Ensuring greater financial inclusion

A significant portion of the population remains unbanked due to the perceived complexity and apprehension associated with initiating banking relationships, particularly in rural areas. For emerging entrepreneurs, securing bank loans is arduous due to exorbitant interest rates and the collateral required, which many lack. Women, in particular, face substantial difficulties in obtaining loans. Small and medium enterprises (SMEs) are vital to our economic framework, especially given the acute deficiency in job creation that drives many to venture into entrepreneurship.

Nonetheless, these individuals often struggle with securing capital without collateral and navigating affordable repayment schedules. Thankfully, NGOs and micro-lenders are playing a pivotal role in helping entrepreneurs realise their aspirations and effect transformative changes in a relatively short time. To cultivate a more conducive entrepreneurial ecosystem, it is imperative to simplify and enhance access to financial resources. When successful entrepreneurs create employment, it helps alleviate the burden on youths who might otherwise spend time and energy searching for jobs and becoming frustrated at their inability to secure one.

Rafid Alam, Dhaka

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