BRAC Bank, MicroSave ink MoU to promote digital financial inclusion

BRAC Bank has signed a memorandum of understanding (MoU) with MicroSave, a global consulting firm specialising in market-led solutions for financial services, to collaborate on enhancing digital financial inclusion in the country.

Syed Abdul Momen, deputy managing director and head of SME banking of the bank, and Graham AN Wright, group managing director of the consulting firm, inked the MoU at the bank's head office in Dhaka recently, read a press release.

Under the MoU, BRAC Bank and MicroSave will work together to design, develop, and implement innovative and customer-centric digital financial products and services, leveraging the bank's extensive network of branches and agents and MicroSave's expertise in digital finance and customer research.

The partnership aims to increase access to and usage of formal financial services by the underserved segments of the population, such as low-income households, women, youth, and micro, small and medium enterprises (MSMEs).

BRAC Bank and MicroSave will also explore opportunities to conduct joint research, training, and advocacy activities to promote best practices and knowledge sharing on digital financial inclusion in Bangladesh and beyond.

Among others, Mohammad Jakirul Islam, head of strategic alliance and digital financial service of the bank, and MKM Wahid Uddin, manager for Bangladesh operations at MicroSave Global Consulting, were also present.