Financial Inclusion Network – Bangladesh (FIN-B)
Bangladesh’s goal is to become a developed country by 2041. For achieving this comprehensive vision, the government wants to increase the access for all individuals and enterprises to quality financial products and services so that the inclusiveness of the financial sector matches the depth and diversification of the country’s development goals and social imperatives.
As a policy, financial inclusion has significant potential of improving the well-being of all population, especially those in unserved and under-served financial markets; micro, small and medium enterprises (MSMEs); small and marginal farm households; participants in informal sector activities; youth and women belonging to poor households; indigenous peoples; persons with disabilities; and other disadvantaged groups. Being both pro-growth and pro-poor, financial inclusion is an important policy agenda for Bangladesh to reduce poverty and inequality and promote shared prosperity and social cohesion.
In view of the utmost importance of financial inclusion, it is crucial to gather all stakeholders involved in the financial inclusion process to raise awareness on financial inclusion challenges, build trust among relevant stakeholders, adopt comprehensive and integrated approaches to promote financial inclusion, and contribute towards developing a clear road map on how to implement and coordinate the financial inclusion initiatives.
The vision of FIN-B is to create a financial system that ensures ‘financial inclusion for all’and bring together all stakeholders including public and private sector institutions, NGO-MFIs, professional bodies, think tanks and civil society organisations having interest in the pursuit of the financial inclusion agenda.
FIN-B aims to develop, share and disseminate knowledge and expertise in financial inclusion through stimulating exchanges and developing collaboration amongst the Network members. Further, FIN-B will contribute towards promoting the Network members as centres of excellence in their preferred areas of inclusive finance.
The Network will promote both institutional and financial collaboration amongst its members and organisations working in development sectors like finance (including microfinance) and development and in areas of research,
training, education, knowledge management and public policy. The principal aim of FIN-B is to leverage expertise in advancing financial inclusion as a key instrument for poverty reduction and inclusive growth and development.
A central purpose of FIN-B will be to provide a unique platform to bring together all financial sector stakeholders including banks/MFIs/NGOs/financial institutions/local government and grassroots organisations for sharing ideas and best practices from home and abroad.
Key objectives of FIN-B are to:
- Identify thematic issues of financial inclusion and create and disseminate knowledge and good practices from home and abroad.
- Adopt social marketing techniques to promote and popularise financial inclusion as a key development issue having significant potential of providing benefits to the financially excluded groups and transforming the society at large.
- Identify and implement programmes, targeting policy makers, providers and excluded groups and sectors, for raising awareness on financial inclusion and designing products and services to meet the wide range of financial needs of the excluded groups, especially the poor households and marginalised sectors (e.g. MSMEs) in the economy.
- Develop innovative programmes of financial inclusion for different disadvantaged segments of the country’s population/enterprises.
- Provide support for capacity building of member institutions and establish synergies and collaboration amongst its members on financial inclusion issues.
- Create partnerships and institutional arrangements among the government institutions (especially the local government units), financial institutions, civil society organisations (including the NG0s), and private sector stakeholders to design and implement innovative advocacy programmes consistent with financial inclusion for all.
- Develop institutional mechanisms for designing and implementing advocacy programmes and disseminating knowledge products based on solid evidence and using proven techniques of knowledge sharing.
- Develop linkages and partnerships and share knowledge with other network groups, international agencies, and regional associations having similar ideas to mutually benefit from specific policy and programme initiatives.
The Network is a coalition of Bangladeshi/international stakeholders involved in financial inclusion, which (i) meet the criteria for membership set forth in the Statute and (ii) accept the Statute.
FIN-B membership is open to all national/international institutions (both public and private) that are concerned with multidimensional issues of finance and development especially in the context of Bangladesh and other developing countries sharing the aims and objectives of the Network. Interested individuals may also join the Network as associate members.
The Network is supervised by a Steering Committee (SC) in which members are drawn from public and private institutions including Financial Institutions Division of the Ministry of Finance, Government of Bangladesh; Bangladesh Bank; Commercial Banks and Financial Institutions; NGO-; and other relevant institutions.
The FIN-B Secretariat is located at the Institute for Inclusive Finance and Development (InM), PKSF Bhaban, Agargaon, Dhaka1207, Bangladesh.