The City Bank has launched the country's first collateral-free "Digital Nano Loan" service, allowing bKash users to receive instant loans ranging from Tk500 to Tk20,000 through their mobile bKash app. A customer can repay a loan in three equal monthly instalments (EMIs) from their bKash accounts. The interest rate will be 9% per annum," said Mashrur Arefin, managing director and chief executive officer of The City Bank, at the launching ceremony of the service. The service involves daily calculation and processing, which means a borrower will bear interest only for the days the loan was outstanding. As a launch offer, we will not charge any loan processing fee till further announcement Mobile Financial Service (MFS) companies are taking deposits and making money transfers digitally for the mass population. It was never about giving loans to the masses. Hence, there has always been this ethically wrong approach towards financial inclusion, which finally sees itself resolved with this launch of Digital Nano Loan.
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