Dhaka, Bangladesh (BBN)- Visiting Queen Maxima of the Netherlands has highly appreciated the progress that Bangladesh has already been achieved in the financial inclusion.
The Queen expressed her observations while addressing at a seminar on National Financial Inclusion Strategy held at the central bank headquarters in the capital Dhaka on Tuesday.
Bangladesh Bank (BB) Governor Dr. Atiur Raham chaired the seminar where H.M. Queen Maxima also UNSG’s Special Advocate for Inclusive Finance for Development graced the seminar as the chief guest. Dr. Towfiq -e- Elahi Chowdhury, Bir Bikram, Advisor to the Prime Minister of Bangladesh on Energy, Power and Mineral Resources, was the special guest.
The Queen emphasized the importance of a clear, time bound action plan for an effective financial inclusion strategy.
“The financial inclusion is not an end itself but it is an effective means to an end,” she said while addressing at the seminar.
The Queen also said the public and private organizations need to work together. “We need to think about the future and the future should be the customers.”
She also emphasized that the financial inclusion should be anchored to a customer centric philosophy. The Queen stressed on having 100 per cent financial inclusion in Bangladesh by 2021.
She was accompanied by H.E Ambassador Ms. Cuelenaere, representatives from the World Bank, CGAP and Bill Gates Foundation, according to a BB statement.
In her deliberations the queen emphasized putting more coordinated efforts towards enhancing usage while giving emphasis on agriculture, Micro, Small and Medium Enterprises (MSME) and women entrepreneurs.
“In Bangladesh, echoing our national aspirations, we have worked towards making our financial access universal. We also want it to be digital to further democratize the inclusion,” BB Governor Dr. Rahman said while addressing the seminar.
The BB Governor also said the country’s financial system has grown and matured over the years, which enabled financing of a wider economic base.
“In recent years, we have actively leveraged the financial system for innovating and deepening empowerment initiatives, for example, in agriculture, MSME, women entrepreneurship, green financing, improving the quality of our growth. These initiatives also boosted domestic demand, helping us navigate the external shocks, especially in the aftermath of the recent global financial crisis,” he explained.
The government has taken an active, participatory, and learning-by-doing approach toward financial inclusion, Dr. Rahman said, adding that This approach has been bottom-up, with a focus on maximizing impact, including the excluded and empowering the vulnerable.
“The experience and lessons gathered thus far make it an opportune moment for us to review, discuss, and forge a national financial inclusion strategy. The strategy can help us better leverage the synergies across initiatives, agencies, and programs through consultation, collaboration and innovation,” Dr. Rahman noted.
Both Governor Dr. Rahman and Queen Maxima concurred that the financial inclusion strategy needs to be formulated through consultation, collaboration and innovation.
The strategy can help us to leverage the synergies across initiatives, agencies, and programs, they added.
Before joining the National seminar the Queen had a short and exclusive bilateral meeting with the Governor. They discussed many strategic issues on digital financial inclusion.
The central bank of Bangladesh in association with the Prime Minister’s office and UNDP Bangladesh organized the national seminar.
Senior Economic Advisor of the BB Dr. Faisal Ahmed gave a brief presentation at the seminar regarding the strategy for Digital Financial Inclusion in Bangladesh.
Policy Advisor of A2i from Prime Minister Office (PMO) Anir Chowdhury depicted the citizens’ perspective through some case studies to look for ways in order to a hassle free digital payment system.
The Director General of NIDRW of Election Commission Brig. Gen. Sultanuzzaman Md. Salahuddin presented on eKYC and NID (National ID Card) at the seminar.
Among others, secretaries of different ministries, deputy governors, advisers and executive directors of BB and senior bankers attended at the seminar.
Earlier on Monday, Queen Maxima also took part in the national roundtable on Mobile Financial Services at the Hotel Pan Pacific Sonargaon which was also chaired by the BB Governor.
The Dutch Queen arrived in Bangladesh on Monday morning on a three-day visit. The visit, at the invitation of Bangladesh government, is part of Queen Máxima’s global efforts to raise awareness and foster action towards financial inclusion for everyone.
Access to financial services is an important tool to reduce poverty, boost economic development, empower women and achieve other development goals as acknowledged in the recently adopted 2030 sustainable development agenda.
Building on Bangladesh’s significant efforts, the visit is focusing on various priorities, including the strengthening of the microfinance sector and advancing mobile financial services for financially excluded populations and SMEs.
BBN/SSR/AD