The World Bank Group’s (WBG) Universal Financial Access 2020 (UFA2020) envisions that all adults worldwide will have access to a transaction account or an electronic instrument to store money, send payments and receive deposits by 2020.
The lack of financial inclusion is a pressing issue in Bangladesh, and women are disproportionately excluded: only 26% of women have accounts at financial institutions. Mobile financial services (MFS) are well positioned to deliver financial services to segments that can prove prohibitively expensive for banks, such as women in rural areas. Despite the strong growth of the mobile financial services (MFS) market, only 6% of women have MFS accounts. Continue reading