Home Business 'Pay-letter' service has been launched for City Bank loans on Bikash App

'Pay-letter' service has been launched for City Bank loans on Bikash App

by endroar

Masrur Arefin, Managing Director and CEO of City Bank, said on the occasion, City Bank and Bikash jointly launched the first digital microcredit service in the country in 2021. Since the launch of the service, customers have taken digital micro-loans totaling Tk 742 crores about 8 lakh times. The average size of these loans is 9 thousand 272 taka. The default rate of digital loans is 0.77 percent, which is quite positive compared to other loans.

Mentioning the timely decision to launch pay-letter service, Masrur Arefin said that mainly small entrepreneurs and businessmen are the main customers of existing digital micro-loans. The newly launched Pay-Letter service will enable greater inclusion of general consumers and buyers in digital lending services.

Kamal Qadir, Chief Executive Officer of Development, said that taking into account the need of various types of urgent purchases, initiatives have been taken to launch the pay letter service. It will play an effective role in creating a digital transaction ecosystem and increasing productivity. For example, a farmer coming to buy fertilizer does not necessarily stop farming. As a result of this service, he will get raw materials in hand, thereby keeping his productivity intact. Pay-letter service will further encourage consumers and merchants to make digital payments.

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