Financial inclusion is a key element of social inclusion, particularly useful in combating poverty and income inequality by opening blocked advancement opportunities for disadvantaged segments of the population. Economists at a discussion on Tuesday said that Bangladesh lagged far behind in expanding financial inclusion, infrastructure development and government policy support to improve the situation. The higher tax rate is one of the major barriers to the expansion of financial inclusion in the country. Economists said, difficult access to localities, demand-induced impediments and supply-led bottlenecks are the major barriers to financial inclusion.
According to the EIU global Microscope report 2020, Bangladesh ranked 44 out of 55 countries in overall financial inclusion and is ranked 48 out of the 55 countries in the consumer protection index. The Economist suggested the government should upgrade all databases for landscape development. There is digitally huge potential in all sectors in the country with some challenges. However, we have to resolve our weaknesses. The Economist called upon mobile financial organisations to ensure transparency and good governance in their services for the sake of mass people. As the economic circumference of Bangladesh is developing day by day, all people should come under financial inclusion.
Income disparity is increasing vastly in the country. So, the government should take the proper initiative to reduce it. The disparity may decline if financial inclusion goes up. We should include all people including the poor and women under digital financing services. Without the financial inclusion of the poor and marginal community people, the government cannot ensure overall development and reduce inequality. Amid the growing inequality in terms of income and consumption, the government should be worried and chalk out a plan to overcome inequality by including all in the development journey. On the 50th anniversary of the country, inclusive development is still a challenge and all should come tighter to overcome the hurdles.
