Tuesday, June 25, 2024


Dhaka Tribune

Help business by helping the poor

Update : 12 Nov 2013, 06:12 PM

A recent World Bank report emphasised the need for products that would benefit and empower the poor, women, and other vulnerable groups. It is laudable that technological innovations such as mobile banking is spreading the availability of financial services to remote parts of our country, thereby making it easier to conduct business.

Increased participation in business by those who had been previously left out is good for our economy as a whole. Steps towards greater financial inclusion are facilitated significantly through the introduction of no-frills savings and automatic payment accounts.

As of now, 2.5 billion adults worldwide do not have access to banking. It is in the interest of the financial sector and the rest of the business community to integrate the unbanked masses into the system so that investment may flow freely to where it is most needed, and that businesses set-up by the poor may thrive.

A lot of geographical and physical constraints that had held back the poor can be overcome through recent developments in technology, such as e-money and mobile e-wallets. Mobile money transferring schemes already in place in Bangladesh are breaking down financial barriers and pushing our economy in the right direction.

Technology can also play a role by informing the poor about how to use these financial services properly. With knowledge and information being disseminated through mobile phones, Bangladesh has a better chance of moving ahead. 

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