Midland Bank Launches ‘Digital Nano Loan’ Service
Midland Bank (MDB), a listed scheduled bank, has officially launched a digital app-based loan service called ‘MDB Digital Nano Loan’ for all existing customers. The bank authority has stated that this new service has been introduced to further accelerate the country's financial inclusion activities.
In a press release issued by Midland Bank on Tuesday, 24th February, it was stated that customers need to download and register on the ‘midland online’ app via their smartphones and upload the necessary documents to apply for this microloan.
It further stated that MDB Digital Nano Loan is a completely app-based digital loan service through which eligible customers can apply, get approval and receive loans online. Under this service, loans ranging from £10 to £500 will be provided, with a maximum term of 6 months. Customers with a minimum average monthly balance of £150 in their Midland Bank account are eligible to apply for this loan.
Applications will be processed as quickly as possible in accordance with the prescribed policies, and the approved loan amount will be directly deposited into the customer's Midland Bank account.
Meanwhile, Midland Bank's Managing Director and CEO, Ahsan-uz Zaman, recently inaugurated the new service at a simple ceremony at the bank's head office. DMD & CRO Zahid Hossain, DMD & CTO Nazmul Huda Sarkar, Head of Digital Financial Services of the bank, Omar Sharif, and members of the Senior Management Team were present at the event.
DBTECH/SMEH/MUM
