Strengthening Social Resilience Programme: Development of NFIS Implementation and Action Plan and Resource Plan of Bangladesh
Financial inclusion has significant potential for improving the well-being of all citizens in society, especially for the participants in unserved and under-served financial markets who belong to the poor and marginalised groups, CMSMEs, 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. The Government of Bangladesh (GOB) has adopted the National Financial Inclusion Strategy (NFIS, July 2021-June 2026) in 2021 as an effective tool to achieve the core objective to ‘increase the level of financial inclusion (having at least one regulated financial service account) of all adults to 100 per cent by June 2026’. This strategy has established its linkages with the long-term Perspective Plan of Bangladesh (2021-2041), medium-term 8th Five Year Plan (2021-2025) and other relevant national strategies and policies. The government’s priority to adopt the NFIS stems from a number of considerations, including the potential of financial inclusion to reduce poverty and inequality, and promote financial stability, inclusive development and shared prosperity. Under this ADB funded project, InM is developing the updated and detailed Implementation Plan including an Action Plan (July 2021 to June 2026) of NFIS. In addition, InM is preparing a detailed year-wise Resource Plan for NFIS which indicates the amount of additional financial resources that would be required to achieve the targets of NFIS. The analysis is being carried out in close collaboration with the NFIS Administrative Unit (NAU) of Bangladesh Bank and Financial Institutions Division of the Ministry of Finance and other relevant stakeholders.