Prime Bank launches ‘SME Debit Card’ with international remittance facility

Prime Bank PLC has unveiled Bangladesh's first-ever "SME Debit Card" equipped with an international remittance facility, enabling small and medium enterprises (SMEs) to execute seamless cross-border online payments for business purposes.

The card may also be used domestically for point-of-sale (PoS) transactions, automated teller machines (ATMs), and online payments ,according to a press release. 

Proprietorship entities are eligible to obtain this debit card, while SMEs registered as partnerships or limited companies may apply for SME prepaid cards.

The launch ceremony, held at Prime Tower, Nikunja, was attended by Nawshad Mustafa, director, SME & SPD, Bangladesh Bank; Md Nazrul Islam, additional director, SME & SPD, Bangladesh Bank; Md Ayub Ali, joint director of Bangladesh Bank; and Sohail Alim, director, MasterCard Bangladesh.

The event was presided over by M Nazeem A Choudhury, deputy managing director of Prime Bank PLC.

Addressing the occasion, Choudhury remarked, "Prime Bank has consistently been at the forefront of empowering SMEs through innovative financial solutions. The SME Debit Card with international remittance capability marks yet another milestone in enabling Bangladeshi entrepreneurs to compete confidently in the global digital marketplace."

The launch follows a recent circular from Bangladesh Bank permitting SMEs to make international business payments online.

Under this initiative, verified SME clients registered with the SME Foundation may now carry out business-related payments abroad. The SME Debit Card can be reloaded for bona fide business expenses of up to $600 per transaction, with a ceiling of $3,000 per calendar year.

Mamur Ahmed, head of distributions at Prime Bank; Mohammad Aminur Rahman, head of SME; and Joarder Tanvir Faisal, head of cards, along with other senior officials, were also present.