Agrobank announces plan to reopen Spaoh branch, commitment to rural banking improvements

KUALA LUMPUR (Aug 14): Agrobank has announced the plan to reopen its branch in Spaoh, Sarawak as part of its rural banking improvement efforts.

In stating this, Agrobank president and chief executive officer Datuk Tengku Ahmad Badli Shah Raja Hussin said by restoring the Spaoh operations, it would address and meet the banking needs of residents and businesses in the area.

“Reopening our Spaoh branch underscores Agrobank’s commitment to serving the rural communities in Sarawak.

“We recognise the vital role that accessible banking services play in fostering economic growth and financial inclusion in these areas,” he said in a statement yesterday.

Adding on, Tengku Ahmad Badli Shah said during the just-concluded ‘Road to MAHA 2024 @ Sarawak’ event in Miri, the Ministry of Agriculture and Food Security had tasked Agrobank with managing RM6.23 million in relation to several projects.

This large contribution would be channelled into key projects like the Malaysian Family Agrofood Financing Fund (DPAKM), Agrofood Financing Fund (DPA), and Agri-Food Value Chain Modernization Program (PMRNA).

“The government’s trust in Agrobank’s capacity of managing and distributeing funds for Sarawak’s agricultural sector is shown by this assignment,” Tengku Ahmad Badli Shah.

“It is expected to strengthen Sarawak’s agri-food business and help local entrepreneurs establish farms.”

He added: “As of July 2024, Agrobank has approved financings worth RM95.4 million under the Sarawak Micro Credit Scheme, benefitting 2,758 participants.

“This scheme, along with our branch expansion plans, demonstrates our holistic approach to supporting Sarawak’s economic development.”

Tengku Ahmad Badli Shah also said the recent efforts expanded on Agrobank’s long-standing commitment to Sarawak.

“Agrobank launched its cashless community initiative in Daro on Oct 10, 2023, to help local residents and rural traders in performing cashless transactions.

“This project streamlined traders’ everyday activities and enhanced the financial record-keeping, as well as account management.”

Tengku Ahmad Badli Shah also said apart from the prior projects and the Spaoh branch reopening, Agrobank’s Sarawak development also had a number of new projects.

“Following the setting-up of Tanjung Manis branch in May 2023, a new touch-point in Gedong is also being planned to improve consumer’s access.

“As digital banking becomes more important, Agrobank is creating mobile banking and digital alternatives to complement its physical locations.

“At Pasar Tamu Lawas, the bank has kicked off a ‘Cashless Community’ campaign to promote digital financial literacy in the rural regions.

“These projects support Bank Negara Malaysia’s inclusive financial system, providing quality, affordable financial services to the underprivileged communities.

These efforts also enable the Sarawak government deliver comprehensive financial services to the people, particularly in the rural and agriculture-based areas,” he said.