Also gets ‘Best Financier for Women Entrepreneurs’ Award
Staff Reporter, Dhaka : BRAC Bank has won ‘Product Innovation of the Year Award’ in the most prestigious platinum category for its Tally Loan ‘Druti’ at the 2023 Global SME Finance Forum Awards.
The SME Finance Forum of the World Bank Group recognised the fastest-growing bank in Bangladesh for introducing an innovative banking proposition called Tally Loan – ‘Druti’, which drives greater financial inclusion in Bangladesh.
Syed Abdul Momen, Deputy Managing Director and Head of SME Banking, BRAC Bank, received the award from Matthew Gamser, CEO, SME Finance Forum, at a ceremony in Mumbai, India, on September 13, 2023. Nazrul Islam, Head of Small Business (South), BRAC Bank, was also present.
At the ceremony, BRAC Bank also won the Silver Award for ‘Best Financier for Women Entrepreneurs’ and honourable mention as ‘SME Financier of the Year Asia’.
Tally Loan – ‘Druti’ is based on the traditional bookkeeping books of small traders called Tally Khata, which has been used in Bangladesh for years. Small business owners can now use their Tally Khata as proof of transactions and creditworthiness to apply for a bank loan. They can avail up to BDT 15 lakh without requiring any collateral.
On winning this international award, Syed Abdul Momen, Deputy Managing Director and Head of SME Banking, BRAC Bank, said: “BRAC Bank has always been at the forefront of innovation in the banking industry. Our unique Druti Loan is bringing the unbanked micro and small entrepreneurs under a formal banking system, driving large-scale financial inclusion and catalyzing national progress.”
“We are honoured to have received this prestigious award from SME Finance Forum managed by International Finance Corporation (IFC). This achievement bears testament to our commitment to product innovation, supporting women entrepreneurs and financing the grassroots SMEs.”
Organized by IFC, a member of the World Bank Group, and the SME Finance Forum and endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI), the Global SME Finance Awards celebrate the outstanding achievements of financial institutions and fintech companies in delivering exceptional products and services to their SME clients.
The Global SME Finance Awards recognize institutions that have successfully launched an innovative product or service for SME clients who have achieved impressive results in expanding finance to SMEs, that have shown specific prowess in serving women-owned SMEs and are innovators in responsible financial services.