Prime Bank Limited and e-Commerce Association of Bangladesh (e-CAB) have joined hands to facilitate financing for e-commerce entrepreneurs.
The partnership titled “Prime Bank-e-CAB Alliance for e-Commerce-MSME Financing Solution” will enable easy access to finance to e-commerce companies as they strive for market expansion locally and globally. It will be a big boost for the country’s fledgling e-commerce sector as eligible e-CAB members can now avail collateral free loan up to BDT 50 lakh and other tailor-made financing solutions.
Under the arrangement, the e-commerce firms will get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee, Work Order etc. They can also avail a wide range of deposit products and free Internet Banking – ALTITUDE - for conducting broad range of e-transaction. They will need two-year business experience and introduction letter from e-CAB. The companies can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service for valued e-CAB members.
Honorable Minister for Post and Telecommunications Mustafa Jabbar formally launched the alliance through a virtual press meet as the Chief Guest on June 24, 2020. Prime Bank Managing Director & CEO Rahel Ahmed and e-CAB President Shomi Kaiser were present.
Commenting on the alliance, Managing Director and CEO, Prime Bank Rahel Ahmed, said: “Prime Bank is fully aligned with the government’s vision of making a Digital Bangladesh as the country sets sight to become a middle income country. E-Commerce sector holds immense potential for becoming a major contributor to Bangladesh economic growth. Many e-commerce startups are reshaping the secvice industry of the country and bringing much comfort and convenience to the consumers. Prime Bank is committed to be a part of the growth journey of this promising sector.”
Prime Bank’s Head of MSME Banking Syed M Omar Tayub and Head of Brand and Communications Nazmul Karim Chowdhury and General Secretary of e-CAB Mohammad Abdul Wahed Tomal were also present. In view of the COVID-19 outbreak, the bank conducted the event through virtual media as part of its efforts to reinforce social distancing.