BRAC Bank has launched Bangladesh’s first instant digital financing, Shafollo e-loan, aimed at marginal small and medium enterprises (SMEs). The new service allows small traders and grassroots entrepreneurs to access up to Tk50,000 within minutes.
This initiative addresses the long-standing challenges faced by marginal SMEs, who traditionally struggled with lengthy paperwork and complex processes to obtain formal credit. With special permission from Bangladesh Bank, the Shafollo e-loan offers a simple, paperless process, requiring only a National ID to access funds.
BRAC Bank disburses the loan amounts directly to suppliers, helping businesses purchase stocks and raw materials promptly. Repayments are flexible, with entrepreneurs able to choose their preferred payment channel and spread the repayment over six months.
The bank has already rolled out over 5,000 loans nationwide, including in remote areas like Sherpur, Rangpur, Rajshahi and Satkhira, with plans for further expansion.
Syed Abdul Momen, additional managing director of BRAC Bank, emphasised that the innovation reflects the bank’s commitment to improving financial access for grassroots entrepreneurs and enhancing economic growth.
