Iran’s Export Bank Launches Major Financial Inclusion Initiative for Retirees
In a significant move to expand financial services and support key sectors of the economy, Iran’s Export Bank has unveiled a new installment loan program specifically for retirees. The initiative, developed in collaboration with major retailers like Digikala, provides access to loans of up to 55 million tomans, repayable over a 12-month period.
A Strategic Economic Policy
This program is a direct component of broader policy directives from the Central Bank of Iran and the Ministry of Economic Affairs and Finance. Its core objectives are the expansion of micro-credits, the realization of financial inclusion, and facilitating access to financial resources for diverse social groups. The scheme is strategically designed to simultaneously support businesses and strengthen the nation’s e-commerce infrastructure.
Streamlined Access for Targeted Spending
The three-way partnership between Export Bank, Digital, and Digikala ensures that the loan is exclusively for installment purchases from approximately 33 contracted online and in-person stores. To guarantee the integrity of the funds, the system employs a sophisticated smart collateral and digital credit scoring mechanism. This directs the financial resources straight to the point of purchase, preventing any potential misuse of the funds.
Seamless Integration and Customer Convenience
Mohsen Seeni, the CEO of Export Bank, emphasized the program’s efficiency during the memorandum signing ceremony. He highlighted that a significant portion of the bank’s customers already receive their pensions through the bank, ensuring that the monthly installment repayments will be a seamless process for retirees. This initiative is hailed as an effective step in merging financial technology with established banking infrastructure, ultimately enhancing the customer experience.
Part of a Broader Suite of Financial Services
Alongside this new retiree-focused plan, Export Bank continues to offer other credit services, such as the “Sana 2” facility. This provides loans of up to 300 million tomans with a 60-month repayment period. As a pioneering institution in Iran’s financial sector since 1991, Export Bank, with its network of over 2,000 branches nationwide, remains at the forefront of developing innovative financial solutions for the nation’s citizens.