Agrobank Reaffirms Commitment To Sarawak: Spaoh Branch Reopening Caps Years Of Innovative Rural Banking Initiatives
SARAWAK, 12 AUGUST 2024 – Agrobank today announced plans to reopen its branch in Spaoh, Sarawak, as part of its ongoing commitment to enhance banking services in rural areas. This initiative is a key component of Agrobank’s broader strategy to expand and improve its services throughout Sarawak, reaffirming its dedication to the state’s rural and agricultural communities.
The reopening of the Spaoh branch aims to address the banking needs of residents and businesses, enhancing financial accessibility in the area. The closure of our Spaoh branch was necessitated by the renovation of the old sub-district office building into BDDA (Betong Division Development Agency). In pursuant to that, Agrobank has been identifying a new location that is suitable for all the financing facilities we offer. We are happy to announce that we have identified a suitable location and will be working towards placing a new Spaoh branch there.
“Reopening our Spaoh branch underscores Agrobank’s commitment to serving rural communities in Sarawak,” said President/Chief Executive Officer of Agrobank, Dato’ Tengku Ahmad Badli Shah Raja Hussin. “We recognise the vital role that accessible banking services play in fostering economic growth and financial inclusion in these areas.”
In a significant development during the recent “Road to MAHA 2024 @ Sarawak” event held in Miri from 8th to 11th August 2024, the Ministry of Agriculture and Food Security entrusted Agrobank with managing RM6.23 million in funds through various programs. This substantial allocation, officially channeled to Agrobank during the event, will be distributed via key initiatives including the Malaysian Family Agrofood Financing Fund (DPAKM), Agrofood Financing Fund (DPA), and Agri-Food Value Chain Modernization Program (PMRNA). The delegation of this responsibility to Agrobank underscores the government’s confidence in the bank’s expertise and capability to effectively manage and distribute funds to support the agricultural sector in Sarawak. This initiative is expected to play a crucial role in boosting the state’s agri-food industry and supporting local entrepreneurs in their agricultural ventures.
Dato’ Tengku Ahmad Badli Shah added, “As of July 2024, Agrobank has approved financing funds worth RM95.4 million under the Sarawak Micro Credit Scheme, benefiting 2,758 participants. This scheme, along with our branch expansion plans, demonstrates our holistic approach to supporting Sarawak’s economic development.”
These recent efforts build upon Agrobank’s long-standing commitment to Sarawak. On 10th October 2023, Agrobank launched its cashless community initiative in Daro, aimed at facilitating cashless transactions among local communities and rural traders. This initiative not only streamlined daily business operations for traders but also improved financial record-keeping and account management.
Furthermore, on 6th May 2021, Agrobank became one of the first banks in Malaysia to provide mobile automated teller machine (ATM) services to nine districts in Sarawak, namely Padawan, Bau, Lundu, Sematan, Lingga, Pantu, Tebedu, Asajaya and Sebuyau. This mobile ATM service was part of Agrobank’s ongoing commitment to support unserved and underserved communities, aiming to achieve greater financial inclusion in line with initiatives undertaken by the state government of Sarawak and Bank Negara Malaysia.
In addition to these past initiatives and the Spaoh branch reopening, Agrobank’s recent expansion in Sarawak includes several new projects. The bank opened a new branch in Tanjung Manis in May 2023, further extending its reach in the state. Plans are also underway to establish a new touchpoint in Gedong, enhancing accessibility for customers in that area. Recognising the importance of digital banking, Agrobank is developing mobile banking services and digital solutions to complement its physical branches. During the recent visit, the bank also launched a Cashless Community initiative at Pasar Tamu Lawas, promoting digital financial literacy in rural areas.
These initiatives align with Bank Negara Malaysia’s vision for an inclusive financial system, ensuring underserved communities have access to quality, affordable financial services. Furthermore, these efforts are designed to support the Government of Sarawak in providing comprehensive financial services to its citizens, particularly in rural and agricultural areas. By working in tandem with state initiatives, Agrobank aims to contribute to the overall economic development and financial inclusion goals of Sarawak, fostering growth and prosperity across diverse communities throughout the state.
