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Authors
Affiliations
1 School of Business and Director of the University of Liberal Arts Bangladesh (ULAB), Center for Enterprise and Society (CES), BD
Source
Optimization: Journal of Research in Management, Vol 10, No 2 (2018), Pagination: 6-17
Abstract
This paper focuses on a high-profile donor-funded project for financially including Ready-made Garments (RMG) workers in Bangladesh, by first providing financial literacy sessions and second, opening bank accounts for them, through an innovation in banking known as agent banking. The project donors are Swiss Agency for Development Corporation and the MetLife Foundation and is being implemented by Swisscontact South Asia Regional Office (SARO). The paper sheds light on challenges in developing appropriate banking products, facilitating financial literacy, opening bank accounts, and regularizing usage of bank accounts by low-income RMG workers. The paper also outlines recommendations for overcoming the said challenges.
References
- This model is borne out of discussions with the Project Lead; DMD of NRBC Bank; and the Agent Banking Team at Bank Asia
- A.Thakur,S.Sahoo. P. Barooah, I. Sivalingam, G. Njoroge. 2016. “Agency Banking: How Female Agents Make a Difference”.[Online Blog]. Microsave. http://blog.microsave.net/agency-banking-how-female-agents-make-adifference/ [17th December, 2017]
- S.Islam. 2017. “More than Tk1,000cr transacted on mobile phones daily”. [Newspaper]. Dhaka Tribune. http://www.dhakatribune.com/business/banks/2017/07/25/daily-mfs-transactions-cross-tk1000cr-mark/. [17th December, 2017]
- This is a near-term limitation, as confirmed through interviews with banks. It is difficult to predict when this will be addressed through policy intervention by the Bangladesh Bank.
