PriyoShop and NRB Bank partner to bring digital finance to small retailers
Nearly 250,000 retail traders in Bangladesh handle large volumes of commercial transactions every day, yet many of them remain outside the formal financial system. To change this reality, NRB Bank PLC and PriyoShop, the country's leading B2B retail platform, have started working together.
Among shopkeepers' biggest challenges are a lack of adequate working capital and limited acceptable records of financial transactions. PriyoShop is working on both fronts.
On the platform, every order, delivery and payment is recorded digitally, creating a reliable and verifiable financial record for traders.
Over time, this transaction history will serve as an important basis for assessing their creditworthiness, the partners said.
Under this partnership, eligible shopkeepers and distributors will be able to use various embedded finance facilities from NRB Bank. These include collateral-free embedded credit linked to the PriyoShop platform and reusable working capital loans.
The aim of these facilities is to keep businesses' daily cash transactions simple and hassle-free. All loans and financial facilities will operate under NRB Bank's risk management and credit policy.
The two institutions are also planning several new initiatives in the future. These include a co-branded SME business credit card with a recurring credit line and easy repayment facilities.
In addition, supply chain and invoice financing services are being planned for distributors, regional hub operators and suppliers.
Reloadable payroll and prepaid card facilities will be available for field logistics staff, warehouse teams and delivery workers.
To spread digital payments further, Bangla QR will create transparent and reliable records of traders' digital transactions, widening their access to financial services in future. The two institutions will also work to make account opening, cash management and various banking services more easily available to PriyoShop merchants.
PriyoShop Managing Director and Chief Executive Officer Ashiqul Alam Khan said, 'There is no shortage of small traders in Bangladesh. But most of them have yet to build a relationship with the formal financial system through their daily business. Every product purchase, every digital payment and every timely repayment builds a trader's financial identity. Through this partnership with NRB Bank, we are bringing commerce, Bangla QR, banking and responsible lending onto one platform, so that a shopkeeper's everyday business activity gradually opens the door to better financial opportunities.'
