BRAC Bank secures Gates Foundation’s grant for digitalization, banking inclusion for CMSEs, women in Bangladesh
The Bill & Melinda Gates Foundation, has approved a grant for BRAC Bank to leverage the digitalization of banking products and services to cater significant number of cottage micro and small enterprises (CMSEs) and women into the banking system.
The USA-based world reputed private foundation has extended the grant to facilitate a set of milestones towards greater financial inclusion in Bangladesh.
As a progressive bank for digital financial inclusion, BRAC Bank has already pioneered in introducing top-notch digital banking app named 'Astha', and smart financing processing system named 'Shafollo'. BRAC Bank will mobilize its entire network and verticals to reach the untapped communities and digital interventions will be the main medium to attain fastest and farthest outcome.
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Keeping the legacy of the founder of BRAC Bank, Sir Fazle Hasan Abed, BRAC Bank will broaden and intensify its strategic objectives of ensuring access to finance, access to market and capacity development activities for CMSEs and marginal women with the assistance of this grant.
A major goal of this program is to provide digital lending solutions to CMSEs with unsecured, low-cost and less-documentation small-ticket financing through the digital lending application, Shafollo. Besides, marginal women will be empowered customized formal banking products and services through agent banking, various market linkage programs and capacity development programs.
Commenting on the grant, Selim R. F. Hussain, Managing Director & CEO, BRAC Bank, expressed: "At BRAC Bank, we always take inspiration from our founder, Sir Fazle Hasan Abed, in working for social empowerment and financial inclusion of women. This grant from a globally renowned institution will help us expand the inclusive initiatives and reach the grassroots level. This strategic project will empower micro-entrepreneurs and women to imprint their digital footprints and shape the digital financial inclusion landscape of the country. With this international collaboration, we aim to take our financial inclusion initiatives to newer heights."
Syed Abdul Momen, BRAC Bank's Deputy Managing Director & Head of SME Banking, stated: "The grant will provide us new impetus to broaden our digital financial inclusion initiatives. We will leverage on our extensive network, comprehensive Women Banking Segment TARA and digital banking capabilities to best utilize the fund and bring more grassroots women and CMSEs into banking and strengthen their digital presence."
