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Dhaka Tribune

No alternative to financial inclusion for all

Prioritizing financial inclusion is not just a social imperative but an economic necessity

Update : 24 Nov 2023, 10:46 AM

In the pursuit of economic progress, one cannot overstate the pivotal role that financial inclusion plays. Bangladesh stands at the threshold of unparalleled growth, and we intend to become a prosperous, developed nation in less than two decades. 

However, it is imperative that this growth is inclusive, leaving no citizen on the fringes looking in. One of the keys to achieving this inclusivity, and ensuring an equitable Bangladesh, lies in widespread access to financial services for all. Financial inclusion is not merely a buzzword; it is one of the cornerstones of a robust economic system. 

In Bangladesh, where micro-entrepreneurship thrives and the informal economy is the source of livelihood that surpasses any other sector, providing financial access to the underserved becomes paramount. When every citizen has the tools to participate in the formal financial sector, it unleashes a wave of economic empowerment that propels the entire nation forward.

Access to financial services is also a catalyst for poverty reduction, enabling individuals, especially those in rural areas, to secure loans for entrepreneurial ventures, breaking the shackles of poverty and catalyzing local economic development. Cottage, micro, small, and medium enterprises (CMSMEs), which constitute the backbone of Bangladesh's economy, flourish when they have access to credit and savings facilities.

As Bangladesh continues its journey towards becoming a developed nation, prioritizing financial inclusion is not just a social imperative but an economic necessity. The government, financial institutions, and civil society must work in tandem to bridge the gap and bring financial services to the doorsteps of every citizen. Only by doing so do we pave the way for an economically inclusive Bangladesh.

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