Opportunities in FinTech, Digital Banking, and Agent Banking

for Financial Inclusion in Bangladesh

I. Executive Summary: Key Findings and Recommendations

Bangladesh stands at a pivotal juncture in its journey towards financial inclusion, with
FinTech, digital banking, and agent banking emerging as transformative forces within
its financial ecosystem. These innovations address critical gaps in access to financial
services, holding immense potential to catalyze economic growth and empower
underserved communities across the nation. A significant portion of the Bangladeshi
population, 47% of individuals above the age of 15, remained outside the purview of
the formal financial system in terms of account ownership in 2021 1. However, by
December 2023, the landscape had evolved considerably, with over 210 million mobile
financial services (MFS) accounts registered, indicating a substantial uptake of digital
financial solutions 1. Furthermore, agent banking has significantly expanded its reach,
with 21,601 outlets operational by the same period, over 80% of which are located in
rural areas, demonstrating their crucial role in serving remote populations 1.

These digital channels present significant opportunities for enhancing financial

inclusion by offering convenient, accessible, and cost-effective alternatives to
traditional banking. FinTech innovations, particularly mobile financial services, have
witnessed rapid adoption, driven by increasing mobile penetration and a growing
demand for digital payment solutions 2. The advent of digital banking, supported by
new regulatory guidelines, promises to further democratize access to a broader
range of financial products and services 4. Agent banking has proven to be an
effective model for extending the physical reach of financial institutions, particularly
in areas where establishing traditional branches is not economically viable 5.

Despite the remarkable progress, challenges persist. These include the digital
infrastructure gap, particularly in rural areas, cybersecurity concerns, the need for
enhanced digital literacy, and ensuring interoperability across different digital
financial platforms 2. To fully leverage the potential of these innovations, a concerted
effort involving policymakers, financial institutions, and other stakeholders is
essential. Key recommendations include strengthening the regulatory framework to
foster innovation while safeguarding consumer interests, investing in digital
infrastructure and literacy programs, promoting interoperability among digital
financial service providers, and developing tailored financial products that meet the
specific needs of underserved populations. By addressing these challenges and
capitalizing on the existing opportunities, Bangladesh can pave the way for a more
inclusive and prosperous financial future.

II. Introduction: The Significance of Financial Inclusion and the Role of Digital
Innovation in Bangladesh

Financial inclusion, defined as access to and usage of affordable financial services by

all segments of the population, is increasingly recognized as a cornerstone of
sustainable economic growth, poverty reduction, and social development, particularly
in emerging economies like Bangladesh 7. Access to formal financial services
empowers individuals and businesses to save, invest, access credit, manage risks,
and participate more fully in the economic life of the country. In Bangladesh, where a
significant portion of the population has historically been excluded from the formal
financial system, enhancing financial inclusion is paramount for achieving broader
developmental goals.

FinTech, digital banking, and agent banking have emerged as pivotal drivers in
transforming the landscape of financial inclusion in Bangladesh. FinTech,
encompassing a wide array of technology-enabled financial innovations, offers new
channels and solutions for delivering financial services more efficiently and affordably
9
. Digital banking, which involves the provision of banking services through digital
platforms, promises to extend the reach of traditional banking beyond physical
branches, offering greater convenience and accessibility 4. Agent banking, by utilizing
a network of authorized agents to provide basic banking services, effectively bridges
the gap in physical access, especially in rural and underserved areas 5.

While Bangladesh has made considerable progress in increasing financial inclusion,

with at least half of the population now participating in the formal financial system, a
significant disparity remains, as only 38% hold traditional bank accounts 10.
Furthermore, a gender gap persists, with data from 2021 indicating that 43.46% of
females compared to 62.86% of males have access to formal financial services 1. This
highlights the ongoing need for targeted interventions and the critical role of digital
innovation in reaching the unbanked and underserved segments of the population,
including women. This report aims to provide a comprehensive analysis of the
opportunities presented by FinTech, digital banking, and agent banking for furthering
financial inclusion in Bangladesh, examining their growth, impact, challenges, and
future potential.

III. The Rise of FinTech in Bangladesh: Growth, Adoption, and Contribution to

Financial Inclusion

Financial technology, or FinTech, has become a transformative force in the global

financial landscape, with its significance particularly pronounced in developing
economies such as Bangladesh 7. FinTech comprises a diverse range of products and
services, including e-banking, e-wallets, mobile banking, mobile financial services
(MFS), peer-to-peer borrowing, and digital cash management systems 9. The
adoption of these technologies in Bangladesh has witnessed remarkable growth,
fundamentally altering how individuals and businesses access and manage their
finances.

The proliferation of mobile financial services (MFS) stands out as a key aspect of
FinTech growth in Bangladesh. With over 200 million MFS accounts registered across
the country, a significant 60% of these are located in rural areas, underscoring their
reach in previously underserved regions 3. In the fiscal year 2022-23 alone, MFS
platforms in Bangladesh handled over 563 million transactions, amounting to a
staggering $109 billion, demonstrating the scale and impact of these services 3. The
digital investment market within Bangladesh's FinTech sector is also experiencing
substantial expansion, projected to reach $55.5 million in 2023 and expected to grow
by 35.8% in 2024, potentially reaching an estimated market value of $909 million by
2027 9. The nation is home to a vibrant ecosystem of 198 FinTech startups and 13 MFS
providers, further highlighting the sector's dynamism 11. The overall FinTech startup
ecosystem in Bangladesh was valued at USD 1.45 billion and holds the potential to
reach USD 10 billion by 2025, indicating strong investor confidence and growth
expectations 12.

Several factors have fueled the rapid adoption of FinTech services in Bangladesh.
Convenience and accessibility are paramount, as digital platforms allow users to
conduct financial transactions anytime, anywhere, without the need to visit a physical
branch 2. The cost-effectiveness of many FinTech solutions, often offering lower
transaction fees compared to traditional banking, makes them attractive to a wide
range of users 2. Moreover, the COVID-19 pandemic acted as a catalyst, accelerating
the shift towards digital financial services as lockdowns and social distancing
measures limited access to traditional banking channels 2. The growing Gross
Domestic Product (GDP) of Bangladesh also reinforces the expansion of the FinTech
sector, creating a conducive economic environment for its development 13.

Crucially, FinTech services are playing an increasingly significant role in furthering

financial inclusion by reaching populations that have historically had limited or no
access to traditional banking infrastructure 2. Mobile money, in particular, has
emerged as a powerful tool for boosting financial inclusion across Bangladesh,
enabling individuals in remote areas to send and receive money, pay bills, and access
other financial services through their mobile phones 10. This widespread accessibility
is transforming the financial landscape and bringing a larger segment of the
population into the formal financial system.

IV. Digital Banking in Bangladesh: Current Status, Licensed Entities, and Service
Offerings

Digital banking, defined as the provision of banking services through digital channels
such as the internet and mobile phones, represents the next frontier in financial
inclusion in Bangladesh 4. It differs from traditional banking by its reliance on
technology rather than physical branches for service delivery, and while FinTech
encompasses a broader range of technology-driven financial innovations, digital
banking specifically focuses on the digitalization of core banking functions.

The digital banking landscape in Bangladesh is poised for significant expansion

following the approval of digital banking guidelines by Bangladesh Bank in June 2023
4
. This regulatory move has sparked considerable interest, with an impressive 52
domestic and foreign entities applying for licenses to establish digital banks, far
exceeding the central bank's initial expectation of granting only two or three licenses
4
. The diverse group of applicants includes consortiums of scheduled commercial or
traditional banks, mobile financial service (MFS) companies like Bkash and Nagad,
ride-sharing services, financial institutions, microcredit organizations, e-commerce
platforms, telecom operators, IT service providers, and even pharmaceutical
companies 4. Licensed digital banks will primarily operate online, offering a
comprehensive suite of services such as digital onboarding of customers, facilitating
payments, processing loan applications, and handling mortgage procedures, with a
minimal physical presence, typically limited to a head office or a single branch 4.

The potential of digital banking to further enhance financial inclusion in Bangladesh is

substantial. With an estimated 60 million adults remaining unbanked, a figure larger
than the entire population of many countries, digital banking offers a pathway to
reach this underserved segment 4. By providing the poor with greater control over
their assets and access to financial tools, digital banking can contribute to their
economic empowerment and overall well-being 8. It has the capacity to open up a
world of opportunities for individuals in remote regions, bringing the benefits of
modern technology to those previously excluded from formal financial services 14.
Even prior to the formal licensing of digital-only banks, traditional banks in
Bangladesh have been increasingly adopting digital technologies to enhance their
service offerings. The adoption of digital banking services has been growing,
particularly among urban populations and tech-savvy youth who appreciate the
convenience of online transactions 2. Furthermore, existing MFS providers like bKash
and Nagad have integrated open banking functionalities into their platforms,
partnering with traditional banks to allow customers to access their bank accounts
directly through their mobile applications 14. A notable example is BRAC Bank's
'Astha', a popular mobile application and internet banking portal that has garnered
significant user adoption due to its user-friendly features 14. These existing initiatives
lay a strong foundation for the broader adoption and impact of fully digital banks in
the near future.

V. Agent Banking: Expanding the Reach of Financial Services in Rural and

Underserved Areas

Agent banking has emerged as a crucial pillar in the strategy for financial inclusion in
Bangladesh, particularly for extending the reach of financial services to rural and
underserved populations 5. It operates on a model where authorized agents, typically
local individuals or businesses, provide basic banking services on behalf of financial
institutions. This approach allows banks to expand their service network without
incurring the high costs associated with establishing and maintaining traditional
brick-and-mortar branches, making it a cost-effective solution for reaching remote
areas 5.

The impact of agent banking in Bangladesh is evident in its significant reach and the
number of individuals it serves. As of December 2023, there were 21,601 agent
banking outlets operational across the country, with a remarkable over 80% (18,475)
located in rural areas, highlighting its focus on reaching the unbanked in these
regions 1. The total number of agent banking accounts had reached 21,419,975 by the
same period, with approximately 74% (18,419,080) being rural accounts, further
demonstrating its penetration in underserved areas 1. By June 2024, the number of
agents operating these outlets had grown to 15,991, managing 21,473 outlets
nationwide 5.

Agent banking outlets offer a range of essential financial services to customers.

These typically include account opening, accepting deposits, facilitating withdrawals,
processing inward remittances, and collecting utility bills 15. While some limitations
may exist, such as restrictions on large loan disbursements or trade finance
operations 15, agent banking provides a vital link to the formal financial system for
many who were previously excluded.

The role of agent banking in reaching financially excluded populations is particularly

significant in rural Bangladesh, which is home to a substantial number of unbanked
individuals, presenting a vast market for these services 5. By establishing a presence
in local communities through trusted agents, commercial banks can expand their
service network among the unbanked in a faster and more cost-effective manner
compared to traditional branch expansion 15. This model not only provides access to
essential banking services but also helps to energize the rural economy by facilitating
money circulation, mobilizing deposits, and creating opportunities for extending
credit to small and medium-sized enterprises (SMEs) in these areas 5.

VI. Government Policies and Regulatory Frameworks Supporting Digital

Financial Inclusion

The Government of Bangladesh and the Bangladesh Bank have played a proactive
role in formulating and implementing policies and regulatory frameworks to support
the growth of FinTech, digital banking, and agent banking, recognizing their potential
to advance financial inclusion across the nation. A key initiative in this regard is the
National Financial Inclusion Strategy for Bangladesh 2021-2026, spearheaded by
Bangladesh Bank, which provides a comprehensive roadmap for bolstering financial
inclusion through evidence-based and prudent measures 1.

To foster innovation within the FinTech sector, the Insurance Development and
Regulatory Authority (IDRA) and Bangladesh Bank have introduced 'Regulatory
Sandbox Guidelines-2023' and 'Guidelines to Establish Digital Banks', respectively 11.
These guidelines aim to create a controlled environment for testing new FinTech
solutions and provide a clear framework for the licensing and operation of digital
banks, encouraging responsible innovation in the financial sector. Furthermore, the
enactment of the Secured Transactions (Moveable Property) Act, 2023, enables
banks to accept a wider range of assets, including floating assets valued at market
rates, as collateral for loans, thereby increasing access to finance, particularly for
SMEs 1. Bangladesh Bank has also introduced the 'Refinance Scheme for Digital Nano
Loan', a revolving fund aimed at providing small digital loans to the unbanked and
underserved populations 1.

The implementation of the unified payment platform system, Bangla QR, is another
significant policy initiative designed to build a more cohesive and efficient digital
financial ecosystem by promoting interoperability among FinTech providers 7.
Additionally, Bangladesh Bank issued guidelines on mobile financial services in 2011,
providing the necessary clarity and certainty for the MFS industry to flourish 17. In
2020, e-KYC guidelines were applied to financial institutions, streamlining the
process of digital customer onboarding and verification, making it faster and more
convenient to open digital accounts 17. The government has also set an ambitious
target to transform Bangladesh into a completely cashless society by 2031, further
signaling its commitment to promoting digital transactions and reducing reliance on
cash 1.

Bangladesh Bank (BB) serves as the central bank and the apex regulatory body
overseeing the entire financial system 18. Other regulatory bodies, such as the
Microcredit Regulatory Authority (MRA) and the Insurance Development & Regulatory
Authority (IDRA), also play crucial roles in overseeing specific segments of the
financial sector, including microfinance, cooperatives, and insurance services 18. The
collaborative efforts of these regulatory bodies are essential in creating a conducive
environment that encourages the growth and development of digital financial
services while ensuring stability, security, and consumer protection. These policies
and regulations have had a significant positive impact on the growth of FinTech,
digital banking, and agent banking, fostering a more inclusive financial landscape in
Bangladesh.

VII. Successful Initiatives and Case Studies in Bangladesh's Digital Financial

Services Sector

Bangladesh's digital financial services sector boasts several successful initiatives that
have significantly contributed to financial inclusion. One of the most prominent
examples is bKash, the country's first unicorn and a leading mobile payment platform
with over 70 million registered users 3. bKash offers a wide array of mobile money
services, including money transfers, bill payments, merchant payments, and
remittances, playing a pivotal role in boosting mobile money adoption across the
nation 10. Other rapidly growing mobile money platforms include Rocket, Upay, and
Nagad, which have also garnered significant user bases and offer similar services,
further expanding the reach of digital financial transactions 2.

The introduction of Bangla QR as a unified payment platform represents another

successful initiative. This interoperable QR code payment system facilitates cashless
transactions, enabling small businesses and merchants to participate in the formal
financial system without the need for extensive infrastructure 6. By allowing seamless
payments across different platforms, Bangla QR enhances convenience for
consumers and promotes the wider adoption of digital payments.

Traditional banks in Bangladesh are also making strides in digital banking. BRAC
Bank's 'Astha' mobile application and internet banking portal serve as a successful
case study. With its user-friendly features, 'Astha' has achieved remarkable growth,
witnessing a 30% increase in customer base and a 100% surge in digital transaction
numbers and volumes in less than a year 14. This demonstrates the potential for
traditional banks to effectively leverage digital channels to reach a broader customer
base and enhance service delivery.

Nagad's implementation of a user-friendly e-KYC (electronic Know Your Customer)

method has also been highly successful. This innovative approach allows individuals
to open digital accounts quickly and conveniently, even on basic feature phones,
addressing a key barrier to financial inclusion for those without smartphones 17. The
effectiveness of Nagad's e-KYC system is evident in its adoption by most banks in
Bangladesh for account opening, significantly reducing the time and paperwork
previously required 17.

Furthermore, partnerships between financial institutions and other organizations are

proving to be impactful. The collaboration between BRAC Bank and the United
Nations Capital Development Fund (UNCDF) to digitize remittances is a notable
example. This initiative has successfully scaled up existing digital remittance
channels, reaching 265,000 migrants and their family members in Bangladesh with
over 1 million digital remittance transactions, two-thirds of which were valued at
under $200 19. This highlights the potential of digital channels to facilitate faster,
safer, and more cost-effective remittance flows, particularly for those in remote rural
areas.

These successful initiatives demonstrate that a combination of innovative technology,

user-centric design, supportive regulations, and strategic partnerships are key
factors driving the adoption and impact of digital financial services in Bangladesh,
ultimately contributing to greater financial inclusion.

Tentative Table: Summary of Successful FinTech, Digital Banking, and Agent

Banking Initiatives and Their Impact
Initiative Type Key Features Impact on Source
Financial
Inclusion

bKash MFS Wide range of Serves an 3 10

,
mobile money estimated 60
services million users,
(transfers, significantly
payments, boosting mobile
remittances) money
adoption.

Nagad MFS User-friendly e- Streamlined 17

KYC system account

accessible even opening,
on basic phones reaching a
broader
population.

BRAC Bank's Digital Banking Mobile Achieved 30% 14

Astha application and customer

internet banking growth and
portal with user- 100% growth in
friendly features digital
transactions
within a year.

Bangla QR Digital Payment Interoperable Facilitates 7 6

,
QR code cashless
payment system transactions,
enabling small
businesses to
participate in
the formal
financial
system.

BRAC Bank & Digital Partnership to Reached 19

UNCDF Remittance digitize 265,000

remittances migrants and
 through mobile their families
wallets with over 1
million digital
remittance
transactions.

VIII. Challenges and Opportunities for Further Growth and Innovation in

Bangladesh's Digital Financial Ecosystem

Despite the significant advancements in FinTech, digital banking, and agent banking
in Bangladesh, several challenges hinder their full potential for financial inclusion and
continued growth. A notable challenge is the digital infrastructure gap, particularly
the limited access to high-speed internet and reliable mobile network coverage in
rural areas, which impedes the effective deployment and utilization of digital financial
services 2. Cybersecurity concerns also remain a significant hurdle, as the increasing
volume of online financial transactions raises the risk of cyberattacks and fraud,
potentially eroding consumer trust in digital platforms 2.

The absence of full interoperability across different digital financial service providers
increases transaction costs and creates friction for users who may need to navigate
between multiple platforms for different services 6. Furthermore, a lack of sufficient
digital literacy among a significant portion of the population, especially in rural areas,
limits the adoption and effective use of digital banking and FinTech services 4. The
high cost associated with implementing certain FinTech solutions can also be a
barrier to wider adoption 11. In the agent banking sector, challenges include
inadequate training for agents, logistical support deficiencies, and the persistent risk
of cybersecurity threats 20. High inflation, a trust deficit among some segments of the
population, security concerns at agent outlets, and limited awareness of agent
banking services also pose challenges to its further expansion 5. Additionally,
transaction limits and lower remuneration for agents can hinder the scalability and
effectiveness of the agent banking model 16. Over 70% of banking institutions in
Bangladesh still operate on outdated IT systems, which can slow down transaction
processing and limit the integration of newer FinTech solutions 21.

However, these challenges also present significant opportunities for further growth
and innovation within Bangladesh's digital financial ecosystem. FinTech has immense
potential to enhance financial inclusion in rural areas by offering services that do not
require physical bank branches, and emerging technologies like Artificial Intelligence
(AI) and blockchain can revolutionize the sector by enabling more personalized
services and enhancing security and efficiency 2. Leveraging open banking
frameworks and AI-powered innovations can further streamline financial processes
and improve access to credit 21. There is also a significant opportunity to integrate
Government-to-Person (G2P) payments into the digital payment system, enhancing
efficiency and transparency in social welfare disbursements 11. Agent banking holds
considerable potential for tapping into the economic vibrancy of rural areas,
mobilizing deposits, facilitating SME lending, increasing the flow of remittances,
empowering women economically, and expanding through integration with mobile
and digital banking platforms 5. Cross-industry partnerships between FinTech
companies, traditional banks, telecom providers, and government agencies can also
play a crucial role in enhancing the scope and reach of digital financial services 7. By
addressing the existing challenges strategically and capitalizing on these
opportunities, Bangladesh can unlock the full potential of its digital financial
ecosystem for greater financial inclusion and economic development.

IX. Analyzing the Impact of Digital Financial Inclusion on Economic

Development and Poverty Reduction in Bangladesh

The expansion of digital financial inclusion through FinTech, digital banking, and
agent banking holds significant implications for Bangladesh's overall economic
development and poverty reduction efforts. By enhancing access to financial services
for a larger segment of the population, these initiatives contribute to economic
growth through various mechanisms. FinTech, for instance, enhances financial
inclusion, lowers transaction costs, and streamlines financial operations, benefiting
both service providers and users, and significantly contributing to the growth of SMEs
and the overall GDP 13. Agent banking plays a crucial role in energizing the rural
economy by providing access to banking facilities, mobilizing savings, and creating
opportunities for extending credit to SMEs, thereby fostering local entrepreneurship
5
. A simulation conducted by the Policy Research Institute of Bangladesh suggests
that channeling even half of the borrowing from informal sources (at a high 40%
interest rate) through digital nano-credit schemes could lead to double-digit GDP
growth, the creation of an additional 3 million jobs, and a reduction in poverty by
approximately 3 percentage points 22.

Digital financial services also have a direct and substantial impact on poverty
reduction, particularly for marginalized communities. Digital financial development
helps empower women in Bangladesh by expanding their access to financial services
through digitalization, including mobile and agent banking. This empowerment
enables women to pursue entrepreneurial opportunities, ranging from small to
medium scale, across different regions, leading to poverty mitigation and greater
economic independence 23. Research indicates that digital financial services improve
formalized access and inclusion, leading to increased consumption, savings, and
overall well-being for individuals and households 24. In Bangladesh, evidence shows
that families receiving remittances through mobile money experienced increased
consumption and improved overall well-being, highlighting the direct impact on
poverty alleviation 24. Furthermore, the accessibility and convenience of digital
financial services can reduce the reliance on informal and often exploitative financial
mechanisms, providing a safer and more reliable way for low-income individuals to
manage their finances 8. The World Bank has also reported that the adoption of digital
banking in Bangladesh has led to an increase in rural economic activities by enabling
access to formal financial services, increasing savings and investments, and
facilitating access to credit for entrepreneurship, all of which contribute to poverty
reduction 14.

X. Conclusion: Leveraging Digital Finance for a More Inclusive and Prosperous

Bangladesh

The analysis presented in this report underscores the transformative potential of

FinTech, digital banking, and agent banking in advancing financial inclusion in
Bangladesh. These digital innovations have already made significant strides in
reaching previously unbanked and underserved populations, offering greater
convenience, accessibility, and affordability compared to traditional financial
services. The rapid growth of mobile financial services, the emergence of digital
banking driven by supportive regulatory frameworks, and the expanding reach of
agent banking networks all point towards a more inclusive financial landscape in the
country.

However, realizing the full potential of digital finance for financial inclusion requires a
concerted effort to address existing challenges. These include bridging the digital
divide by improving infrastructure and digital literacy, strengthening cybersecurity
measures to build trust, ensuring interoperability across platforms, and fostering an
enabling regulatory environment that encourages innovation while protecting
consumers.

Looking ahead, the future of digital finance in Bangladesh holds immense promise for
driving greater financial inclusion and contributing to a more prosperous nation. By
strategically leveraging these digital channels, addressing the existing hurdles, and
continuously innovating to meet the evolving needs of the population, Bangladesh
can achieve its goals of economic growth, poverty reduction, and a more equitable
society.

XI. Recommendations for Enhancing the Ecosystem and Achieving Greater

Financial Inclusion

To further enhance the digital financial ecosystem and achieve greater financial
inclusion in Bangladesh, the following recommendations are proposed:

Recommendations for Policymakers:

● Strengthen Regulatory Frameworks: Continue to evolve and refine regulatory
frameworks to keep pace with the rapid innovation in FinTech and digital banking,
ensuring a balance between fostering innovation and safeguarding consumer
protection and data security. This includes establishing clear guidelines for
emerging areas like digital lending and cross-border payments.
● Invest in Digital Infrastructure: Prioritize investments in expanding and
upgrading digital infrastructure, particularly in rural and remote areas, to ensure
reliable and affordable internet access and mobile network connectivity for all
citizens. This could involve public-private partnerships and incentives for telecom
operators.
● Promote Interoperability: Implement policies and technical standards to ensure
seamless interoperability between different digital financial service providers,
including banks, MFS operators, and payment service providers. This will enhance
convenience for users and reduce transaction costs.
● Support Financial Literacy Programs: Launch nationwide financial literacy
programs, with a specific focus on digital financial services, to enhance digital
skills, build trust in digital platforms, and educate consumers about the benefits
and risks associated with these services. These programs should be tailored to
different demographics and accessible in various formats.

Recommendations for Financial Institutions and FinTech Companies:

● Develop User-Friendly and Affordable Products: Design and offer digital
financial products and services that are tailored to the specific needs and
financial capabilities of underserved populations, ensuring affordability and ease
of use, even for those with limited digital literacy.
● Invest in Robust Cybersecurity: Prioritize investments in strengthening
cybersecurity measures, including advanced fraud detection systems, data
 encryption, and user authentication protocols, to protect customer data and
prevent financial fraud, thereby building and maintaining trust in digital platforms.
● Expand Agent Networks and Support: Continue to expand agent banking
networks, particularly in remote and unbanked areas, and ensure that agents
receive adequate training, logistical support, and appropriate remuneration to
effectively serve their communities.
● Explore Partnerships and Collaborations: Actively seek partnerships and
collaborations with other financial institutions, FinTech companies, telecom
operators, and community organizations to expand reach, enhance service
offerings, and leverage complementary expertise and resources.

Recommendations for Development Organizations and Other Stakeholders:

● Support Research and Data Collection: Facilitate and support research and
data collection efforts to gain a deeper understanding of the impact of digital
financial inclusion initiatives, identify remaining gaps, and inform evidence-based
policy and business decisions.
● Promote Awareness Campaigns: Conduct public awareness campaigns to
educate individuals and businesses about the benefits of digital financial
services, promote their adoption, and address any misconceptions or concerns,
particularly among vulnerable populations.
● Facilitate Collaboration: Act as conveners and facilitators to promote dialogue
and collaboration among policymakers, regulators, financial institutions, FinTech
companies, development organizations, and other stakeholders to foster a more
inclusive and thriving digital financial ecosystem in Bangladesh.

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