BB raises digital refinance scheme's fund to Tk500 crore

The ‘Digital Nano Loan’ fund has risen to Tk500 crore from Tk100 crore thanks to the Bangladesh Bank (BB).

According to a BB circular published on Sunday, the central bank has increased the fund to boost financial inclusion of the underserved population and fulfill the nation's rising demand for digital nanoloans.

The fund also aims to accelerate the development of a ‘Smart Bangladesh’ and promote and habituate the marginalized population to engage in digital transactions, said the statement.

On July 2 of last year, the Tk100 crore refinance program was unveiled.

Individual clients may receive loans from Tk500 to Tk50,000 from participating banks under the refinance plan at an interest rate of up to percent.

According to the central bank, the loans must be totally digitally disbursed using online banking, smartphone apps, mobile financial services, or e-wallet services.

/MHK/