The Daily Star (TDS): Why is school banking pivotal for individual development and national advancement?

The Daily Star (TDS): Why is school banking pivotal for individual development and national advancement?

The Daily Star (TDS): Why is school banking pivotal for individual development and national advancement?

School banking, a key financial inclusion initiative spearheaded by the central bank, has shown steady progress, as evidenced by the increasing number of accounts and the growing volume of deposits. Despite ongoing economic challenges, such as rising inflation, the nationwide popularity of school banking reflects the success of efforts undertaken by banks.

The Daily Star (TDS): Why is school banking pivotal for individual development and national advancement?

Students aspiring to pursue higher education abroad typically transfer their expenses—such as university or college admission fees, tuition, and accommodation costs—through local banks. To facilitate these transactions, a foreign currency transaction file, commonly referred to as a ‘student file,’ must be opened at the bank. Banks can open these files across their authorised dealer (AD) branches.

When a 10-year-old Faiha spent all her hard-earned allowance on a colourful doll, the cashier’s question—“Won’t you save some for next time?”—made her pause. Puzzled, she looked at her nearly empty wallet and realised she had not thought beyond this purchase.

The Daily Star (TDS): Why is school banking pivotal for individual development and national advancement?

The Daily Star (TDS): Why is school banking pivotal for individual development and national advancement?

In Bangladesh, school banking schemes are transformative initiatives fostering financial literacy and saving habits among students. Launched following a 2010 circular by Bangladesh Bank, these programs engage banks and schools to teach young learners essential skills in money management, budgeting, and investing.

The Daily Star (TDS): Why is school banking pivotal for individual development and national advancement?

The Daily Star (TDS): Why is school banking pivotal for individual development and national advancement?

The Daily Star (TDS): Why is school banking pivotal for individual development and national advancement?

The Daily Star (TDS): Why is school banking pivotal for individual development and national advancement?

The Daily Star (TDS): Why is school banking pivotal for individual development and national advancement?

Overview of school banking in Bangladesh

In Bangladesh, where digital transformation is rapidly reshaping everyday life, financial literacy among the younger generation has never been more important.