BRAC Bank: Pioneering financial inclusion of women in Bangladesh

The economic progress of a nation is closely tied to the active involvement of its population in economic endeavours. With Bangladesh ranking 8th globally in population size, women constitute half of this vast demographic.

Therefore, fostering gender parity in workplace participation is crucial for Bangladesh's economic advancement. Among the numerous financial institutions in the country, BRAC Bank stands out for its dedicated efforts toward fostering women's inclusion and engagement across diverse sectors, particularly in finance, reads a press release. 

BRAC Bank firmly believes that true progress is unattainable in any nation without fostering the active participation, empowerment, and inclusion of women in the workforce, alongside creating conducive environments for their growth. With a steadfast commitment to this goal, BRAC Bank has been at the forefront, leading efforts to foster women's participation and empowerment across various domains, including financial, social, advocacy, and collaborative initiatives.

BRAC Bank is a financial institution that champions women's advancement in every sphere. They prioritize fostering a supportive, collaborative, and safe workplace environment for female employees. Simultaneously, the bank is committed to empowering female customers by offering specialized banking services promoting their independence and financial security.

On March 8, International Women's Day will be observed with the theme of "Inspire Inclusion'. On the occasion, BRAC Bank, as a steadfast advocate for women's advancement, highlights some of its initiatives tailored to empower women:

'TARA' – A Specialized Banking Segment for Women

BRAC Bank proudly introduces 'Tara,' a unique banking segment dedicated to meeting the specific needs of women customers in Bangladesh. 'Tara' offers a comprehensive range of banking solutions conveniently delivered to women's doorsteps nationwide.

This specialized banking segment, 'Tara,' aims to empower women from all walks of life, including businesswomen, entrepreneurs, and homemakers. By providing preferential interest rates on savings accounts, dedicated current accounts for women entrepreneurs, competitive rates on business and retail loans, and reduced processing fees, 'Tara' ensures unparalleled support for women.

Moreover, 'Tara's customers enjoy exclusive privileges at branch desks and cash counters, premium banking services, and specialized assistance through call centres and partner outlets, enhancing their banking experience.

Beyond banking services, 'Tara' plays a pivotal role in promoting financial independence among women. Through comprehensive financial planning assistance and various training programs and workshops, 'Tara' empowers women to achieve their life goals and fulfil their aspirations.

One notable initiative by 'Tara' is the 'Entrepreneur 101' program, designed to train aspiring female entrepreneurs and foster economic empowerment among women in society. For women freelancers, there is a specialized program titled 'Shabolombi TARA', under which BRAC Bank provides free training to more than 1,600 women in 8 Divisions of the country to help them fulfil their dreams of becoming freelancers.

Through 'Tar,' BRAC Bank is not just providing banking services; it's catalyzing women's empowerment and fostering a more inclusive and prosperous society.

Before 2017, there was no formal banking platform for women in the country. BRAC Bank pioneered this specialized platform for women. The bank's pioneering effort in establishing 'Tara' has garnered domestic and international recognition, earning numerous prestigious awards and accolades.

● Women's Market Champion Engagement Asia Award (2017, 2018, 2019)

● Global SME Finance Award— Women-owned SME Bank of the Year (2019)

● MasterCard Excellence Award (2019)

● Best Bank for Women Entrepreneurs Platinum (2021), Silver (2023)

● Business Award for Transformational Finance Solutions (2021)

● Data Champion Award (2022)

● SDG Brand Champion Award in Women Empowerment (2023)

● Engagement Champion Award (2023)

Internal TARA Forum: Empowering Female Co-workers at BRAC Bank

A dedicated platform known as the 'TARA Forum' within BRAC Bank has been established for women employees. This forum is vital for career development and professional growth, facilitating knowledge exchange, networking, and mentorship among women employees. The primary aim of this initiative is to establish BRAC Bank as the most woman-friendly bank in Bangladesh. With a membership exceeding 1,200 women officers, 'TARA' is the largest platform for female bankers within the private sector.

The 'TARA' forum members convene regular discussion sessions, providing a platform for women employees of BRAC Bank to address internal or external challenges facing the institution. They voice their concerns and seek solutions through the' TARA' helpline. As an integral part of the BRAC family, BRAC Bank has consistently championed women's rights and empowerment and fostered a supportive work environment for women.

Leading Recruiter of Women in the Banking Sector 

With a workforce exceeding 10,000 employees, BRAC Bank is committed to gender diversity, with women constituting 16% of its workforce—a steadily rising figure. Notably, women's representation extends to key leadership positions, with three women serving as directors on the board. Additionally, women's voices are amplified through initiatives such as women's marches held at significant locations within the institution. BRAC Bank proudly boasts the distinction of having the nation's inaugural and sole female Chief Technology Officer (CTO). This unique positioning solidifies BRAC Bank as the preferred choice for women pursuing careers in banking. Notably, the bank has established itself as a sustainable institution and thrives through the equitable engagement and participation of both genders.

Preferential Rates of Women for Deposits and Loans

Many women in our nation remain underserved by the formal financial sector. In alignment with the United Nations Sustainable Development Goals, BRAC Bank has implemented numerous initiatives to empower and uplift women, aiming to enhance their participation in the financial realm and foster inclusive economic growth. To prioritize this objective, BRAC Bank extends special consideration to women in terms of Deposits (DPS) or Fixed Deposit Receipts (FDR) and in the realm of loans. 'Tara' customers receive preferential treatment, with higher interest rates offered for DPS or FDR, surpassing industry averages, and lower rates for loans, falling below industry standards. The bank has earned its utmost trust by serving over 300,000 women customers with convenient banking solutions.

Leading the Way in Empowering Women Entrepreneurs

In the remote regions of Bangladesh, a growing number of women are venturing into small and medium-scale enterprises, marking a steady rise in women entrepreneurship. However, a major hurdle these initiatives face is the challenge of securing finance. As a bank focused on supporting small and medium enterprises (SMEs), BRAC Bank undertakes various initiatives to foster the development of women entrepreneurs. Alongside providing specialized financing facilities, the bank aims to ensure the success of women-led SME initiatives. For instance:

● Over 95% of loans extended to women-owned SMEs by banks are collateral-free.

● Facilitating financing for over 900 women-led SMEs every month.

● Conducting training programs such as 'Uddokta 101', 'Amrai TARA', and 'Shabolombi TARA' to foster the growth of women-owned SMEs.

● Creating opportunity to develop women entrepreneurs' sales, marketing and networking skills by organizing 'TARA Uddokta Mela' that helps promote the products of women SMEs.

● BRAC Bank represents a quarter of all loans disbursed to women-owned SMEs within the country's private banking sector, with 72% of these borrowers being women entrepreneurs without prior loan experience.

● Annually, the bank extends over BDT 1,600 crore in collateral-free loans to women-led SMEs.

● Currently, women constitute 47% of the workforce within 'TARA'-affiliated SMEs, directly providing employment opportunities to 27,620 women.

BRAC Bank's role in the development of indigenous women entrepreneurs is commendable. Under the initiative of 'Amrai Tara', the bank has organized various trainings and workshops for more than 130 tribal women entrepreneurs in the hill tracks throughout the last year. As a result, women in the region contribute to self-employment and create employment for others.

Ensuring Digital Financial Inclusion of Women 

The presence of female customers across the bank's digital channels is now significantly noticeable and steadily growing. Introducing the 'Astha' digital banking app signifies a ground-breaking advancement within the banking sector. The application offers seamless usability and remarkable speed, efficiently catering to nearly all daily banking requirements of users. Presently, it boasts 542,360 active users, with women constituting 18% of the total user base.

In addition to the 'Astha' app, women's engagement across other bank digital channels is experiencing notable growth. Leveraging its extensive network, BRAC Bank conducts various programs and workshops year-round to enhance women's digital presence nationwide. BRAC Bank has secured funding from the US-based Bill & Melinda Gates Foundation to enhance digital and financial inclusion for women entrepreneurs. This support will bolster efforts to expand and fortify strategic goals, focusing on amplifying digital presence, facilitating financing options, enhancing market accessibility, and providing capacity-building initiatives for marginalized women.

Safeguarding Women's Health & Wellness 

At BRAC Bank, prioritizing the well-being of women, whether they are customers or employees, is paramount. With a focus on nurturing the health of 'Tara' customers, the bank hosts a variety of programs throughout the year to ensure their physical and mental well-being. During these programs, esteemed doctors from domestic and international backgrounds offer expert guidance accessible to customers through complimentary registration. Additionally, BRAC Bank provides appealing health insurance packages free of charge for 12 months tailored for 'Tara' customers, enabling them to access virtual consultations with doctors at their convenience. Another remarkable initiative of BRAC Bank is the breast cancer awareness program that benefits 'Tara' customers in various aspects related to breast cancer.

BRAC Bank has implemented various initiatives catering to female customers and female staff members. In particular, the bank is committed to promoting its female employees' physical and mental well-being through offerings such as yoga classes, access to gyms, provision of day-care centres, and special interactive sessions.

Women's contribution to the nation's holistic development is steadily on the rise. Their increasing involvement in pivotal sectors such as finance propels economic growth and elevates Bangladesh's global standing. BRAC Bank remains steadfast in its dedication to furthering this positive trajectory. BRAC Bank believes that fostering the balanced inclusion of this significant human resource is pivotal for thriving development. In alignment with Sir Fazle Hasan Abed's vision, the bank is committed to realizing equal rights and opportunities for women, thereby contributing to the advancement of society.