Nazeem A. Choudhury
Deputy Managing Director, Prime Bank

The Daily Star (TDS): Why is school banking pivotal for individual development and national advancement?

Nazeem A. Choudhury (NAC): Education is the foundation of a nation's progress. In Bangladesh, with over 20 million post-primary students, student banking plays a vital role in fostering financial literacy. It equips young minds with essential skills such as money management, savings, and financial planning. Financially empowered students contribute to economic inclusion and help build a savings culture, which, in turn, drives national economic growth in the long run.

TDS: What has been the recent response to school banking initiatives in the country?

NAC: Apart from various initiatives taken by other institutions, Prime Bank has always focused on providing students, teachers, and parents with financial support while ensuring a banking system that offers the best solutions. This year, we introduced a market-pioneering initiative called PrimeAcademia, which bundles multiple solutions for students, teachers, guardians, and educational institutions. Prime Bank's initiatives have received positive responses, particularly in urban and semi-urban areas, where institutions require seamless banking support and the instilling of early savings habits, which need to be nurtured from a very young age. On the other hand, we are undertaking activities like school-based financial literacy campaigns, where we teach students about budgeting and responsible financial management. Although challenges persist in rural areas due to infrastructure gaps, we are leveraging digital banking to align with Bangladesh Bank's financial inclusion goals, ensuring broader access and empowerment.

TDS: How does your bank facilitate school banking?

NAC: Prime Bank has developed PrimeAcademia, a unique 360-degree banking solution tailored for educational institutions, students, teachers, and guardians.

•  For Institutions: PrimeAcademia simplifies fee collection through offline and online platforms like Prime Collect and offers cash management solutions via PrimePay. Institutions can also access payroll services, loans for expansion, and preferential rates for financial products.

•  For Students: We provide free student accounts such as Prime Youth (18+) and Prime First (under 18), with no minimum balance requirements, as well as support for studying abroad through our Student File service.

•  For Guardians: Educational loans are available to help cover children's academic expenses.

•  For Teachers: Special accounts with preferential rates, waived loan processing fees, locker services, internet banking, and insurance coverage for death or disability.

•             Broader Impact:  Initiatives like PrimeAcademia equip students with financial knowledge and tools, fostering a culture of savings and responsible money management. This, in turn, strengthens economic inclusion and contributes to national growth and stability.