Midland Bank launches digital nano loan for customers

Midland Bank PLC (MDB) has launched the “MDB Digital Nano Loan” for its customers at the bank’s head office in Dhaka recently.

Md Ahsan-uz Zaman, managing director and CEO of Midland Bank PLC, inaugurated the loan initiative as the chief guest, according to a press release.

The initiative aligns with Bangladesh Bank’s directive emphasising the promotion of end-to-end digital lending to enhance financial inclusion, improve the living standards of marginalised communities through small digital loans, and diversify banks’ credit portfolios by reducing reliance on corporate loan concentration.

The digital nano loan offers an app-based credit facility that enables eligible customers to apply, receive approval and obtain disbursement through digital channels. Loan amounts range from Tk 1,000 to Tk 50,000, with tenures of up to six months.

Customers maintaining a minimum monthly balance of Tk 15,000 in their Midland Bank account are eligible to apply.

Applications are processed within the shortest possible time, and approved funds are disbursed directly to customers’ accounts maintained with Midland Bank PLC, in compliance with the guidelines of both Midland Bank and Bangladesh Bank.

To avail themselves of the facility, customers must download and register on the “Midland Online” app, upload the required documents and complete the digital application process using a smartphone.

Through this initiative, Midland Bank PLC reinforces its commitment to expanding access to formal financing through secure, efficient and technology-driven solutions at competitive rates, thereby strengthening its digital ecosystem and supporting the broader financial inclusion agenda of Bangladesh.

Md Zahid Hossain, deputy managing director and chief risk officer; Md Nazmul Huda Sarkar, deputy managing director and chief technology officer; and Omar Sharif, head of digital financial services, among others, were also present.