According to them, lack of adequate information, common notion of process complexities, poor cooperation from lenders and unavailability of collateral are some of the reasons behind this.
The roundtable titled 'Bridging the gap: Regulation and practices for better credit access to women entrepreneurs' was held at a city hotel on Sunday.
With support from the Bill & Melinda Gates Foundation, an international organisation MicroSave Consulting (MSC) hosted the event participated by leaders from regulatory bodies, the banking sector, policymaking circles, and academia.
The event also marked the culmination of MSC's Women Business Diaries (WBD) project. This initiative seeks to address the unique financial needs of women entrepreneurs through gender-intentional product design and action research.
The roundtable featured dynamic discussions on policy, innovation, and the role of financial institutions in enhancing women's access to credit.
Moderated by Abhishek Anand, MSC partner, a panel discussion focused on "Leveraging policy for financial product innovation to accelerate access to financial services for women."
Panelists included Nawshad Mustafa, director, SMESPD, Bangladesh Bank; Farzana Khan, general manager, SME Foundation; Dr. Chowdhury Saima Ferdous, professor, Department of International Business, University of Dhaka; and Md. Shafquat Hossain, deputy managing Director & Head of Retail Banking, Mutual Trust Bank PLC.
The event also featured a fireside chat moderated by Snigdha Ali, Bangladesh Country Lead for Financial Services for the Poor at the Bill & Melinda Gates Foundation.
The participants of the session were Syed Mahbubur Rahman, managing director and CEO of Mutual Trust Bank PLC; Sohail RK Hussain, president and managing director of Bank Asia PLC; and Syed Abdul Momen, deputy managing director and head of SME at BRAC Bank PLC.
Sohail RK Hussain emphasised the bankers providing a comfortable feel when women entrepreneurs approach them.
Having more women as bankers and agents on the ground has made a significant difference in reaching female customers, he said.
"It is not just about offering financial products but creating a welcoming and supportive environment that encourages women to engage with formal financial institutions," he said.
Syed Mahbubur Rahman said collaboration between banks, FinTechs, and development organisations is key to enhancing financial access for women.
"By combining our resources and expertise, we can create innovative solutions that meet the specific needs of women entrepreneurs and ensure they have the tools to succeed," he said.
A key highlight of the event was the dissemination of findings from MSC's Women Business Diaries (WBD) project, which monitored the financial and non-financial lives of women entrepreneurs over a 21-month period.
The presentation was shared by Ayushi Misra, project manager at MSC. According to it, only eight per cent of surveyed women entrepreneurs take loans from banks whereas 55 per cent borrow from microfinance institutions (MFI).
The event concluded with a call to stakeholders to continue their efforts to make financial services more inclusive and accessible.
MSC is a consulting firm that has advanced financial, social, and economic inclusion across more than 50 countries including Bangladesh for more than 25 years.
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