BAAC launches new mobile banking app ‘for convenience of farmers’

BAAC president Thanarat Ngamvalairat stated during the launch ceremony on Tuesday that the new application is an improvement over the company's mobile banking services.

Thanarat said new functions and features are being added to make online transactions faster and easier. Users can now buy lottery savings scheme and apply for loans while their personal information is completely secure.

"Local farmers in rural areas make up the majority of our clients. As a result, we anticipate that our A-Mobile Plus will enable them to access banking services anywhere and at any time, as well as encourage them to participate in a cashless society and digital life," Thanarat explained.

The move comes just a few weeks after the World Bank released a contentious report revealing that rural Thais, the majority of whom are farmers, continue to live in poverty. One of the primary reasons is a lack of banking and funding.

Meanwhile, he has vowed to take any measures necessary to assist farmers in repaying their debts following the recent severe floods.

He stated that the assistance is part of BAAC's efforts to reduce its non-performing loan (NPL) rate, which is currently 12.5%. The target for bank NPLs is 7%.

"We have already collaborated with the government to implement numerous relief and subsidy schemes for affected farmers. We intend to launch additional projects aimed at assisting farmers in debt management and income generation," Thanarat said.
 

He stated that Thai farmers are ready to repay the debt. They are unfortunately unable to do so. Therefore, the BAAC must increase their knowledge of efficient farming, fundamental accounting, effective money management, and product marketing.

Furthermore, he promised to peg the interest rate loan as long as possible if the Bank of Thailand decides to hike the interest rate to stabilise the country's financial sector.

The announcement comes as BAAC reports its first six-month performance for the current fiscal year, which runs from October 1 to September 30.

During this time, the BAAC has advanced loans totalling 368.745 billion baht, amassing a credit balance of 1.6 trillion baht. Meanwhile, current deposit account totals 1.7 trillion baht. After deducting expenses, the net profit is 1.388 billion baht.

Thanarat confirmed that the bank's performance remains on track to be a secure rural development bank offering integrated financial services to improve farmers' quality of life.