UCB to provide small loans at a low interest rate

United Commercial Bank PLC (UCB) has recently signed an agreement with Bangladesh Bank under the ‘Digital Nano Loan’ refinance scheme.

Under the agreement, UCB will utilize Bangladesh Bank’s refinance facility to disburse Digital Nano Loan at a lower interest rate through a technology-driven process, creating new opportunities for people who remain outside the reach of conventional financial services, according to a media release. 

The signing ceremony was held at the head office of Bangladesh Bank, where Mr. Mohammad Mamdudur Rashid, Managing Director & CEO of UCB, and Mr. Md. Iqbal Mohasin, Director of the Financial Inclusion Department at Bangladesh Bank, signed the agreement on behalf of their respective organizations.

Deputy Governor of Bangladesh Bank, Dr. Md. Habibur Rahman, along with Mr. Rup Ratan Pine, Executive Director of Bangladesh Bank, and other senior officials from both organizations, attended the event.

Officials expressed optimism that this Digital Nano Loan initiative will accelerate financial inclusion across the country and play a pivotal role in improving the socio-economic conditions of low-income communities, the release adds.