Financial Inclusion in Bangladesh


Financial inclusion has been one of the most prominent development projects in Bangladesh. The project was undertaken to help marginal farmers, informal enterprises, and women.

The main objective is to spread financial activities across the disadvantaged of society. Here is a basic understanding of the concept.

What Is Financial Inclusion?

Having access to essential and beneficial financial offerings is a necessity for individuals and businesses. According to the World Bank, this is exactly what financial inclusion is.

Every individual and business must have access to transactions, payments, savings, insurance, loans, and credits from the banking system of a country. Financial inclusion in Bangladesh is extremely important as it can lead to income equality and quick economic growth.

Why Financial Inclusion Matters in Bangladesh?

Financial inclusion is an extremely important project for Bangladesh. It is meant to close the gap between those who are privileged with instant access to financial activities and those who are deprived of it. A majority of those groups of people will still require proper financial education. This project can be a way to do that.

Financial inclusion majorly increases the country’s growth capacity. With a better connection between the entrepreneurs and the financial institutions, financial inclusion can support and provide a building block to economic prosperity.

Furthermore, financial inclusion helps the banking system of Bangladesh to expand to the rural areas of the country. It is crucial that the rural areas of the country are modernized for the “Digital Bangladesh” project of the central government. Financial inclusion can greatly assist the cause.

Status of Financial Inclusion in Bangladesh

Financial institutions use social media, mobile data records, bill payments, machine learning, and big data to utilize information and market banking services with demand. This has been guiding Bangladesh towards the goal of “Digital Bangladesh.”

Tools like predictive analytics are being used by financial institutions to forecast the needs of consumers with low income, MSMEs, and new customers.

According to the Global Findex Report 2017, at least 50 percent of adults owned an account either at a local bank or a mobile banking system in Bangladesh. This was a big step towards financial inclusion, which was possible with the help of financial institutions.

Challenges of Financial Inclusion in Bangladesh

It is extremely crucial that non-governmental organizations, microfinance institutions, insurance companies, and telecommunications collaborate to overcome the obstacles related to financial inclusion in Bangladesh.

However, one of the major concerns for the future would be cybersecurity. There has been a significant increase in cyber theft and security breaches in the fintech industry.

In addition, illegal transactions like hundi are a big concern as the money transfer boundaries are being broken. Moreover, the lack of a proper payment system and gateway may raise challenges in the future of financial inclusion.


Financial inclusion in Bangladesh has been a huge step towards “Digital Bangladesh” and banking accessibility to all. Many challenges can be overcome with the introduction of several mobile banking systems. Successful implementation of further ideas and newer technologies can guide the project towards utmost success.