B’desh wins award for school banking at House of Lords

B’desh wins award for school banking at House of Lords

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Bangladesh has won the Child and Youth Finance International (CYFI) Country Award, 2015 from Asia and the Pacific region, leaving India
and Fiji behind for massive financial inclusion activities,particularly in the area of school banking.The award was officially handed over by Valerie Georgina Howarth,Baroness Howarth of Breckland, OBE, a renowned British politician and
member of the House of Lords, at the 4th Annual CYFI Awards Ceremony,held at the House of Lords in London on 10 December 2015, said a press release.On behalf of Bangladesh Bank, Executive Director Md. Abdur Rahim received the award.CYFI is a Europe based global network of 36 million children and youth across 125 countries that works for enhancing the financial capabilities of children and youth.While conferring the award, Lady Howarth highly appreciated Bangladesh’s success towards embracing nearly one million school students into the formal financial system with significant deposit size.She said that despite being a developing country, Bangladesh is a pioneer in financial inclusion; the innovative multi-stakeholder approach of Bangladesh Bank has made the school banking program a huge success.Launched in 2010 with a circular from Bangladesh Bank, school banking has emerged as one of the core components of the financial inclusion programs, said the release.  Students can now open bank accounts with initial deposits of only Taka 100 (USD 1.25) with no charges/fees applicable on such accounts. More
than 900 thousand such accounts have been opened so far with total deposits of around USD 90 million. Even working Street Children have
also been brought into the net of formal financial system in 2014, it added. -UNB

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