BRAC Bank has been awarded a significant grant from the Bill & Melinda Gates Foundation to spearhead digitalization initiatives, targeting cottage micro and small enterprises (CMSEs) and women in Bangladesh. The USA-based foundation’s grant is poised to drive financial inclusion by supporting the expansion of BRAC Bank’s innovative digital banking products and services.
With a focus on the legacy of the bank’s founder, Sir Fazle Hasan Abed, the grant will be utilized to achieve key milestones, including enhanced access to finance, market access, and capacity development for CMSEs and marginalized women, BRAC Bank said in a statement recently.
BRAC Bank has already set the stage for digital financial inclusion with the introduction of the ‘Astha’ digital banking app and the ‘Shafollo’ smart financing processing system. The bank plans to use its entire network and verticals to reach untapped communities, making digital interventions the primary means for achieving rapid and widespread outcomes.
A major highlight of the program is the provision of digital lending solutions to CMSEs, offering unsecured, low-cost, and minimal-documentation small-ticket financing through the ‘Shafollo’ digital lending application. Additionally, marginalized women will benefit from tailored formal banking products and services through agent banking, market linkage programs, and capacity development initiatives.
Selim R. F. Hussain, Managing Director & CEO of BRAC Bank, expressed gratitude for the grant, emphasizing the global institution’s support in expanding inclusive initiatives. The strategic project aims to empower micro-entrepreneurs and women, enabling them to leave a digital footprint and shape the country’s digital financial inclusion landscape.
Syed Abdul Momen, Deputy Managing Director & Head of SME Banking at BRAC Bank, highlighted the grant’s significance in providing impetus to broaden digital financial inclusion initiatives. Leveraging the bank’s extensive network, the comprehensive Women Banking Segment TARA, and digital banking capabilities, the grant is poised to bring more grassroots women and CMSEs into the banking sector, reinforcing their digital presence.