Innovation & Development Associates (iDEA) Foundation works with development partners, independent research, policy analysis, advocacy, advisory and project implementations with a focus on the socioeconomic development of Bangladesh.
iDEA organized a seminar on “Role of MFS in Enhancing Financial Inclusion in Bangladesh” to discuss the role and significance of Mobile Financial Services (MFS), reads a press release.
The chief guest in the seminar, Mustafa Jabbar, Minister, Posts and Telecommunications Division, attended the event along with Md Mezbaul Haque, Executive Director, Bangladesh Bank, Dr Lila Rashid, Former Executive Director, Bangladesh Bank, Kamal Quadir, CEO, bKash, Dr Ahsan Mansur, Executive Director, Policy Research Institute and Kazi M Aminul Islam, Chairperson, iDEA Foundation and former Executive Chairman, Bangladesh Investment Development Authority (Bida).
The host of the event, Mohammad Shahidul Haque, Secretary, iDEA Foundation and former senior secretary, gave a welcome speech to start off the event.
The open discussion was moderated by Vice Chairman, iDEA Foundation and former Principal Secretary and Principal Coordinator (SDG Affairs) Md Abul Kalam Azad.
In the seminar, a research paper by IDEA Foundation, funded by Bill and Melinda Gates Foundation, was presented by Kazi M Aminul Islam, Chairman, iDEA Foundation and Hussain A Samad, Deputy Secretary and Lead Researcher, iDEA Foundation.
In his welcome speech, Mohammad Shahidul Haque, iDEA Foundation Secretary said: “iDEA is a non-profit and non-political organization and our main aim is to work for the overall development of the country. If MFS is accelerated, it will play a supportive role in the implementation of our 17 SDG goals and by 2041, Bangladesh will achieve the expected success. Through this seminar, we hope that everyone will get an idea about the outstanding role of mobile financing in increasing the financial inclusion of Bangladesh.”
The chief guest, Mustafa Jabbar, Minister of Posts, Telecommunications & Information Technology said: "Bangladesh is making great progress in terms of technology. We have gone from being one of the backward countries to being a country that keeps pace with the advancement of technology in the rest of the world. The telecom industry will establish modern civilization for us.”
“Bangladesh government has managed to bring almost 98% of the country under 4G facilities, for which the country's telcos deserve praise. Along with this, we are working to strengthen digital security in the country. The general public of the country is playing the biggest role in the revolution that is taking place in the MFS sector today,” he added.
“I would appeal to concerned institutions to keep up the progress in this department to make it more advanced, easier and safer for public welfare. One scheme that I would particularly like to see involves creating money-saving benefits in mobile banking services. I am hopeful that our countrymen will work together to build Digital Bangladesh a Smart Bangladesh,” he further said.
Md Mezbaul Haque, Executive Director, Bangladesh Bank said: "Bangladesh can be called the world champion in mobile banking services. The biggest achievement of this service is making financial transactions accessible and easy to people from all walks of life, especially people from remote areas who are deprived of banking facilities. MFS has undoubtedly made the country's economic sector stronger and more accessible."
Hussain A Samad, Deputy Secretary and Chief Researcher, iDEA Foundation said: "Financial inclusion is not only about financial access, but we must also check whether this service is viable, feasible and effective for long-term use. 59% of adult men and women worldwide and 43% in Bangladesh do not have a bank account.”
“Additionally, poor people in remote areas did not even have access to banking services. Now MFS has completely changed that, by giving rural people easy access to financial benefits. A good sign of a country's advancing development is when people from all walks of life achieve financial transaction facilities,” he added.
Md Abul Kalam Azad, Vice Chairman, iDEA Foundation said: "We would actually like to get everyone's suggestions, opinions and cooperation regarding today's discussion. Even though the concept of mobile banking is relatively new in the context of Bangladesh, it has already gained wide popularity and will play a groundbreaking role in shaping the future of the country.”
“Rural or remote areas have more mobile banking users than traditional banking services. We hope this sector will grow further and enrich the banking experience of the country's people,” he added.
Kazi M Aminul Islam, Chairperson, iDEA Foundation concluded the seminar by saying, the keynote study discusses how affordable financial services can bring about economic growth in developing countries like Bangladesh.
The key prospects for this change include bridging the gender gap in financial inclusion, enhancing children's welfare, lowering financial risks, increasing savings and generating new business opportunities.