Bangladesh’s Prime Bank trials early payroll access with AGAM International
Most people around the world have known the struggle of earning their money by payday. This concern may soon become a thing of the past in Bangladesh, as UK-based fintech AGAM International pilots instant access to earned wages for thousands of Bangladesh bank employees, Prime Bank.
The AGAM International early pay access pilot will enable thousands of Prime Bank employees to immediately access their pay before payday. The pilot aims to improve employees’ financial stability and limit any need to borrow through informal lenders.
After a successful pilot, the two companies have plans to roll out the scheme with earned salary access to large companies in Bangladesh. Prime Bank intends to offer the service to all its salary account holders. The introduction will make it possible for all account holders to withdraw part of their salary at any time of the month – without having to wait for salary.
The development is not the first to come from AGAM International’s partnership with Prime Bank. December 2022 was also launched PrimeAgrim, a digital nanoloan scheme between Prime Bank and AGAM International. The launch enabled millions of underserved Bangladeshis to access credit.
PrimeAgrim also aims to transform the concept of financial literacy and financial inclusion in Bangladesh by embedding education through services and products.
“Empowering individuals to manage their income on their own terms”
Shabnam Wazed, Founder and CEO of AGAM International, said: “Earned Pay Access not only provides immediate access to funds, but provides the ability to pay for unexpected expenses, empowering individuals to manage their income on their own terms. I am excited to see the pilot unfold at Prime Bank and look forward to rolling out AGAM International’s technology to benefit employees in other businesses powered by Prime Bank.”
Founded in 2019, AGAM International, which means “progress” in Bangla, is backed by Development Bank of Wales. Fintech wants to improve the livelihood of banking customers by providing the infrastructure for leading banks in emerging markets to implement innovative solutions to ensure better service for their customers.
Masudul Haque, Head of Cards and ADC at Prime Bank, also commented on the pilot: “We partnered with AGAM International to maximize the power of AI and technology to ensure our services can access the best services equipped with the technological advances of the recent fintech – the revolution. Piloting the earned wage approach with our employees underlines our confidence in innovation driven by AGAM International and we are excited to see the results.”
