Dhaka, Bangladesh (BBN)– Modhumoti Bank Limited is set to sign an memorandum of understanding (MoU) with Access to Information (a2i), Prime Minister Office (PMO) on Wednesday to facilitate Union Digital Center (UDC)-based agent banking.

Under the deal, the Modhumoti Bank shall be able to provide banking services like account opening, cash deposit, cash withdrawal, money transfer, utility bill payment, payment of inward foreign remittance and balance inquiry through their agents.

Agent banking is an important tool for implementing and spreading countrywide financial inclusion which is an important priority for the government, the private commercial bank said.

“We want to be a pioneer in the field of agent banking and thereby ensure access of geographically dispersed and unbanked population to formal financial system,” a senior official of the bank explained.

The Bangladesh Bank earlier introduced agent banking for strengthening the ongoing financial inclusion programmes across the country through bringing un-banked people into banking channel.

“We’ve introduced the guidelines aiming to provide regulatory framework for the agent banking which will create an enabling environment for offering safe financial services to the new target group,” a BB senior official told BBN in Dhaka.

He also said people, who are living in remote and hill areas, will avail banking services including cash withdrawing and depositing through the agent banking.

The banks may provide their services to un-banked people through introducing such banking without establishing their branches, the central banker explained.