24th Feb, Genekha, Thimphu:Yet again, the Bank of Bhutan is the pioneer in introducing new financial services with the launch of its Agency Banking service under the brand ‘BoB connect’. This new service offering of the Bank of Bhutan will be a giant leap in the financial sector of the country by taking banking services literally to the doorstep of all Bhutanese through a network of agents throughout the country making the dream of Financial Inclusion a reality.

In a simple ceremony at the community centre grounds in Genekha Village 55 kms from Thimphu, the Hob’le Governor of the RMA, Dasho Penjore as the Chief Guest, launched the service by awarding the BoB connect Authorised Agent certificate to Aum Leki Pem the first agent to be appointed under the new service. The ceremony was attended by the local leaders and villagers of Genekha who will now benefit from this new service from the Bank of Bhutan.

An authorized ‘Bob connect’ agent will provide basic banking services such as:

  • Cash-in (deposit)

  • Cash-out (withdrawals for account or by transfer)

  • Fund transfers

  • BoB & NPPF loan repayments

  • Pay NPPF house rent

  • B-Mobile/T-Cell recharges and top-ups

  • Electricity bill payments

  • Accept loan applications

BoB connect agents will provide services using the secure mBoB mobile banking platform that uses the latest data encryption technology (TLS Protocol). The client and the BoB connect agent will also receive an instant SMS confirmation of all financial transactions conducted through the service.

BoB invites interested individuals, shop-owners, businesses to register as a “BoB connect” agent to help provide basic banking to the community they live in while also earning commissions and charges.

The BoB connect agency banking service can be availed by anyone owning a simple mobile phone. Funds can also be transferred to someone without a bank account through the cash-out facility. While using this facility, a One-Time Password (OTP) is sent to the mobile of the recipient who can withdraw the cash from the nearest agent. The agent will pay the cash after authenticating the transaction by entering the OTP, amount and the recipient’s mobile number into the agency-banking app on his phone.

According to BoBL CEO, Pema N. Nadik, “This service further underlines our commitment to providing banking services to the entire Nation and move closer towards achieving the national goal of greater financial inclusion.”

Established in 1968 through a Royal Charter, the Bank of Bhutan is the oldest and largest bank in the Kingdom with a presence in all Dzongkhags through a network of 31 branches and 16 extension counters. The Bank has the largest network of 82 ATMs throughout the country. BoB is the only bank in the Kingdom with primary membership of Visa and MasterCard and is the only bank-issuing Visa branded Credit Cards for corporates and individuals. It is the only Bank to issue RMV compliant MasterCard[PN1] branded Pre-Paid cards denominated in INR and the first bank to launch Internet Banking and Mobile banking in the country.

[PN1]Maestro is another brand under MasterCard. Our cards are MasterCard Branded. The two brands are not interchangeable.