Bangladesh is a peace-loving and hospitable country. We have the long heritage of extending hospitality to our guests. This has been again reflected while receiving Dutch Queen Maxima Zorreguieta Carruti by the government, policy-makers, non-government organizations and in fact all-strata of people. The queen was also happy with our hospitality. In her capacity as the UN Secretary-General’s Special Advocate (UNSGSA) for Inclusive Finance for Development, Dutch Queen Maxima has recently completed a three-day visit to Bangladesh from 16 November. Dutch Queen Maxima�s visit to Bangladesh and financial inclusion activities
Inclusive finance is a priority issue of the government and for that, as the regularoty authority, central bank has already formulated various innovative policies for inclusion of all segments of people in the financial services. Dutch Queen Maxima�s recent visit to Bangladesh may contribute significantly towards on-going financial
inclusion programmes in the country
M.A.Jabbar
Bangladesh is a peace-loving and hospitable country. We have the long heritage of extending hospitality to our guests. This has been again reflected while receiving Dutch Queen Maxima Zorreguieta Carruti by the government, policy-makers, non-government organizations and in fact all-strata of people. The queen was also happy with our hospitality. In her capacity as the UN Secretary-Generals Special Advocate (UNSGSA) for Inclusive Finance for Development, Dutch Queen Maxima has recently completed a three-day visit to Bangladesh from 16 November.
Earlier the governsment extended invitation to her towards her global efforts to raise awareness and accelerate action for financial inclusion of everybody. Her visit had been eventful with success and hopefully shall be fruitful with the passage of time. Print and electronic media have extensively covered her schedule in Bangladesh which has really added to the glory of the visit.
We know that the Queen was appointed as UNSGSA in 2009 and in such capacity she has been advocating for inclusion of the poor segment of people and businesses in the financial services since then. The queen was impressed seeing various development projects and financial activities especially digitisation scheme and mobile banking service in Bangladesh. She said that it was very much impressive that 29 million people of Bangladesh are currently receiving mobile banking service. Her visit may contribute significantly towards on-going financial inclusion programme in the country.
Inclusive finance in the country: Inclusive finance is a priority issue of the government and for that, as the regularoty authority, central bank has already formulated various innovative policies for inclusion of all segments of people in the financial services. Farmers can now avail collateral free loans and open account for taka ten. Report reveals that so far 16 millions bank accounts have been opened. Facilities are also available under the social security net of the government for opening bank account with taka ten for the old-age people, financially distressed people, handicapped persons and the widows who can receive their allowances through such account. Freedom fighters can open account in the state-owned commercial banks and specialized banks since 2011 for drawing government allowances through such account. Mobile banking is a unique mechanism for inclusive finance and school banking is yet another intiative of the central bank for financial inclusion of students of six to eighteen years of age. Agent banking has created opportunities for large segment of people of remote areas for access to financial activities. Just ended banking fair from 24-28 November 2015 to build a banking nation is also an initiative for inclusive finance for development in the country.
Benefits of financial inclusion: What are the benefits of financial inclusion and why extending financial services to the door-steps of the mass people are necessary. Financial inclusion is not a micro term and as such is not limited to finance only, rather it implies macro objectives of achieving socio-economic goals. It is a tool to ensure universal education for every citizen and health for all. Living standard can be upgraded and basic human needs can be fulfilled through inclusive finance. In short, inclusive finance is an important tool to reduce poverty, boost economic development, ensure health and education for everybody.
It is necessary for women empowerment and other sustainable devlopment goals as agreed for achieving by 2030. The Netherlands have always been a good friend of Bangladesh and as we understand both the countries are working together for the ongoing joint activities under Bangladesh Delta Plan 2100 in areas like river dredging, land reclamation, construction of infrastructure, creating of green belt in coastal regions and other climate adaption measrues.
Queen Maximas meeting with the Honorable President, Honorable Prime Minister, Finance Minister, Bangladesh Bank Governor and senior officials of the government will certainly create opportunites for widening the existing areas of cooperation for further socio-economic development of the country.
Queen Maximas meeting in the central bank with its high officials and the top executives of commercials banks shall encourage all stakeholds and certainly open up more opportunities towards financial inclusion of the poor people. Development partners, members of the civil society and the private sector, garment workers, small entrepreneurs, clients and staff of banking agents and mobile money operators got the opportunity to share their views with her which may be helpful towards updating their knowledge and rendering better services for the people. Queen Maxima shared the experiences of various development works of the international organizations like the World Bank and UNDP for the socio-economic development of the country. Her views with regards to infrastructral development will go a long way towards further socio-economic development of the country.
The Government is relentlessly working for digitisation of the country. As per policy of the government, Bangladesh Bank launched several technology oriented systems such as Bangladesh Automated Cheque Processing System (BACPS) in 2010, Bangladesh Electronic Fund Transfer Network (BEFTN) in 2011, National Payment Switch of Bangladesh (NPSB) in 2012 and for the modernization of large value payment Bangladesh Real Time Gross Settlement (BD-RTGS) system in 2015. It is worth mentioning that with these technologies, Bangladesh payment systems are now at par with the international standard.
Due to automation in the banking sector, people are enjoying the SMS service, ATM, internet banking and e-commerce, etc. It is learnt that steps have been taken for turning 8000 post offices into e-centers where over 3000 post offices have already been working successfully. Various steps have also been taken by the government for the development of agriculture sector. All these facilities are contributing significantly towards the financial inclusion of everybody. Bangladeshs progress in this respect has been highly appreciated by the queen.
Reference was made during Queen Maximas meeting with the honorable Prime Minister Sheikh Hasina at Ganobhaban that Bangladesh and the Netherlands have unique geographical similarities in terms of the presence of a large deltaic coastline. The statement bears the testimony of cordial discussion, love and respect for each other. Dutch Queen Maxima assured that the Netherlands will extend its all-out support to Bangladesh to accelerate its development efforts to materialize its vision 2021. We have to reap the benefits from her visit. We wish that existing bond of relationship that exist between Bangladesh and the Netherlands be strengthened and flourished further for mutual benefits of both the countries.
The writer is a banker. He is also executive secretary of national anti-tobacco organisation Adhunik
