Financial Inclusion in Bangladesh
"Financial inclusion is a key enabler to reducing poverty and boosting prosperity." ______ World Bank
Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services which include banking, loan, insurance and payment system delivered in a responsible and sustainable way. In Bangladesh, the efforts to promote financial inclusion are closely aligned with its broader goals of poverty reduction, economic empowerment and sustainable development. It has been identified as an enabler for 7 of 17 SDGs.
In recent periods, the financial inclusion landscape has been undergoing impressive improvements. The country's network of financial inclusion network has expanded rapidly propelled by the growth of formal and informal institutions. The table below shows key financial services data:
| Services | Data (In million) |
|---|---|
| MFS A/C | 232.42 |
| Farmers 10 Tk A/C | 9.79 |
| Hardcore Poor A/C | 2.55 |
| Social Safety Net A/C | 10.34 |
| School Banking A/C | 4.29 |
| Source: Bangladesh Bank- June,2024 | |
Bangladesh Bank and the government have launched several initiatives to reach remote areas and marginalized groups. They include:
- National Financial Inclusion Strategy (NFIS)
- Agent Banking
- Micro-finance
- Mobile Financial Services (MFS)
- Financial Literacy Programs
- Insurance Services
- Farmer's Banking
While progress has been made in achieving inclusive financial growth, some challenges persist. The focus should be on expanding digital infra-structure and fostering trust in digital financial services to ensure broader and more equitable inclusion.