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BB efforts speed up financial inclusion

Star Business Report
A greater number of people in the country now have an access to formal financial services as Bangladesh Bank (BB) has undertaken a number of initiatives to bring the unserved and under-served under the umbrella of financial systems, said the bank's chief.
At present, around 87 percent of adults in the country have an access to formal financial services, which was around 78 percent three years back, BB Governor Atiur Rahman said at a seminar.
“This has been possible due to some milestone programmes initiated by Bangladesh Bank in recent years,” said Rahman.
The Institute of Chartered Accountants of Bangladesh (ICAB) yesterday organised a conference on “Alternative Financial System for
Inclusive Growth and Sustainable Development” at its office in Dhaka.
The governor said these initiatives include sharecropper financing schemes; 'Ten Taka' accounts for farmers, students, and freedom fighters; online and mobile banking; directing banks to open bank branches in rural areas; green banking and banking automation.
Sharecroppers have long been excluded from the formal financial system because of a lack of collateral and the fact that they are treated as 'too small' by banks and 'too large' by the microfinance institutions, said Rahman.
As a result, they have long been left behind as the 'missing middle' and excluded from formal financial services, he added.
He said the BB launched a total of Tk 500 crore refinance lines for the
sharecroppers.
Till November 2011, the central bank provided BRAC, a leading nongovernment organisation, with a refinance facility of Tk 310 crore, which has provided loans to 270,802 sharecroppers in 160 upazilas of 37 districts, said the governor.
He said another initiative that fosters financial inclusion is opening bank accounts for farmers with an initial deposit of only Tk 10. More than 90 lakh accounts have already been opened under this scheme and are being used for government transfers, such as diesel subsidies.
The BB has also issued guidelines for mobile financial services to reach out to the excluded population, particularly in rural areas. Many banks have already started their operations in partnership with telecom companies, said Rahman.