3 institutions awarded for innovations to raise women participation in financial sector

Three institutions have been awarded for innovative ideas to develop women-friendly solutions to increase institutional participation of women in the country's financial transactions and to protect micro, small, cottage and medium (CMSME) entrepreneurs.

FinLab BD, a joint venture of a2i, the United Nations Capital Development Fund (UNCDF) and MicroSave Consulting (MSC), awarded the institutions in a ceremony organised at the auditorium of the Bangabandhu Military Museum in the capital on Monday (24 July), reads a press release. 

Md Mezbaul Haque, executive director and spokesperson of Bangladesh Bank, handed over the prizes to the winners as the chief guest. ala Uddin Ahmed, chief executive officer of MetLife Bangladesh, and Selim RF Hussain, managing director of BRAC Bank Limited, were present as special guests. Md Mamunur Rashid Bhuiyan, project director (joint secretary) of a2i, presided over the event.

Three innovators with the best digital solutions for financial inclusion are Dana Fintech, Mutual Trust Bank (MTB), and Apon Wellbeing. A demo cheque of Tk75 lakh was awarded to Dana Fintech, Tk50.75 lakh to MTB, and Tk50 lakh to Apon Wellbeing for innovative ideas. 

Ideas will be tested and implemented under the supervision of the Bangladesh Bank.

Dana Fintech will develop a credit scoring system through their innovation that will create financial accessibility for small and medium enterprises to get loans digitally. Mutual Trust Bank, through their innovative idea of 'Daylight Loan' will create a financial loan model through which small businessmen will get the opportunity to take loans every day. They can take a loan in the morning and repay it before sunset. As a result, small and medium traders can expand their businesses. Meanwhile, Apon Wellbeing will create an omnichannel platform through which garment workers, especially women, will come under financial inclusion. They will be able to purchase and store daily products through this platform in their garment factories. At the same time, they will have the facility of saving and taking loans through it.

Out of 123 innovative ideas from across the country, three were shortlisted for the award by an esteemed panel of judges through several stages, including initial screening, bootcamp, grooming, and a technical evaluation panel.