BB Special Publication: SP2025-02

"Financial Inclusion and Central

Banking: Bridging Gaps in Bangladesh"

June 2025

Bangladesh Bank

This paper was presented as country paper of Bangladesh in 47th SAARCFINANCE Governors’
i

Group Meeting and Symposium, 26 June 2025

 BANGLADESH BANK

Country Paper on
"Financial Inclusion and Central Banking: Bridging
Gaps in the SAARC region"
47th SAARCFINANCE Governors’ Group Meeting
and Symposium
26 June 2025
Dhaka, Bangladesh

Contributors

Md. Iqbal Mohasin

Director
Financial Inclusion Department

Mohammad Mohidul Islam

Additional Director
Statistics Department

Salahuddin Mahmud
Joint Director
Payment Systems Department

Saila Sarmin Rapti

Joint Director
Research Department

Bangladesh Bank, Head Office

Table of Contents
Executive Summary .................................................................................................................................... 3
1. Introduction ......................................................................................................................................... 5
1.1. Overview of financial inclusion as a development tool ................................................................ 5
1.2. Objectives of the paper................................................................................................................. 6
1.3. Definition ...................................................................................................................................... 6
2. Financial Inclusion Landscape in Bangladesh ................................................................................. 6
2.1 Digital Financial Services and Access ............................................................................................ 7
2.1.1 Mobile Financial Services ..................................................................................................... 8
2.1.2 Internet Banking.................................................................................................................... 9
2.1.3 Issued Cards .......................................................................................................................... 9
2.1.4 Online Coverage of Bank Branches and accessibility ........................................................ 10
2.2 Conventional Banking Access...................................................................................................... 10
2.2.1 Overview of Conventional Bank Branches ......................................................................... 11
2.2.2 No Frill Accounts ................................................................................................................ 11
2.3 Agent Banking and Sub-Branch Banking ..................................................................................... 13
2.3.1 Agent banking ..................................................................................................................... 13
2.3.2 Sub-Branch Banking ........................................................................................................... 14
2.4 Microfinance, Finance Companies (FCs) and others................................................................... 14
2.4.1 Microfinance institutions (MFIs) ........................................................................................ 15
2.4.2 Financial Companies (FC) .................................................................................................... 16
2.4.3 Insurance Companies .......................................................................................................... 17
2.5 Financial Literacy......................................................................................................................... 18
3. Bangladesh Bank’s Major Policy Interventions for Financial Inclusion ..................................... 19
3.1 Ensuring Access to Financial Services ......................................................................................... 19
3.2 Promoting Usage of Financial Services ....................................................................................... 20
3.3 Improving the Quality of Financial Facilities ............................................................................... 20
3.4 National Financial Inclusion Strategy (NFIS): Driving Inclusive Growth ...................................... 21
3.5 Recent intervention by BB in 2025 ............................................................................................. 21
4. Gender-Inclusive Financial Inclusion ............................................................................................. 22
5. Policy Recommendations and Way Forward ................................................................................. 23
6. Conclusion ......................................................................................................................................... 25
Reference ................................................................................................................................................... 27

2
Executive Summary
Bangladesh’s journey toward financial inclusion has become a hallmark of development-driven
central banking in South Asia. This paper, prepared for the 47th SAARCFINANCE Governors’
Group Meeting and Symposium, examines the progress made under the leadership of
Bangladesh Bank (BB) and outlines a forward-looking agenda to further bridge gaps in access,
usage, and quality of financial services—particularly for underserved populations.
Bangladesh Bank has led from the front by developing inclusive regulatory frameworks,
promoting digital financial innovations, and aligning policies with national priorities and global
commitments, including the Sustainable Development Goals (SDGs).
Over the past decade, the financial inclusion landscape in Bangladesh has undergone a profound
transformation. Mobile Financial Services (MFS), introduced in 2011, have grown rapidly to
cover 54 percent of the population by 20241, with strong uptake in rural areas where traditional
banking infrastructure remains limited. The country’s agent banking model has extended formal
financial services to remote areas, with over 85 percent of outlets located in rural regions.
Internet banking adoption reached nearly 44 percent by March 2025, while the penetration of
debit, credit, and prepaid cards increased to 30 percent of the population. These digital services
have been supported by robust infrastructure, including the National Payment Switch (NPSB),
interoperable QR payment systems (Bangla QR), and the real-time settlement platforms BEFTN
and BD-RTGS.
Bangladesh Bank’s commitment to enhance access to the financial system is further reflected in
its support for no-frill accounts, e-KYC onboarding systems, and financial literacy campaigns
targeting low-income groups, youth, and rural communities. The expansion of school banking
accounts—from 1.74 million in 2019 to 4.43 million by 2025—highlights the emphasis placed
on nurturing financial capability from an early age.
Gender-inclusive finance has also seen substantial gains. The number of female-owned deposit
accounts rose from 33.4 million in 2019 to 55.3 million in 2024, representing a steady increase in
women’s share of total commercial bank accounts. Female-owned loan accounts more than
doubled during this period, aided by targeted policy measures such as refinance schemes for
women entrepreneurs, collateral-free credit programs, and the mandatory 15 percent loan
allocation quota for women-led CMSMEs. The introduction of the Women’s Financial Inclusion
Data (WFID) Dashboard has enabled more responsive policymaking by providing real-time,
disaggregated data.
Microfinance institutions (MFIs), supported by both the Microcredit Regulatory Authority
(MRA) and Bangladesh Bank, continue to play a pivotal role in deepening financial inclusion at

1
The number of active accounts of MFS may include instances of multiple accounts held by a single individual.

3
the grassroots level. With over 724 licensed MFIs serving more than 41.5 million account
holders—90 percent of whom are women—the sector contributes significantly to livelihood
development and gender equity in rural Bangladesh.
Despite these achievements, challenges persist. A significant portion of the population remains
excluded from formal credit and digital financial systems. While access has improved, gaps in
usage and quality—particularly in rural and female segments—require sustained attention.
Barriers such as limited digital literacy, cost of smartphones and internet access, and consumer
protection mechanisms continue to constrain deeper financial engagement.
In response, the paper outlines some strategic policy directions. These include reducing the cost
of digital services, scaling up consumer protection, and expanding the use of Bangla QR for
inclusive payments. Special emphasis is placed on closing gender gaps through enforcement of
women-focused credit targets, enhancing financial and digital literacy, and ensuring last-mile
delivery through agent banking and digital centers in remote areas.
As Bangladesh continues to strengthen its financial ecosystem, its experience offers valuable
lessons for peer economies across the SAARC region and beyond. By integrating digital
innovation, regulatory flexibility, and inclusive policy design, Bangladesh is charting a path
toward a more equitable, resilient, and financially empowered society.

4
1. Introduction

1.1. Overview of financial inclusion as a development tool

Financial inclusion has emerged as a cornerstone of development policy, not only as a means of
economic empowerment but also as a pathway toward social equity and sustainable growth. In
developing economies, expanding access to formal financial services is increasingly recognized
as a vital driver of inclusive development. Financial inclusion empowers individuals to save,
invest, and manage risks, thereby fostering entrepreneurship, increasing resilience, and reducing
poverty. Central banks, as guardians of monetary and financial stability, are uniquely positioned
to champion inclusive finance. Through regulatory oversight, policy innovation, and
coordination with stakeholders, they can steer the financial system to be more accessible,
affordable, and responsive to the needs of underserved populations. Bangladesh Bank (BB), the
country’s central bank, has been at the forefront of this agenda, adopting a proactive, multi-
dimensional approach to enhance financial inclusion since the early 2010s.

Recognizing the transformative role of finance in enabling inclusive growth, BB has launched a
broad spectrum of initiatives: promoting mobile financial services (MFS), developing agent
banking frameworks, expanding SME and agricultural credit through refinancing schemes,
spearheading financial literacy campaigns, and crafting targeted strategies for vulnerable groups
including women, youth, and climate-affected populations.

Beyond its immediate economic impact, financial inclusion is now widely acknowledged as a
key enabler of the United Nations Sustainable Development Goals (SDGs). It plays a direct role
in advancing SDG 1 (No Poverty), SDG 5 (Gender Equality), SDG 8 (Decent Work and
Economic Growth), and SDG 10 (Reduced Inequalities), while supporting other goals through
indirect channels such as food security, health, and education. As such, the pursuit of inclusive
finance is no longer a sectoral initiative—it is a cross-cutting priority in the global development
agenda.

In the SAARC region, where economic and social structures share considerable similarities,
challenges to financial access—such as rural remoteness, gender disparity, and digital divides—
are common. In this context, central banks play a critical role not only at the national level but
also as enablers of regional cooperation. By sharing knowledge, harmonizing regulatory
frameworks, and initiating joint platforms, SAARC member states can advance cross-border
financial inclusion.

Bangladesh’s experience provides valuable lessons for the region. Its emphasis on technology-
enabled inclusion, regulatory flexibility, and stakeholder engagement can inform and inspire
similar efforts across neighboring countries.

5
 1.2. Objectives of the paper

Against this backdrop, the present paper seeks to review Bangladesh’s financial inclusion
landscape through the lens of central banking, drawing insights for national progress and
regional collaboration. The specific objectives are to:

● Review the progress and key milestones in Bangladesh Bank’s financial inclusion
journey.
● Highlight the institutional and regulatory approaches that have contributed to inclusive
finance outcomes.
● Identify the remaining gaps and challenges—both structural and operational—in the
national context.
● Propose policy directions for strengthening national strategies and enhancing regional
cooperation on financial inclusion.

1.3. Definition

Bangladesh defines financial inclusion as the access and usage of a full range of quality financial
services by individuals and businesses—including the unserved and underserved—through
regulated providers. These services should be delivered affordably, efficiently, and responsibly,
supported by technology, in a transparent and competitive marketplace. This approach
emphasizes not just availability, but regular and meaningful use of financial services to support
livelihoods, manage risks, and contribute to inclusive economic development. (Source: National
Financial Inclusion Strategy, 2021-26, Ministry of Finance, Government of Bangladesh)

2. Financial Inclusion Landscape in Bangladesh

Bangladesh’s financial inclusion journey has seen remarkable progress in recent years,
positioning the country as a role model in expanding access to formal financial services. Driven
by Bangladesh Bank’s proactive policies and regulatory frameworks, the country has made
notable strides in reaching underserved populations, particularly in rural areas, and promoting
financial resilience through inclusive and innovative solutions.

As of March 2025, the financial inclusion landscape in Bangladesh is characterized by an

extensive and growing network of bank branches, sub-branches, agent banking outlets,
microfinance institutions, mobile financial services (MFS) providers, and capital market
intermediaries. The expansion of digital platforms, including mobile and internet banking,
alongside the proliferation of no-frill and specialized accounts, has broadened access to essential
financial services for millions of individuals and businesses across the country.

6
Building on the overview provided, the following sections will delve into a detailed analysis of
key channels and mechanisms that have contributed to advancing financial inclusion in
Bangladesh. These include Mobile Financial Services, sub-branches, Agent Banking, No-Frill
Accounts, Microfinance, and the broader digital transformation of financial services. Each
section will examine the growth, achievements, and remaining challenges within these areas,
providing insights into their roles in shaping Bangladesh’s inclusive financial landscape and
highlighting lessons for the SAARC region.

To contextualize the reach and relevance of financial inclusion efforts, this report draws on
population data from the 2022 Population and Housing Census conducted by the Bangladesh
Bureau of Statistics (BBS).According to the Population and Housing Census 2022 conducted by
the Bangladesh Bureau of Statistics (BBS), the adjusted population of Bangladesh stood at
169.83 million, while the enumerated population was recorded at 165.16 million. Out of a total
of 165.16 million people, males account for approximately 81.77 million, representing 49.52
percent, while females number around 83.38 million, making up 50.49 percent of the population.
The population aged 15 years and above accounts for approximately 117.19 million
(enumerated), which translates to an adjusted total of around 120.5 million when census
correction factors are applied. This group forms 70.9 percent of the adjusted population. Out of
the total population of 169.83 million, an estimated 116.07 million people (68.34 percent) reside
in rural areas, while 53.76 million people (31.66 percent) live in urban areas.

2.1 Digital Financial Services and Access

Modern and inclusive payment systems are key to expanding access to financial services. In
Bangladesh, the Payment Systems Department of Bangladesh Bank has led major reforms to
enhance financial inclusion through secure, efficient, and accessible digital payment
infrastructure. Key systems like the Bangladesh Electronic Funds Transfer Network (BEFTN)
and Bangladesh Real Time Gross Settlement (BD-RTGS) enable faster and more reliable fund
transfers across banks. The introduction of Mobile Financial Services (MFS) in 2011 has been
transformative, offering millions—especially in rural and low-income areas—access to
payments, remittances, and government transfers without needing a traditional bank account.
Interoperability through the National Payment Switch Bangladesh (NPSB) and regulation of
Payment Service Providers (PSPs) and Payment System Operators (PSOs) have further
supported digital financial inclusion and innovation. Together, these systems form the backbone
of Bangladesh’s strategy to reach underserved populations and promote a more inclusive
financial ecosystem.

7
2.1.1 Mobile Financial Services

Mobile Financial Services (MFS) have played a transformative role in advancing financial
inclusion, particularly in Bangladesh. By leveraging the widespread use of mobile phones, MFS
platforms have provided millions of individuals and businesses with secure, real-time access to
payments, savings, credit, and insurance, often for the first time. This shift has been supported by
a robust regulatory framework, public-private partnerships, and continuous innovation. MFS has
facilitated government-to-person payments, including social safety nets, with greater efficiency
and transparency. Its role in empowering women, micro-entrepreneurs, and rural populations is
significant, enabling financial resilience and inclusion.

The share of active mobile money accounts2, expressed as a percentage of the total population,
has expanded significantly in Bangladesh between 2019 and 2024. The share of active mobile

Chart 1: MFS total active accounts Chart-2: Urban-Rural Distribution

as % of population of MFS Accounts* *
100%
60
90%
50 80%
70%
40
60%
Percent
Percent

30 50%
40%
20 30%
20%
10
10%
0 0%
2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024

Active account as % of Population Urban Rural

Source: BB, BBS. * Active MFS account figures may include multiple accounts per person and do not
represent unique users **Numbers include both active & non-active.
money accounts, expressed as a percentage of the total population, has grown significantly in
Bangladesh between 2019 and 2024. This reflects not only access but also the active use of
digital financial services.

2
The analysis presented in this report uses population data based on the adjusted total population of 169.83
million, as reported in the 2022 Population and Housing Census by the Bangladesh Bureau of Statistics (BBS).
Additionally, figures on active Mobile Financial Services (MFS) accounts may include instances of multiple accounts
held by a single individual. As such, the estimated penetration rates reflect the number of active accounts relative
to the total population and do not necessarily represent unique users.

8
From 29% in December 2019, the share rose to 36% by December 2021, followed by a climb to
54% by December 2024. This strong upward trajectory underscores meaningful progress in
digital financial inclusion, driven by increased smartphone adoption, interoperable payment
platforms, and targeted outreach initiatives. The rapid expansion highlights the impact of
coordinated efforts by regulators, financial institutions, and mobile network operators in
fostering trust, convenience, and usability in mobile financial services (MFS). To sustain this
momentum and close remaining inclusion gaps, continued policy support, robust consumer
protection measures, and digital literacy campaigns will be essential.

The chart-2 reflects a sustained and inclusive expansion of digital finance across both urban and
rural areas. Between 2019 and 2024, the rural population consistently accounted for the majority
of active MFS users, underscoring the role of mobile platforms in bridging financial access gaps
outside metropolitan centers. In 2019, rural users comprised 62.2 percent of active MFS
accounts, while urban users made up 37.8 percent, reflecting a 24.4 percentage point (pp) gap in
favor of rural areas. By 2024, the rural share decreased to 54.9 percent, while the urban share
increased to 45.1 percent, narrowing the urban-rural gap to just 9.8 [Link] represents a 17.2 pp
shift over five years, indicating a faster growth rate in active urban usage relative to rural areas
which indicates that mobile financial services continue to serve as a critical access point for
underserved populations in non-urban areas.

2.1.2 Internet Banking

The chart-3 indicates a steady expansion in the number of Internet banking accounts from
December 2019 to March 2025. Growth rose from 25.36% in 2019 to 43.82% by March 2025,
reflecting increasing digital adoption across the banking sector. This upward trajectory highlights
the impact of policy support for digital financial services, improvements in ICT infrastructure,
and growing consumer demand for convenient banking channels. While growth accelerated
between 2019 and 2022, it moderated slightly in 2023 (33.06%), before picking up again through
2024 and into early 2025.

2.1.3 Issued Cards

As of March 2025, 30.11% of Bangladesh’s total population is covered by issued cards,
including debit, credit, and prepaid instruments. These cards provide access to digital financial
services, enhancing transactional capabilities, online banking, and financial security for
individuals. The steady increase in card coverage from 10.97% in June 2019 to 30.11%
underscores notable progress in advancing digital financial inclusion and broadening access to
formal financial systems. However, the data also reveal that approximately 70% of the
population remains excluded from card-based financial services, emphasizing the need for
sustained policy efforts and targeted interventions to ensure inclusive access to financial services
for all segments of society (chart-4).

9
 Chart-3: Growth of Internet Chart-4: Percentage of the total
Banking accounts population covered by issued
50 cards
45
35.00% 30.11%
40
35 30.00% 26.87%
25.00% 22.75%
30
Percent

18.53%

Percent
25 20.00% 12.88% 15.33%
20 15.00% 10.97%
15
10.00%
10
5 5.00%
0 0.00%

Source: BB, BBS

2.1.4 Online Coverage of Bank Branches and accessibility

The banking sector in Bangladesh has undergone significant digital transformation over the
period from June 2019 to March 2025. The percentage of fully online bank branches increased
rapidly, with rural branches achieving full digital integration by June 2021, followed by urban
branches reaching 100 percent online by June 2023. This trend highlights the country’s
successful efforts to promote inclusive digital banking services across both urban and rural areas.

The number of commercial bank branches per 100,000 adults, an indicator of the physical
outreach of formal financial institutions, has shown a gradual upward trend in Bangladesh. It
increased from 6.07 in June 2019 to 6.70 by March 2025, reflecting modest but consistent
expansion in branch-based financial access across both urban and rural areas.

To drive financial inclusion further banks are increasingly extending their services by expanding
networks and services through sub-branches and agent outlets, rather than opening new full-
fledged branches, as a cost-effective strategy to expand their outreach. Therefore, branches per
100,000 adults should be studied considering existence of robust sub-branches and agent outlets
network.

2.2 Conventional Banking Access

Conventional banking— comprising physical branches, deposit accounts, and credit services —
has been instrumental in promoting financial inclusion in Bangladesh. The expansions of bank
branches and tailored financial products, such as no-frill accounts, have significantly improved
access to formal financial services, especially for rural and underserved populations. According

10
to Bangladesh Bank, the number of commercial bank branches increased from 10,375 in 2018 to
11,362 in 2024, enhancing physical accessibility to banking services (Table-1).

2.2.1 Overview of Conventional Bank Branches

The period from 2019 to 2024 witnessed steady expansion and enhanced outreach within
Bangladesh’s financial sector, characterized by the growth and consolidation of commercial
banks (CBs) Over these six years, the number of commercial banks increased slightly from 59 to
61, reflecting a stable yet gradually diversifying banking landscape. Commercial banks expanded
their branch network consistently, with branches growing from 10,568 in 2019 to 11,362 in
2024, thereby improving physical access to financial services across the country. This expansion
was complemented by a significant increase in deposit accounts, which surged from 109.79
million in 2019 to 156.12 million in 2024, underscoring notable progress in financial inclusion
and savings mobilization. Loan accounts in commercial banks also showed a positive trajectory,
increasing from 11.05 million in 2019 to a peak of 13.18 million in 2023, before a slight decrease
to 13.05 million in 2024, and 13.44 million in March 2025, reflecting sustained credit availability
to households and businesses amid evolving economic conditions (Table-1).
Table-1: Overview of Conventional Bank branches
Indicators 2019 2020 2021 2022 2023 2024 2025*
Number of Commercial banks 59 59 60 61 61 61 61
(CB)
Number of Commercial banks 10,568 10,671 10,939 11,139 11,284 11,362 11,362
branches
Number of Deposit Accounts by 109.79 119.69 126.45 133.41 147.65 156.12 165.71
CB (in Million)
Number of Loan Accounts in CB 11.05 11.09 12.15 12.43 13.18 13.05 13.44
(in Million)
Source: BB, *Up to March 2025

2.2.2 No Frill Accounts

In pursuit of inclusive financial access, the Bangladesh Bank (BB) has mandated banks to
provide no-frill accounts (NFAs) targeted at marginalized populations, including farmers, low-
income workers, and social safety net beneficiaries. These accounts can be opened with initial
deposits as low as BDT 10, 50, or 100, and are exempt from minimum balance requirements and
service fees, ensuring broad accessibility. To promote financial well-being among low-income
groups, these accounts offer preferential interest rates exceeding standard savings rates.
Complementing this initiative, School Banking Accounts (SBAs) enable students under 18 to
open savings accounts with an initial deposit of BDT 100, fostering early financial literacy and
inclusion. As of March 2025, the number of BDT 10 farmer accounts stands at 9.75 million, with
a dominant share in rural regions (7.43 million). As of March 2025, No-Frill Accounts have
reached over 28 million, holding nearly BDT 48.9 billion in deposits. Significant portions serve

11
social safety net beneficiaries (37%), farmers (37%), and the extreme poor (12%). Remittances
through these accounts total BDT 7.8 billion, highlighting their vital role in financial
inclusion(Quarterly Report on No-Frill Accounts, Bangladesh Bank).

School Banking

Between FY2019 and March 2025, the total number of SBAs increased from 1.74 million to 4.43
million, representing a growth of 154% over the period. Urban student accounts grew from 1.07
million in FY2019 to 2.08 million by March 2025. Meanwhile, rural student accounts expanded
from 0.67 million to 2.34 million, surpassing urban growth in absolute terms. This shift
highlights improved access to banking services in previously underserved rural regions. The
rural share of school banking accounts rose from 39% in FY2019 to over 53% in March 2025,
indicating significant progress in narrowing the geographic financial access gap among youth
(chart-5). This transition is attributed to Bangladesh Bank’s continuous monitoring for the
implementation of policies related to ‘School Banking’ and ‘School Banking Conference’.
Bangladesh Bank is hopeful that the growth of SBA(School Banking Accounts) will be
accelerated in future as recently it has issued a directive for Banks in March 2025 where each
branch required to engage with at least one nearby educational institution.

Chart -5: Total number of Chart-6 : Total School banking

Accounts of School Banking account as % total students number
5
4.5 2023
4
3.5 2022
In million

3
2.5 2021
2
1.5 2020
1
0.5 2019
0
2018

0 5 10 15 20 25

Urban Rural Total Percentage

Source: BB, BANBEIS *total students number is available up to 2023

12
Latest data shows in 03 months 5542 branches have already engaged with at least one or more
educational institutions as an impact of this intervention. The implementation of digital banking
tools, school banking conferences, and collaboration with the National Curriculum and Textbook
Board (NCTB) to integrate financial literacy into school curricula further contributed to the
observed uptake.

Bangladesh holds significant potential to enhance youth financial inclusion through its school
banking initiative. From just over 8% in 2018, the proportion of students with a school banking
account has nearly doubled, reaching close to 20% by 2023. This upward trend reflects growing
awareness and institutional support for early financial access. However, with over 80% of
students still unbanked, there remains significant room for growth (chart-6).

2.3 Agent Banking and Sub-Branch Banking

2.3.1 Agent banking

Agent Banking means providing limited scale banking and financial services to the underserved
population through engaged agents under a valid agency agreement, rather than a teller/ cashier.
It is the owner of an outlet who conducts banking transactions on behalf of a bank. This model
expands access to financial services in areas where traditional bank branches are scarce or
absent, providing services such as deposits, withdrawals, transfers, and microloans.

In Bangladesh, Bangladesh Bank has been instrumental in advancing agent banking as a tool for
financial inclusion. By setting clear regulatory guidelines and promoting partnerships between
banks and local agents, agent banking has created a decentralized network of service points. This
model has significantly increased financial access, with over 80% of agent outlets located in
rural areas, ensuring that low-income and marginalized populations can participate in the formal
financial system.

As of March 2025, rural areas continue to dominate agent banking in Bangladesh, with 85.54%
of accounts and 86% of total outlets located in these regions (chart-7). This distribution, largely
consistent since FY19, reflects targeted policy interventions aimed at extending formal financial
services to underserved populations and bridging urban-rural financial access disparities. The
stability of these figures highlights agent banking’s role as a key instrument for rural financial
inclusion.

13
 Chart -7: Area wise total Outlet Chart-8: Gender-wise Account
of Agent Banking Number of Agent Banking
120%
88% 88% 87% 86% 86% 86% 86% 62%
100% 51% 50% 50% 49% 49% 49%
49% 50% 50% 49%
46% 46%
80%

Percent
36%
Percent

60%

40%
1% 2% 4% 1% 1% 2% 2%
20%
12% 12% 13% 14% 14% 14% 14%
0%

Urban Rural Male Account Female Account others

Source: BB

Gender-disaggregated data shows a significant shift towards greater inclusiveness. While male
accounts accounted for 62% in FY19 and female accounts for 36%, by March 2025 this gap has
narrowed dramatically, with male and female accounts each comprising 49% of total accounts,
and 2% for others (chart-8).

2.3.2 Sub-Branch Banking

The number of bank sub-branches in Bangladesh increased steadily between December 2021 and
December 2024, rising from 2,613 to 4,661—an overall growth of 78%. This expansion reflects
Bangladesh Bank’s emphasis on improving physical access to financial services, particularly in
underserved and rural areas. The consistent growth trend also indicates strong compliance by
commercial banks with regulatory encouragement to extend outreach through lower-cost banking
infrastructure, such as sub-branches, rather than full branches. This has contributed significantly
to deepening financial inclusion at the community level (Table-2).

Table-2: Number of Sub-Branches in Bangladesh

Indicator Dec’2021 Dec’2022 Dec’2023 Dec’2024
Number of Sub-
2,613 3,483 3,656 4,661
Branches

2.4 Microfinance, Finance Companies (FCs) and others

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2.4.1 Microfinance institutions (MFIs)
Microfinance institutions (MFIs) in Bangladesh have been instrumental in bridging the financial
access gap left by the formal banking sector, particularly for low-income, rural, underserved and
hard-core poor people. Originating from grassroots poverty alleviation efforts in the 1970s, MFIs
have matured into an essential pillar of the country's financial inclusion ecosystem. They offer
microcredit, savings products, and socio-economic support programs to millions excluded from
traditional banking. Their core emphasis on empowering marginalized communities, especially
women has contributed not only to social inclusion but also to local economic development and
intergenerational poverty reduction.

As of December 2024, 724 licensed MFIs were operating across 26,071 branches nationwide,
serving over41.56million account holders, with 90% of these clients being women—a testament
to their central role in gender-responsive financial inclusion. These institutions held32.18 million
borrowers. MFIs also support income-generating activities across agriculture, livestock,
handicrafts, and small trade, enabling rural households to diversify livelihoods and build
economic resilience.

The Microcredit Regulatory Authority (MRA), established in 2006, has provided crucial
institutional oversight. It has enhanced transparency and accountability through regulatory
mechanisms such as the National Microfinance Database, the Depositors’ Safety Fund, and the
piloting of a Credit Information Bureau (CIB) for MFIs. These initiatives help protect vulnerable
clients and stabilize the sector during economic shocks.

Bangladesh Bank complements MRA's efforts through strategic policy alignment and integration
of MFIs within the broader national financial infrastructure. The central bank promotes synergies
between MFIs, banks, and digital financial service (DFS) providers, particularly through agent
banking and mobile financial services. By enabling DFS linkages and advocating for
interoperability, Bangladesh Bank ensures that even the most remote populations can access
financial services through convenient digital platforms.

Moreover, MFIs play a direct role in poverty alleviation by offering access to credit without
collateral, supporting income generation, and facilitating asset-building among the poor. Their
operations are aligned with the objectives of the National Financial Inclusion Strategy (NFIS)
and the Sustainable Development Goals (SDGs), particularly in reducing poverty (SDG 1),
reducing inequality (SDG 10) and promoting gender equality (SDG 5). Their ability to respond
flexibly to local contexts and provide social intermediation such as financial literacy training,
health education, and skill development—further distinguishes their contribution from traditional
lenders.

15
 Chart-9: Total No. of Branches of Chart-10: Trends in Borrowers and
Microfinance Institutions (MFIs) Loan Disbursement Growth of MFIs
30,000 35
25,000 30
20,000 25
20
15,000
Number

15
10,000
10
5,000 5
0 0
-5
2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

Total No. of Branches Total Borrowers (Million) Loan Disbursement growth

Source: MRA

The total number of MFI branches grew from 18,825 in FY2018–19 to 26,071 in FY2023–24,
reflecting a 38.5% increase in outreach infrastructure over six years. This upward trend reflects
the expanding footprint of Microfinance Institutions (MFIs) in reaching low-income and
underserved populations across the country (Chart-9). From FY2019 to FY2024, the total
number of microfinance borrowers increased steadily from 25.76 million to 32.17 million,
reflecting expanding outreach by Microfinance Institutions (MFIs). Loan disbursement trends,
however, show notable year-on-year fluctuations. After a contraction in FY2020 due to the
COVID-19 pandemic (-3.16%), the sector rebounded strongly with double-digit growth in
FY2021 (10.96%) and FY2022 (26.90%), peaking at 29.92% in FY2023 (Chart-10).This surge
highlights the sector's resilience and its growing importance in supporting livelihoods and
microenterprises during recovery periods. However, growth moderated to 4.90% in FY2024,
suggesting a possible stabilization or tighter credit environment.

2.4.2 Financial Companies (FC)

Between December 2021 and December 2024, the number of Financial Companies (FCs)
increased slightly from 34 to 35. Total deposits grew from Tk 425 billion in 2021 to Tk 480.2
billion in 2024. However, the number of deposit accounts increased significantly from over
2,10,315 to around 413,875. Similarly, total advances increased from Tk 671.6 billion to Tk
760.7 billion over the same period and the number of loan accounts increased from 1,96,745 to
208,409 by 2024.

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 Table-3: Key Financial Indicators of FCs
Indicator Dec 2021 Dec 2022 Dec 2023 Dec 2024
Number of FCs 34 35 35 35
Deposits
a) Total Deposits (billions Tk) 425.0 437.5 448.3 480.2
b) Number of Accounts 2,10,315 5,21,559 4,31,221 4,13,875
Advances
a) Total Advances (billions tk) 671.6 703.2 737.6 760.7
b) Number of Accounts 1,96,745 2,25,392 2,19,705 2,08,409
Source: Bangladesh Bank

2.4.3 Insurance Companies

Insurance plays a vital role in financial inclusion by providing a safety net that helps individuals
and households manage risks such as illness, accidents, and natural disasters. While often
overlooked compared to banking services, insurance enhances financial resilience and enables
long-term stability, especially for low-income and vulnerable groups. As part of a broader
inclusive financial system, access to insurance complements savings and credit by protecting
against shocks that can undermine economic progress.

The data provided covers two key financial sector indicators from 2020 to 2024: Number of
insurance companies and Number of Insurance Policy Holders (in millions). Between 2020 and
2024, Bangladesh's insurance sector experienced modest yet steady growth.

Table-4: Progress in Insurance Companies

Indicators 2020 2021 2022 2023 2024
Insurance Companies 79 81 81 81 82
Number of insurance
15.84 14.95 16.08 17.22 17.56
policy (in million)
Number of Insurance
Policy Holders (in 14.50 13.98 15.02 16.17 16.36
million)
Source: Bangladesh Bank

The number of insurance companies increased from 79 in 2020 to 82 in 2024, reflecting

regulatory stability and gradual market expansion. Over the same period, the number of
Insurance Policy Holders under insurance institutions rose from 14.50 million in2020 to 16.36
million in 2024, indicating a renewed interest in insurance-linked financial products. The number

17
of insurance policies in Bangladesh increased from 15.84 million in 2020 to 17.56 million in
2024, reflecting gradual progress in insurance penetration (Table:4). This upward trend in policy
numbers, despite slight fluctuations in 2021 due to covid-19 effect signals growing public trust in
the insurance sector as a component of the broader financial inclusion framework. The
introduction of ‘Bancassurance’ in 2023 gave the sector some momentum which is expected to
be continued in coming days.

2.5 Financial Literacy

Nationwide Financial Literacy Campaigns

To provide tailored financial literacy to target population, especially those who are marginalized
and underserved, Bangladesh Bank has issued Financial Literacy Guidelines in 2022. Banks and
Finance companies are conducting financial literacy programs country-wide under this guideline.
From January 2023 to December 2024 total 461,948 people received financial literacy physically
through 6243 programs of which 169,554 were female. Under the guideline, financial institutions
are using social media, website extensively to spread financial literacy in the digital sphere
especially targeted for young generation and rural people.

Curriculum integration in schools

In collaboration with the Ministry of Education, Ministry of Primary and Mass Education, and
the National Curriculum and Textbook Board (NCTB), Bangladesh Bank is embedding financial
education into the national curriculum. This strategic move aims to nurture responsible financial
behavior from an early age. Textbooks now include dedicated chapters on financial topics such
as money management, financial saving, planning and basic financial decision-making.

Celebrating Financial Literacy Week

Bangladesh Bank has been working with OECD/INFE to spread financial literacy to the
youngsters. In line with ‘Global Money Week’ of OECD/ INFE, banks and financial companies
in Bangladesh also celebrates ‘Financial Literacy Week’ in March every year.

Promoting Interoperable, Inclusive Payments through Bangla QR

To accelerate digital financial inclusion, Bangladesh Bank introduced the Bangla QR—a
universal quick response (QR) code standard that enables interoperable payments across banks,
MFS, and PSPs. It simplifies small merchant transactions, supports low-cost acceptance
infrastructure, and allows customers to pay using any mobile wallet or banking app.

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3. Bangladesh Bank’s Major Policy Interventions for Financial Inclusion
Bangladesh Bank (BB) has implemented a comprehensive suite of policies aimed at enhancing
financial inclusion across the country. These policy interventions are aimed to achieve three
primary objectives: ensuring access to financial services, promoting their usage, and improving
the quality of financial facilities. Below is a detailed narrative of these initiatives, supported by
references from BB's official publications and circulars.

Financial Inclusion:
Areas of
intervention

Improve quality
Access Usage
(Remove Barriers)

3.1 Ensuring Access to Financial Services

Bangladesh Bank has prioritized expanding the reach of financial services to underserved and
unbanked populations, particularly in rural and remote areas. Key initiatives include:

● Branch and Sub-Branch Expansion: BB has issued policies to encourage banks to

establish branches, sub-branches, business development centers, and evening banking
services in underserved regions. This strategy aims to bring formal banking services
closer to the rural populace, enhancing their access to financial products.
● Agent Banking Guidelines: Introduced in 2013, agent banking allows banks to provide
limited-scale banking and financial services through agents in remote areas where setting
up full-fledged branches may not be feasible. This model has significantly increased
banking outreach, particularly among marginalized communities.
● Introduction of e-KYC: The electronic Know Your Customer (e-KYC) system simplifies
the customer on boarding process by enabling digital verification of identity. This
initiative reduces paperwork and accelerates account opening, thereby facilitating easier
access to banking services.
● Mobile Financial Services (MFS): Launched in 2011, MFS platforms have revolutionized
financial transactions by allowing users to perform banking activities via mobile phones.
This service has been instrumental in reaching populations without access to traditional
banking infrastructure. It has also revolutionized the payment habit of people of
Bangladesh.

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 ● Digital Banking Initiatives: BB has approved guidelines for the establishment of digital
banks, aiming to provide end-to-end banking services through digital platforms. These
banks are expected to offer innovative, low-cost financial products, further enhancing
access to financial services.

3.2 Promoting Usage of Financial Services

Beyond access, BB focuses on encouraging the active use of financial services through various
programs:

● No-Frill Accounts: BB has mandated the provision of basic bank accounts with minimal
requirements, known as no-frill accounts, to facilitate banking for low-income
individuals. These accounts often require a nominal initial deposit and have no minimum
balance requirements, making them accessible to the economically disadvantaged.
● School Banking Accounts: Initiated in 2010 and formalized in 2013, the School Banking
program encourages students to open bank accounts, fostering early financial literacy and
savings habits. As of March 2025, there are over 4.4 million schools banking accounts,
with a significant portion from rural areas.
● Subsidized Credit Programs/Refinance Scheme: BB has introduced subsidized credit
schemes or refinances facilities targeting various sectors, including agriculture, SMEs,
and women entrepreneurs. These programs offer loans at reduced interest rates,
encouraging borrowing for productive purposes.
● Financial Literacy Programs: Recognizing the importance of informed financial decision-
making, BB has implemented various financial literacy initiatives. These include
integrating financial education into school curricula and conducting awareness campaigns
to educate the public about financial products and services using physical and digital
means.
● Customer Service and Complaint Management: To protect customer rights and strengthen
public trust in the financial sector, Bangladesh Bank introduced a structured Customer
Service and Complaint Management framework. The system was formed to promote
ethical service standards, enhance transparency, and ensure fair treatment across all banks
and financial institutions.
● Dedicated hotline: To enhance consumer protection and expand financial access,
especially in rural and underserved areas, Bangladesh Bank launched a dedicated hotline
(16236) for inquiries, complaints, and information on financial products and rights.
Alongside this, the Bangladesh Financial Intelligence Unit (BFIU) operates hotlines for
reporting fraud. Banks and MFS providers also offer 24/7 call centers, with BB
encouraging them to include financial literacy and complaint resolution services.

3.3 Improving the Quality of Financial Facilities

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To ensure that financial services are not only accessible and utilized but also of high quality and
of low/no barriers, BB has undertaken several measures:

● Financial Literacy Guidelines (FLGs): Issued in March 2022, the FLGs provide a
framework for banks and financial institutions to develop and implement financial
literacy programs. These guidelines cover topics such as savings, borrowing, financial
planning, and consumer protection.
● Consumer Protection Measures: BB has established grievance redress mechanisms to
address customer complaints and ensure fair treatment. These measures aim to build trust
in the financial system and encourage continued usage of financial services.
● Digital Transformation: By promoting digital banking and payment systems, BB seeks to
enhance the efficiency, security, and convenience of financial services. This includes the
adoption of technologies like AI and block-chain to streamline operations and improve
customer experiences. Importantly, digital transformation is also reducing cost barriers by
lowering the need for physical infrastructure, cutting transaction costs, and enabling
banks and financial institutions to deliver affordable services.
● Open Banking Initiatives: BB is exploring open banking frameworks that allow for
secure data sharing among financial institutions. This initiative aims to foster innovation,
provide personalized financial products, and enhance competition in the financial sector.
● Monitoring and Supervision Enhancements: To maintain the integrity and stability of the
financial system, BB has strengthened its supervisory frameworks. This includes regular
monitoring of financial institutions to ensure compliance with regulations and the
adoption of best practices.

3.4 National Financial Inclusion Strategy (NFIS): Driving Inclusive Growth

Bangladesh's National Financial Inclusion Strategy (NFIS), launched for the period 2021–2026,
serves as the country’s comprehensive roadmap to expand inclusive access to financial services.
It outlines 12 strategic goals and 69 measurable targets, covering areas such as digital finance,
gender inclusion, rural access, and consumer protection. To ensure effective implementation, the
NFIS Administrative Unit (NAU) was established in 2021 under Bangladesh Bank. As of now,
97 percent of the NFIS goals have been either fully or partially implemented.

Digital tools like the NFIS Tracker website and the Women’s Financial Inclusion Data (WFID)
Dashboard have improved transparency and monitoring, enabling data-driven policymaking.
Overall, the NFIS has significantly accelerated outreach to underserved populations, reduced
gender and geographic gaps, and strengthened the foundation for a more inclusive and resilient
financial system.

3.5 Recent intervention by BB in 2025

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 CMSME Loan Quota for Women Entrepreneurs: All scheduled banks and financial
institutions in Bangladesh must ensure that at least 15% of their total CMSME (Cottage,
Micro, Small & Medium Enterprises) loan portfolio is allocated to women entrepreneurs in
every year. This quota is part of Bangladesh Bank’s broader strategy to promote inclusive
access to finance and to empower women in the CMSME sector. Institutions are required to
incorporate this target in their annual business plans and ensure progressive implementation
through proper monitoring and reporting mechanisms (BB circular, 17/03/25).
 Mandatory School Engagement through School Banking: As per the circular issued on 16
March 2025, Bangladesh Bank instructed all scheduled banks to ensure that each branch
actively engages with at least one nearby educational institution. This initiative aims to
strengthen student participation in financial services through school banking and deepen the
roots of financial literacy among the youth.
 Agent Banking Expansion for Women: To enhance women’s access to financial services
and women’s economic empowerment, Bangladesh Bank instructed scheduled banks to
ensure that at least 50% of newly appointed agents under agent banking are women as per
circular dated 08 May 2025.
 Revised Refinance Scheme for Marginalized Groups: Banks are required to allocate 25%
of total loans under this scheme to women borrowers. The interest rates have been reduced,
and the fund size expanded to BDT 7.5 billion. (BB circular: 01/2021, updated in 2025).

4. Gender-Inclusive Financial Inclusion

Bangladesh Bank has prioritized gender-inclusive financial inclusion as a core component of its
national strategy. To close the gender gap in access and usage of financial services, the Bank has
implemented several institutional, financial, and policy-based interventions. One major step is
the establishment of Women Entrepreneurs Development Units (WEDUs) and Women
Entrepreneurs Dedicated Desks (WEDDs) in all banks and financial institutions. These units are
designed to support women entrepreneurs through guidance, loan facilitation, and financial
literacy.

Bangladesh Bank has also introduced and operationalized the Women’s Financial Inclusion Data
(WFID) Dashboard, which provides real-time, sex-disaggregated data to track progress, identify
gaps, and guide gender-responsive policy. This dashboard, developed in collaboration with
Consumer CentriX and supported by international partners, is the first of its kind in South Asia.
To enhance women's access to credit, BB mandated that 15% of CMSME loans be allocated to
women entrepreneurs by 2029. Additionally, several dedicated refinance schemes have been
introduced, including the BDT 30 billion Small Enterprise Refinance Scheme (SERS) for
women. Women are also prioritized in COVID-19 recovery refinance schemes, no-frills account
initiatives, and credit guarantee facilities. Beyond credit, Bangladesh Bank promotes collateral-

22
free lending of up to BDT 2.5 million for women entrepreneurs and offers incentives for timely
loan repayment.

Bangladesh has witnessed steady progress in women’s financial inclusion over the past six years,
reflected in both deposit and credit account ownership among female clients in the commercial
banking sector.

Table-4: Women's Financial Inclusion Data

Year 2019 2020 2021 2022 2023 2024

Indicators Number of Deposit Accounts and Insurance Policies

female-owned deposit 33.45 36.77 39.47 47.24 51.59 55.32
accounts (millions)
as % total deposit 30 31 31 35 35 35
accounts of commercial
bank
Number of Loan Accounts
female-owned loan 918480 923740 1802699 2017660 2309681 2152796
accounts
as % total loan accounts 8.31 8.33 14.83 16.23 17.53 16.49
of commercial bank
Source: BB

The number of female-owned deposit accounts grew significantly from 33.45 million in 2019 to
55.32 million by 2024. As a share of total deposit accounts in commercial banks, women’s
participation rose from 30% in 2019 to 35% by 2024. The growth in female-owned loan accounts
was even more pronounced. Between 2019 and 2024, the number of such accounts more than
doubled—from 918,480 to over 2.15 million. The share of female-owned loan accounts in total
commercial bank loan accounts rose from 8.31% in 2019 to 16.49% by 2024. This nearly
twofold increase reflects focused policy efforts to expand women’s access to credit, including
collateral-free lending, dedicated refinance schemes, and SME loan quotas mandated by
Bangladesh Bank.

5. Policy Recommendations and Way Forward

To sustain and accelerate progress in financial inclusion, Bangladesh must address persistent
barriers related to access, gender gaps, consumer protection, and rural outreach. The following
policy recommendations offer a strategic roadmap to build a more inclusive, interoperable, and
resilient financial ecosystem. These measures focus on expanding access, reducing digital

23
transaction costs, strengthening regulatory frameworks, and ensuring that underserved groups—
particularly women, youth, and rural populations—can fully participate in the formal financial
system.
1. Reduce Cost Barriers to Digital Financial Services (DFS)

 Lower internet charges for DFS users through government-regulated pricing tiers or zero-
rated financial applications.
 Partner with mobile operators to offer subsidized data bundles for verified financial
transactions.
 Promote affordable smartphone schemes (e.g., micro-leasing, smart feature phones)
through PPP models to bridge device affordability gaps.

2. Expand and Modernize Consumer Protection Mechanisms

 Fully enforce and revise Bangladesh Bank’s Guidelines on Customer Services and
Complaint Management, ensuring uniform complaint cells at all service levels.
 Promote transparent fee structures, fraud alerts, and secure digital authentication practices
in collaboration with DFS providers.

3. Scale Up National Bangla QR for Inclusive Payments

 Expand Bangla QR (e.g., KTM) acceptance among small and informal merchants by
simplifying registration and offering incentive schemes for QR-based transactions.
 Promote merchant on boarding campaigns in rural markets and local businesses with low
setup cost solutions.
 Enable interoperable use of Bangla QR across all banks and wallets, reducing friction and
building consumer trust.

4. Address Gender Gaps in Financial Inclusion

 Undertake policy measures to reduce gender-gap in account ownership and ensure

sufficient financial products in the market to cater the need of this segment.
 Ensure enforcement of the 15% CMSME loan quota for women entrepreneurs.
 Expand collateral-free lending programs, subsidized credit for women and increase
female representation in branch-level advisory and outreach desks (WEDD).
 Partner with NGOs and MFIs to deliver financial literacy and digital on boarding
programs tailored for women, especially in rural and conservative areas.

5. Increase Financial and Digital Literacy

 Scale up financial education in schools, integrating practical learning with savings tools
like school banking accounts.
 Launch nationwide digital financial literacy campaigns through television, radio, and
mobile platforms, targeting youth, women, and first-time users.

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  Engage community influencers and local government to address social norms that
discourage women’s financial participation.

6. Improve Accessibility for Rural and Marginalized Populations

 Expand agent banking, mobile wallet usage, and subsidized ATM deployment in
underserved unions and remote areas.
 Leverage postal and union digital centers as last-mile access points for banking and
financial awareness services.

7. Bridging financial inclusion gap in the SAARC region

By sharing country experiences and data through the SAARCFINANCE network, the SAARC
region can transform fragmented efforts into a coordinated, evidence-based strategy—enabling
targeted actions and accelerating progress toward inclusive financial access for all.

 Bangladesh’s gender gap in financial inclusion remains high at about 20% in account
ownership, compared to lower gaps in Nepal and Sri Lanka (Source: World Bank Global
Findex 2021). Bangladesh can adapt these approaches to better reach women in rural and
urban areas, addressing socio-cultural barriers and boosting women’s access to formal
finance.
 Bangladesh’s efforts to implement a national QR code system to unify digital payment
methods have faced challenges, leading to slower adoption compared to countries like
India and Bhutan. Sharing experiences and best practices from these countries can help
Bangladesh enhance its digital payment infrastructure and fully leverage digital financial
services to advance financial inclusion.
 Advancing financial literacy and preventing cyber security and & fraud risk in the
country from the lesson learned by SAARC countries.
 Ensuring access to credit for marginal and underserved people as well as cottage and
micro entrepreneurs by developing common policy framework.
 The SAARCFINANCE network’s joint research initiatives and harmonized surveys
(modeled after the Global Findex by World Bank) can provide critical, high-quality data
that is comparable across countries, revealing nuanced barriers that individual nations
alone might overlook.
 Through joint peer learning and experience sharing among central banks via
SAARCFINANCE, the SAARC region can unite efforts and accelerate inclusive
financial access.

6. Conclusion

This paper has analyzed Bangladesh’s financial inclusion progress from a central banking
perspective, highlighting substantial advancements driven by Bangladesh Bank’s proactive

25
policies and the National Financial Inclusion Strategy (NFIS) 2021–2026. Through digital
innovation, targeted regulation, and inclusive financial infrastructure, access to formal financial
services has expanded significantly, particularly via mobile financial services, agent banking,
and no-frill accounts.

Notable gains include increased outreach to rural populations, women, and youth, supported by
initiatives such as e-KYC, school banking, and gender-focused credit programs. The use of sex-
disaggregated data and financial literacy campaigns has further strengthened inclusion outcomes
and accountability.

However, challenges persist. Gaps remain in service usage, digital access, financial capability,
and consumer protection—especially among low-income and marginalized groups. Addressing
these requires a focus on interoperability, affordability, regulatory innovation, and last-mile
delivery mechanisms.

Bangladesh’s experience offers a replicable model for other emerging economies, particularly in
South Asia. Continued investment in inclusive digital ecosystems, supported by data-driven
policies and cross-sector collaboration, will be essential to ensure financial inclusion translates
into long-term economic empowerment and sustainable development.

26
Reference

1. Finance Division, Ministry of Finance. (2021). National Financial Inclusion Strategy

(NFIS) of Bangladesh 2021–2026. Government of the People's Republic of Bangladesh.
2. Bangladesh Bank. (2022). Financial Literacy Guidelines For Banks and Financial
Institutions.
3. Bangladesh Bank. (2025, March 17). CMSME loan quota for women entrepreneurs
(Circular No. BB/2025/17).
4. Bangladesh Bank. (2025, March 16). School banking engagement circular (Circular No.
BB/2025/16).
5. Bangladesh Bank. (2025, May 8). Expansion of agent banking for women (Circular No.
BB/2025/08).
6. Bangladesh Bank. (2024). Bangladesh Women's Financial Inclusion Data (WFID)
Dashboard. Bangladesh Bank. [Link]
7. Bangladesh Bank. (2024). Annual report 2023–2024.
8. Bangladesh Bank, Financial Inclusion Department. (2025). Quarterly report on agent
banking: January–March 2025.
9. Bangladesh Bank, Financial Inclusion Department. (2025). Quarterly report on no-frill
accounts: January–March 2025. Bangladesh Bank.
10. Microcredit Regulatory Authority. (2024). Microfinance in Bangladesh: Annual
statistics, June 2023. Government of the People's Republic of Bangladesh.
11. World Bank. (2022). The Global Findex database 2021: Financial inclusion, digital
payments, and resilience in the age of COVID-19.
12. OECD/INFE. (2023). Global Money Week Report. Organisation for Economic Co-
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13. ConsumerCentriX & Bangladesh Bank. (2024). Women’s Financial Inclusion Data
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14. SAARCFINANCE country paper on Financial Cooperation and Inclusion in South Asia.
Published on 2015

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