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Towards greater financial inclusion

  • Published at 12:03 am September 18th, 2019
Mobile Banking
Photo: BIGSTOCK

Technology is reaching people in a way brick-and-mortar banks never could

Comprehensive financial inclusion is a necessity for any healthy economy, while technology is what makes progress possible. 

To that end, the government recognizing the urgency of promoting digital financial inclusion must be commended -- this is a logical progression in Bangladesh’s ongoing journey to digitize its economy.

Financial inclusion is one of the most important issues for Bangladesh at this point in its development journey, and the rapid growth of mobile banking services is testament to the fact that technology is reaching people in a way brick-and-mortar banks never could.

The importance of inclusive economic growth is not lost on the government, and there is hope that pursuing these innovations for financial inclusion -- working on launching a digital financial services innovation lab with support from the United Nations Capital Development Fund (UNCDF) -- will assist in institutionalizing support for local emerging start-ups and financial technology initiatives.

Furthermore, due to the industry still being in its nascent stage, speculations suggest that there could be hundreds of thousands of jobs added over the next few years, along with assisting the country’s retail micro-merchants -- vital to the overall health of the Bangladesh economy -- with streamlining digital payments.

There is no doubt that, when it comes to Bangladesh’s impressive development over the past decade, its push for digitization in a number of areas -- through its Digital Bangladesh vision -- has been among the cornerstones.

Thus, there is hope that this drive for financial inclusion through technology will continue in all sectors of the economy, so that Bangladesh can continue to move forward in its economic journey.