Credit for low- and moderate-income people in Bangladesh—can new-age banks and FinTechs deliver the regulator’s wish?
The waves of digitization and technological advancements have led to the opening of MFS accounts for 60% of the population in Bangladesh. The country now boasts more than 1.1 million agents. Despite the widespread use of MFS and internet access, only 9.1% of people access the formal credit system. Digital credit can be a stepping-stone in Bangladesh due to the lower cost of delivering credit through digital means, combined with the mass digital readiness of consumers. Several solutions have emerged from banks, NBFIs, FinTechs, MFSPs, MFIs, and development partners, such as City Bank’s “Nano Loan” product pilot to Prime Bank’s loan product for blue-collar workers. Together, stakeholders are trying to forge partnerships to address problems around access to credit and social development in Bangladesh.
Inclusive FinTechs in Francophone Africa: Mali country report
Mali is a frontier market for FinTechs. The ecosystem comprises 18 FinTechs, 11 enablers funding partners.
The Malian Government understands the need to strengthen the entrepreneurship ecosystem. It is in the process of creating policies to utilize digital solutions. This will require investment in skills, education, and support of the startup sector backed with strong mentors.