Welsh Fintech, AGAM International Revolutionizing Regulated Lending in Bangladesh
UK fintech AGAM International is pioneering an early pay access pilot with leading Bangladesh bank, Prime Bank. The pilot will provide immediate access to earned wages for thousands of Prime Bank employees.
It is the first bank operated earned salary access in Bangladesh. This development will allow thousands of Prime Bank employees to access their salaries before payday, improving their financial stability and limiting the need to borrow through informal lenders.
It is the latest development of next-generation fintech to emerge from AGAM International’s partnership with Prime Bank. This follows the commercial roll-out of a bank-backed microloan scheme for individuals last year, which paved the way for millions of Bangladeshis to potentially access credit.
The new Earned Wage Pilot is part of a series of products that make up AGAM International’s financial platform, designed for emerging markets and revolutionizing the way customers interact with financial institutions.
After the pilot project, AGAM International and Prime Bank intend to roll out the Earned Wage Access scheme to large Bangladeshi companies – who are invited to express their interest. Prime Bank intends to offer this transformation service to all its salary account holders so that they can withdraw part of their salary at any time of the month without having to wait for payday.
The pilot follows the December 2022 launch of PrimeAgrim, a digital nanoloan scheme between Prime Bank and AGAM International that is revolutionizing lending to underserved individuals. PrimeAgrim is also transforming the concept of financial literacy and financial inclusion in Bangladesh by embedding education through services and products.
Founded in 2019, AGAM International, which means ‘prosperity’ in Bangla and is supported by the Development Bank of Wales, is on a mission to improve both the lives and livelihoods of banking customers by providing the infrastructure for leading banks in emerging markets to deploy innovative solutions to ensure better service for their customers – including Gen Z, who demand a new way of banking. AGAM International has developed a series of fintech innovations that will reshape the banking landscape in emerging economies with its scalable model.
Speaking about the pilot, AGAM International’s Founder and CEO, Shabnam Wazed, 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 to roll out AGAM International’s technology for the benefit of employees in other businesses, powered by Prime Bank.”
Prime Bank’s head of cards and ADC – Business 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 revolution. Piloting the earned salary approach with our employees underlines our confidence in innovation driven by AGAM International and we are excited to see the results.”
