Sunday March 25, 2018 05:38 AM

IFC: Bangladeshi women face 5 barriers in MFS market

IFC: Bangladeshi women face 5 barriers in MFS market

An IFC report titled ‘Opportunities in the female MFS market in Bangladesh’ revealed the information

The International Finance Corporation (IFC), a member of the World Bank Group, has identified five barriers to the expansion of mobile financial service (MFS) by women in Bangladesh.

The barriers are: lack of nationwide data on female MFS market, absence of business case to digital wage payments, absence of targeted MFS products, low financial literacy and limited female MFS agents.

An IFC report titled ‘Opportunities in the female MFS market in Bangladesh’, launched at programme in Dhaka yesterday, revealed the information.

According to the report, the number of the female MFS users is almost half their male counterparts.

Only 27% of women in the country currently have access to MFS service, compared to 53% men.

The report projected that 33% of all adult women in Bangladesh would be registered as MFS users by 2020.

The report recommended ensuring accessibility, building adequate value propositions, enhancing financial capability of current and potential customers and developing value proposition for payments to female beneficiaries to help the female MFS market in Bangladesh flourish.

IFC Country Manager for Bangladesh, Bhutan and Nepal, Wendy Werner, chaired the programme addressed, among others, by the State Minister for Ministry of Finance and Planning MA Mannan, Bangladesh Bank Deputy Governor SK Sur Chowdhury and Norwegian Ambassador to Dhaka Sidsel Bleken.

On March 22, 2016, BB and IFC have signed a cooperation agreement to promote financial inclusion of Bangladeshi women through increased adoption of MFS.

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