Lack of policy support and absence of required infrastructures in the country have been the two major impediments in getting benefits from the financial inclusion, said economists on Tuesday.
“Bangladesh notably lacks in infrastructure and government policy as we all support,” said Dr Ahsan H. Mansur, executive director of the Policy Research Institute (PRI) while addressing a training programme for journalists titled “Financial Inclusion in Bangladesh: Imperatives and Practices” at ERF auditorium in the city.
The programme was jointly organized by the PRI and the Economic Reporters’ Forum (ERF) with ERF president Sharmeen Rinvy in the chair.
PRI Director Dr Bazlul H Khondker, and Research Director Dr. Abdur Razzaque also spoke on the occasion while ERF general secretary S M Rashidul Islam moderated the function.
The economists also said that higher tax rate is another major barrier in telecommunication of the country as mobile financing services depend on the telecom network adding that Bangladesh lags far behind in financial inclusion system.
Dr Mansur said the economic circumference of Bangladesh is developing day by day so every citizen should be included under the financial system.
“There is digitally huge potential in all sectors in Bangladesh”, he added.
Though, there are some challenges too. However, these have to be resolved finding out all weaknesses, he observed.
The economist urged mobile financial organizations to ensure transparency and good governance in their services for the sake of mass people.
He also presented documents titled, “Financial Inclusion and its role in Bangladesh’s development.”
Pointing out that income disparity is increasing vastly in Bangladesh; PRI Research Director Dr. Abdur Razzaque suggested the government take proper initiative to reduce disparity in society. The disparity may decline if financial inclusion is gone.
“We should include all people of the country including the poor and women under digital financing services. We need a proper database to ensure accountability in the country,” the economist also said.
Dr Razzaque said Bangladesh has progressed enough from economic fragility in the last 50 years. “So, now we need to go forward to take proper strategy for the sake of future development,” he added.
He also presented a keynote titled, “Financial Inclusion through social protection and G2P payments” there.
Executive Director of Bangladesh Bank Debdulal Roy said it is the key issue for the country how the excluded people can be included in the financial services.
“We should adopt the 4IR (Fourth Industrial Revolution) mechanism. The government spends a lot of money on social safety net programmes. We can’t distribute it properly due to lack of database,” he also added.
Presenting another keynote paper at the event titled, “National Financial Inclusion Strategy: Key issues and implications,” PRI Director Dr Bazlul H Khondker said the financial inclusion is very important for eliminating poverty.
“Now, our youth community would like to work with technology mechanisms so the government should do financial strategy in this regard,” the economist also said.
Referring to the EIU global Microscope report 2020, he said Bangladesh ranked 44 out of 55 countries in overall financial inclusion. In the consumer protection index, Bangladesh ranked 48 out of 55 countries.
He underscored access to a full range of quality financial services including credit, saving, insurance and payments; and affordable financial services delivered with quality and convenience that ensure dignity and client protection.
The professor of economics department at Dhaka University mentioned several challenges including commitment, cooperation, coordination, co-existence and comprehensiveness in financial inclusion.
Source: United News of Bangladesh