Over the last couple of years, Bangladesh’s rapid economic growth rate coupled with its growing population has contributed to the creation of more tech-savvy, innovative individuals with higher spending power. Predictions of increasing inequality within the nation have brought about concerns, for which efforts toward financial inclusion have been on the rise. Particularly, the COVID 19 pandemic brought with it a dire need for digitizing financial services in Bangladesh bringing forth innovative platforms such as bKash, Rocket, among others. As such, there has been growing interest in digitization in the microfinance sector.
Zahedul Amin, Director, Finance, Strategy and Consulting Services, at LightCastle Partners, was a keynote speaker at an webinar, organized by Standard Chartered Bank where he gave a presentation covering the overall MFI landscape of Bangladesh and gauged the sector’s scope and opportunities.
Check out the key insights and the prospects of digital transformation in the microfinance sector of Bangladesh below.