Digital Financial Service Lab

ICT Division aims to develop inclusive payment ecosystem through ‘EkPay’ The Information and Communication Technology (ICT) Division is taking strides to create a reliable and inclusive payment ecosystem through the payment aggregator ‘EkPay.’ This initiative is designed to allow people to pay utility bills, education fees, and government institution fees t

Do you believe that information campaigns hold the potential to enhance digital financial inclusion? Our research indicates they do. A collaborative effort between a2i and IPA (Innovation for Poverty Action) conducted a study to assess the effects of information campaigns on the utilization of digital financial services among vulnerable recipients of cash transfers in Bangladesh. The focus was on individuals receiving social safety net allowances from the Bangladesh Government. The implementation of informational materials such as posters, desk calendars, and videos demonstrated significant improvements in recipients' awareness, comprehension, and utilization of mobile money accounts for government-to-person (G2P) payments. Furthermore, our survey revealed that these straightforward information campaigns, coupled with enhanced agent services, can yield positive outcomes for the recipients.

For those interested in delving deeper, our a2i website now hosts a blog providing succinct yet insightful information. A quick perusal can equip you with essential knowledge on the subject.

https://a2i.gov.bd/a2i-publications/boosting-digital-financial-inclusion-through-information-campaigns-in-bangladesh/

"Ami Probbashi" app in collaboration with the Aspire to Innovate (a2i) programme of the government has trained entrepreneurs of digital centers to enhance services for expatriates.

300 entrepreneurs from across the country were trained on government and BRAC services available on the Ami Probashi platform.

Project Director of a2i, Mr. Mamunur Rashid Bhuiyan was present as the chief guest while BRAC migration programme head, Shariful Hasan was the special guest at the programme, held at the Dak Bhaban in the capital recently.

We are pleased to let you know that we have recently conducted 3 different researches with the technical assistance of Innovation Consultancy.

Titled:
1. Innovations in Digital Financial services for MSMEs in Bangladesh.
2. Financial Literacy in Bangladesh: A Gender-Specific Analysis of National Status.
3. Understanding Financial Inclusion: A demand-side study on the uptake and usage of financial services among the poor population in Bangladesh.

These reports will give you some crucial insights into the

1) Recent advancements in digital financial services for Bangladeshi MSMEs.
2) Current scenario of financial literacy from a gender perspective.
3) Existing financial services utilized by the underprivileged & how it is impacting the financial inclusion of Bangladesh.

All three reports are now available on our a2i website. If you want to learn more about it, you may take a look at it. The links are as follows:

https://a2i.gov.bd/a2i-publications/innovision_report-on-msme-dfs
https://a2i.gov.bd/a2i-publications/gender-centric-financial-digital-literacy-assessment
https://a2i.gov.bd/a2i-publications/understanding-financial-inclusion

On October 2, 2023, a2i hosted a workshop at the ICT Tower Agargaon in Dhaka, titled "Discussion and Consultation Workshop with Regulatory Agencies and Policy Makers on the Implementation of the National Financial Inclusion Scorecard." This event received technical assistance from Microsave Consulting (MSC).

The workshop brought together key representatives from significant organizations, including the Bangladesh Bank, Finance Division, Economic Relations Department, Microcredit Regulatory Authority, Bangladesh Securities and Exchange Commission, Insurance Development and Regulatory Authorities, as well as various other government bodies.

The primary objective of utilizing this Financial Inclusion Scorecard (FI Scorecard) is to empower decision-makers with enhanced tools for formulating more suitable policies. These policies aim to bridge gender disparities, provide essential financial services to the underprivileged, and promote the growth of micro, small, and medium-sized enterprises.

The "Aspire to Innovate (a2i) Programme," of the ICT Division of Bangladesh, has received an Honorable Mention in the "Fintech Innovation of the Year in "PAYMENT" category at the 2nd Bangladesh Fintech Awards presented by Mastercard Bangladesh. This recognition is for their outstanding innovation, "EkPay." The event was powered by bKash Limited and in association with Mutual Trust Bank Limited, উপায় (upay), BASIS, and The Daily Star.

Mr. Zunaid Ahmed Palak, MP, Hon'ble State Minister, ICT Division, Govt. of the People's Republic of Bangladesh graced the occasion as Chief Guest In his address, he mentioned, “Bangladesh has been able to set some good examples regarding our progress towards building a more inclusive economy through fintech. As we have marched forward to create a Smart Bangladesh by 2041, fintech lies at the core of this vision. We must continue our efforts to spread the advantages of fintech to rural areas to ensure a Smart Economy all over Bangladesh. I believe this accolade will inspire our industry leaders to align more comprehensively with the shared goal of Bangladesh.”

Witness the brightest minds in the Fintech industry as they showcase their game-changing solutions that will reshape the financial landscape!

The award giving ceremony of the Fintech Innovation Challenge was a phenomenal showcase of financial Innovation. We congratulate the winners and applaud every participant for their outstanding ideas that will transform financial services in Bangladesh and beyond.

The winners were selected as the best entrepreneurs based on three innovative ideas contributions to gender-sensitive and women-friendly financial solutions, financial inclusion, and reducing financial vulnerabilities for CMSMEs. FinLab BD, a joint effort of a2i - Aspire to Innovate, UN Capital Development Fund, and MicroSave organized the event, celebrating the winners of the ‘Women's Financial Inclusion Challenge’ and the ‘Enabling access to finance for CMSMEs Challenge’. The startup's Dana Fintech, Mutual Trust Bank Ltd., and Apon Wellbeing Ltd received funding of BDT 75 lakhs, BDT 50.75 lakhs, and BDT 50 lakhs, respectively. FinLab BD will extend continuous support and monitoring for the implementation of their ideas, under the supervision and technical guidance of the Regulatory Fintech Facilitation Office (RFFO) of Bangladesh Bank.

Witness the brightest minds in the Fintech industry as they showcase their game-changing solutions that will reshape the financial landscape!

The award giving ceremony of the Fintech Innovation Challenge was a phenomenal showcase of financial Innovation. We congratulate the winners and applaud every participant for their outstanding ideas that will transform financial services in Bangladesh and beyond.

The winners were selected as the best entrepreneurs based on three innovative ideas contributions to gender-sensitive and women-friendly financial solutions, financial inclusion, and reducing financial vulnerabilities for CMSMEs. FinLab BD, a joint effort of a2i - Aspire to Innovate, UN Capital Development Fund, and MicroSave organized the event, celebrating the winners of the ‘Women's Financial Inclusion Challenge’ and the ‘Enabling access to finance for CMSMEs Challenge’. The startup's Dana Fintech, Mutual Trust Bank Ltd, and Apon Wellbeing received funding of BDT 75 lakhs, BDT 50.75 lakhs, and BDT 50 lakhs, respectively. FinLab BD will extend continuous support and monitoring for the implementation of their ideas, under the supervision and technical guidance of the Regulatory Fintech Facilitation Office (RFFO) of Bangladesh Bank.

Witness the convergence of innovation and impact at the grand FinTech Innovations Challenge award ceremony, an extraordinary collaboration orchestrated by Aspire to Innovate (a2i), United Nations Capital Development Fund (UNCDF), and MSC (MicroSave Consulting) on the 24th of July 2023.

📣Save the date!

Aspire to Innovate (a2i), United Nations Capital Development Fund (UNCDF), and MSC (MicroSave Consulting) will jointly host the award ceremony of the FinTech Innovations Challenge on 24th July 2023.

Prepare to be inspired by the relentless dedication of the Financial Innovation Lab Bangladesh (FinLab BD), as they strive to uplift communities and realize the ambitious Sustainable Development Goals (SDGs) through an avant-garde digital financial services ecosystem. With their innovative solutions, they seek to surmount Bangladesh's developmental hurdles today.

The cohort will help startups and incumbents build sustainable business models and contribute to achieving SDGs in Bangladesh. Winners will receive capacity development training on government regulations and policies, market validation, training and mentorship and an equity-free prize worth up to BDT 10 million!

Let the collective forces of a2i - Aspire to Innovate, United Nations Capital Development Fund (UNCDF), and MSC resonate with the spirit of financial inclusion, as they pave the way for a digitally empowered era. Embrace the future with unwavering optimism, and join the transformative financial inclusion and fintech movement.

The month-long 'Smart Bangladesh: Smart Services Campaign and Smart Services Delivery' at People's Doorsteps, organized by a2i, reached its culmination with the prestigious award ceremony recognizing the outstanding achievements of entrepreneurs from the Digital Center. a2i awarded the Smart Entrepreneurs of Digital Center, presenting crests and financial rewards to the most exceptional entrepreneurs who excelled during the campaign period, from 11th November to 10th December 2022.

In an effort to promote gender equality, one woman and one man from each district were bestowed with this esteemed award as the best entrepreneurs. a2i had nominated a total of 140 male and female entrepreneurs from all across the country for this recognition. Notably, the 'Smart Bangladesh: Smart Service Campaign-2022' was auspiciously inaugurated by the Honorable Minister of State for Information and Communication Technology, Mr. Junaid Ahmed Polok, on the one-year anniversary of the Digital Center, with the aim of extending digital services to the grassroots level.

Throughout the month-long campaign, the entrepreneurs from 8,663 digital centers rendered an impressive total of 78,72,294 e-services. The transactions during this period amounted to approximately 107 crore rupees, with remittances accounting for 67 crore rupees. Furthermore, the campaign facilitated the opening of 51,699 digital bank accounts, including 17,784 accounts for female customers. Additionally, 3,104 individuals with special needs were served, ensuring inclusive access to digital services.

a2i and 10 reputed fintech institutions of the country recently convened for the Ekpay Partner's Meetup, followed by a significant MoU signing ceremony. The purpose of this MoU was to establish a collaboration between a2i and the fintech institutions, aiming to integrate all types of service fees through Ekpay across diverse fintech platforms.

The a2i-Aspire to Innovate Bangladesh has established digital centre-based agent banking points in all the categories of UDC, PDC, CDC, SDC, UPDC, ZPDC and eksheba digital centre points accordingly. which aim is to ensure universal financial inclusion.

a2i also launched a Digital centre based on 263 expatriate help desk points in most of the Expatriate zone in Bangladesh to increase the financial literacy of expatriate communities and foster the best practice to receive the remittance through legal channels.

Digital Centre, Bangladesh is one of the major parts of this remarkable achievement.

Digital Financial Service Lab
Digital Centre, Bangladesh
a2i-Aspire to Innovate Bangladesh
Financial inclusion