As we proceed with our ambitions as a nation, one of the areas that should take precedence is the equal and fair allocation of resources and opportunities for all — with financial inclusion as a top priority.
For decades, Bangladesh has worked towards reducing the significant disconnect in the numbers of people from different demographics who can access the same levels of formal finance.
Although the introduction of the micro-credit system bridged the gap to a great extent, there remains visible disparity in this regard.
A recent study presented by Brac Institute of Governance and Development (BIGD) and the World Bank found that 60 million people in Bangladesh are currently unbanked, with 60% of these individuals unable to use bank accounts without assistance.
The Findex 2021 Bangladesh findings also stated a lack of necessary documentation, lack of confidence, cultural barriers, and financial service expenses as some of the primary reasons for the financial disparity in place.
It is important to note that the gender gap in the number of people who have access to, and effectively use, formal financial services continues to be a glaring issue, and asserts that a large portion of the female population is deprived of the financial security that these services offer.
These are certainly areas of concern that have been identified in the past, and continue to act as obstacles for our country to ensure financial inclusion.
While identifying the causes behind the imbalance that exists is certainly an integral step, we cannot stop there. Each area of concern must be addressed thoroughly so as to facilitate easier usage, and encourage more women and disadvantaged people to rely on these services.
A culture of financial independence must be established in order to create sustainable financial inclusion, which must be treated as a priority by relevant authorities.
It must be reiterated: For a nation to achieve equitable development, it must be ensured that no segment of the population is left behind on the road to progress — and financial inclusion is a good place to start.
Source : From the Web