banking customer can do withdrawal/transfer transaction from Agent Banking Outlet?

Answer: Agent banking customer can do withdrawal/transfer transaction using Biometric/thumb print.

24. Is there any banking hour for Agent Banking Outlet?

Answer: The regular banking hour is 10AM-6PM, however agent might offer services beyond this period since system has capacity to do transaction 24/7.

25. Is there any extra charge required to maintain account in Agent Banking Outlet?

Answer: No, there is no extra charge.

26. Agent Banking customer can get access in the Internet Banking?

Answer: Yes, while any customer open an Account, he/she can easily get Internet Banking.

27. How Agent Banking customer can check account balance?

Answer: Customer can check his/her A/C balance through Pull SMS/Internet Banking/Agent Banking Outlet.

28. Is there any Routing No. for Agent Banking?

Answer: Yes, Agent Banking Routing No. is 060270609 (Agent Banking), in case this number/branch name is not available you may use the Head Office Routing No.: 060272681

29. Agent Banking customer can apply for Debit Card and Cheque Book?

Answer: Yes, Agent banking customer can apply Debit Card and Cheque Book through Call Center/Agent Banking Outlet.