Improved financial literacy may lead to economic gains

০৭ ই সেপ্টেম্বর, ২০১৫ বিকাল ৪:৫০

Bangladesh Bank (BB) has long been laying emphasis on the financial inclusion and financial literacy programmes to involve the majority population in financial services to help achieve the national goal of poverty alleviation and inclusive development of the country

The concept of microfinance started to get popularity as a successful poverty alleviation method since 1904. More than 100 years later, it is now being used as an effective mechanism to reduce poverty of poor, ultra-poor and marginalised people. Bangladesh has made commendable progress in alleviating poverty and hunger in the country as it is maintaining satisfactory economic growth over the last more than two decades since 1991. It needs to ensure equal economic opportunities for all to ensure sustainable development of this poor country. Financial literacy on the part of the rural and urban low-income people is essential for them to be conscious about the perpetual debt-trap that may harm them to the extent of losing whatever resources they have in their possession in repaying loans. It is alleged that micro-credit receivers often have to sell their resources to repay loans or become fugitives out of the fear of the micro-credit givers when they fail to repay loans. Financial literacy may help the rural and urban poor to come out of facing such a miserable consequence while taking micro-credit loans from MFIs.

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