Fintech Frontier: Bangladesh Bank Urges Inclusion of 47% Unbanked Population
Despite a steady 6% GDP growth rate, nearly 47% of Bangladesh's population remains outside formal banking services, according to Bangladesh Bank. To bridge this financial gap, Ziaul Haque, Additional Director of Bangladesh Bank, has called on new fintech companies to step up and help bring the unbanked into the financial ecosystem.
Speaking on Monday (April 7) at a panel titled "Unlocking Bangladesh’s Fintech Potential" during the first day of the Bangladesh Investment Summit, held at Hotel InterContinental in Dhaka, Ziaul Haque emphasized the urgent need for innovative financial solutions.
The session was moderated by Fahad Ifaz, Chairman of iFarmer.
“When we started in 2019, it felt like we were lost at sea,” said Ziaul Haque. “We didn’t know where to begin. But now, Bangladesh Bank has various regulations and frameworks in place. We are supporting businesses in investment and growth.”
He also acknowledged the procedural delays that often accompany regulatory frameworks for new ventures. “Any new business requires time to align with the legal framework,” he noted.
Expressing optimism about the country’s economic trajectory, Haque added, “Even if not by 2030, we will reach a trillion-dollar economy by 2035.”
Highlighting the huge opportunity for fintech innovators, he stated, “With 47% of people still outside the banking system, fintech entrepreneurs must seize this chance. We want to work as partners to help them succeed. But they must also be mindful about the quality and reliability of their products.”
The session underscored the pivotal role fintech can play in driving inclusive growth and emphasized collaboration between regulators and entrepreneurs as a way forward.
