Bangladesh Bank’s initiative to join hands with non-government organisations to allow street children and child workers open bank accounts with Tk10 minimum initial deposit has fallen by the wayside.
Stakeholders have blamed the failure mainly on fund crunch of the NGOs.
In three years since the special scheme’s introduction, only 4,365 accounts were opened until June 30 this year with a total deposit of Tk26.48 lakh.
A central bank official blamed “reluctance of banks and fund shortage of NGOs who had approached Bangladesh Bank for the project.”
Wahida Banu, executive director of Aparajeyo Bangladesh, explained that most NGOs involved were development project-based organisations.
“After the end of projects, it is difficult for them to continue supporting the programme,” she said. “Fund crunch has forced several NGOs to withdraw support.”
Accounts under the special programme were opened at 17 scheduled banks in association with 14 local NGOs.
The banks are Sonali Bank, Janata Bank, Rupali Bank, Agrani Bank, Bangladesh Krishi Bank, Bangladesh Development Bank, Bank Asia, Mercantile Bank, Mutual Trust Bank, National Bank, NCC Bank, One Bank, Pubali Bank, The City Bank, Trust Bank, Al-Arafah Islami Bank, and Uttara Bank.
The NGOs are Uddipan, EBCR Project, MSSUS, SUF, Brac, Aparajeyo Bangladesh, AID Bangladesh, ASD, CPD, Shakti Bidyalaya, Prodipan, Sazida Foundation, Nari Maitree and Poriborton.
Mohammad Mamunur Rashid, manager of Civil Society and Child Rights programme at Save the Children Bangladesh, attributed the limited success to unplanned preparatory works and lack of coordination among stakeholders.
He said although NGOs appeared willing to support the scheme, their lack of technical capacity and understanding, fund limitation and mainstreaming banking in their regular programmes remained key challenges.
Rashid observed that the scheme aimed at educating children on basic numeracy, literacy, formal financial process and build confidence for future entrepreneurs. “But these are absent in the current process.”
The central bank announced the scheme in a circular on March 10, 2014 and directed NGOs to operate the accounts until the account holders turned 18.
Local NGOs, led by Save the Children, formed Banking for Working Children Advocacy Group alliance. To open an account, one had to be enlisted under an NGO programme within the alliance.
Wahida pointed out that birth registration, compulsory to open accounts, had made matters worse.
“Mentioning birthplace is mandatory in the new registration process but many street children do not know where they were born,” she noted.
Former Bangladesh Bank governor Atiur Rahman, who introduced the programme, said it was a “long term profit investment for the banking sector”.
“Though the banks are not directly profited, the society and the country are benefitted,” he told the Dhaka Tribune, adding that it was “completely a matter of social responsibility”.
Atiur advised the central bank to look for new NGOs partners.
Central bank Executive Director Subhankar Sha said they were monitoring the programme and that they had been informed about the NGOs fund shortage.
Bangladesh Bank in an August 8 circular asked commercial banks to bear the operating cost and adjust it as community investment under CSR, he said.
A central bank official said the order could not be executed as the coordination process of its implementation had not been discussed among the stakeholders.
“We will soon organise a meeting with NGOs and banks,” the official added.
Coordinated efforts of banks and NGOs, as well as the central bank’s guidance, monitoring and follow up were necessary for the scheme’s success, Rashid said.
“The focus should remain on improving the lives of the children. It will inspire other children to be part of the process,” he added.
Thursday, June 04, 2026
