Meet the press Launching of Prime Cash

Prime Bank Limited Sunday May 20, 2012 launched its’ new product ‘Prime Cash’ with the slogan ‘My Bank in My Hands’ aiming to provide banking services to the unbanked rural and urban people with the simple finger touch. A press conference was organized in this connection at a city hotel in the capital.

Managing Director of the bank Mr. Ehsan Khasru, additional managing director Mr. M Reazul Karim, deputy managing directors Mr. Tabarak Hossain Bhuiyan and Mr. Quazi ASM Anisul Kabir and chief executive officer of Dipon Consultancy Services (DCS), the technical partner of the bank in this project, Mr. Rashed Mahmud were present on the occasion. Head of ADC, VP Mr. Salahuddin Ahmed presented the applications of Prime Cash while head of IT, EVP Mr. Iqbal Hossain presented the technological security and other technical aspects of the service.

Users of biometric smart cards, the first of its’ kind in the country, will be able to deposit and withdraw money, account opening, inquire balance and cash transfer through the card.

In his speech Mr. Ehsan Khasru said, “We will be able to deliver our banking service upto union level. But primarily we have selected 1000 areas, specially industrial areas where garments or other big industries workers live or those areas from where many people have migrated.” Besides, district upazilas and those unions where development projects are undergoing will be focused, he added.

Mr. Khasru termed the biometric smart card as secured for the customers in both rural and urban areas compared to other banking options as it will be operated by finger prints and voice sounds.

While drawn his attention on how Prime Bank is going to deliver inclusive banking the Prime bank boss said his bank opened 12 branches in 2011 half of which was opened in rural areas as per the Bangladesh Bank rule. This year too they are going to open another 12 branch at same ratio.

“We are trying to be strategically linked with different organizations who are already working in rural areas like NGOs, MFIs etc rather than physically being present at remote areas,” told Mr. Khasru. Besides, there lots of people who are not taking banking services due to stringent rules and procedure and excess service charges.

Mr. Rashed Mahmud said they have 421 cash points in seven districts. The card is already in operation for the last 15 days which was formally launched Sunday. “There are not cash points in all the upazilas. But our target is to make the cash point number 2000 by the end of 2012. There are 30 cash points in Dhaka,” said Mr. Rashed Mahmud. He said by this year the customer base will be one million which will reach 10 million by 2013 as per the company’s vision. Mentioning about the challenges he said, “it depends how people respond to the new technology and how we can convince the people about the benefits of using this card.”