Most across the world have known of the struggle of making their money last until payday. This worry may soon become a thing of the past in Bangladesh, as UK-based fintech AGAM International pilots instant access to earned wages for thousands of employees of Bangladesh bank, Prime Bank.
The AGAM International early salary access pilot will enable thousands of Prime Bank employees to instantly access their wages prior to payday. The pilot aims to improve employees’ financial stability and limit any need to borrow loans through informal lenders.
Following a successful pilot, the two companies have plans to roll out the earned wage access scheme to major corporates in Bangladesh. Prime Bank intends to provide the service to all of its payroll account holders. The introduction would enable all account holders to withdraw part of their salary at any time in the month – without the need to wait for payday.
The development is not the first to come from AGAM International’s partnership with Prime Bank. December 2022 also saw the launch of PrimeAgrim, a digital nano-loan scheme between Prime Bank and AGAM International. The launch enabled millions of underserved Bangladeshis to access credit.
PrimeAgrim is also aiming to transform the concept of financial literacy and financial inclusion in Bangladesh by embedding education through services and products.
‘Empowering individuals to manage their income on their own terms’
Shabnam Wazed, founder and CEO of AGAM International, said: “Earned wage access not only allows instant access to funds but allows the ability to pay for unexpected expenses, empowering individuals to manage their income on their own terms. I am excited to see the pilot unfold at Prime Bank and look forward to rolling out AGAM International’s technology to benefit employees of other businesses, powered by Prime Bank.”
Founded in 2019, AGAM International, meaning ‘advance’ in Bangla, is backed by the Development Bank of Wales. The fintech is looking to enhance the livelihoods of banking customers by providing the infrastructure for leading banks in growth markets to deploy innovative solutions to ensure better service for their customers.
Masudul Haque, head of cards and ADC at Prime Bank, also commented on the pilot: “We partnered with AGAM International to maximise the power of AI and technology to ensure our services can access the best services equipped with the technological advances of the recent fintech revolution. Piloting the Earned Wage Access with our employees underscores our confidence in innovation powered by AGAM International and we are excited to see the results.”
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