The Bill & Melinda Gates Foundation has approved a grant for BRAC Bank to leverage the digitalisation of banking products and services to bring a significant number of cottage micro and small enterprises (CMSEs) and women into the banking system.
The USA-based private foundation has extended the grant to facilitate a set of milestones towards greater financial inclusion in Bangladesh, says a statement.
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 mobilise its entire network and verticals to reach the untapped communities and digital interventions will be the main medium to attain fastest and farthest outcome.
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 programme 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 with customized formal banking products and services through agent banking, various market linkage programmes and capacity development programmes.
Commenting on the grant, Selim R. F. Hussain, Managing Director & CEO, BRAC Bank, said: “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.”
