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UNDP, Bank Asia innovate together for social safety net payments
Bank Asia Limited and the United Nations Development Programme (UNDP) on Sunday signed a Memorandum of Understanding (MoU) to jointly support easier access to social safety net payments through digital financial inclusion.
This new partnership is a ‘groundbreaking’ initiative aiming to bring financial safety payments and services at the doorstep, including providing financial literacy, which will specifically benefit the rural population, said both the UNDP and Bank Asia.
“In the continuous efforts to reach Bangladesh’s development goals within the Agenda 2030 and the 7th Five-Year Plan, involvement of all sectors, especially the private sector is essential,” said UNDP Bangladesh Country Director Sudipto Mukerjee.
President and Managing Director, Bank Asia Md Arfan Ali said this is a prime example of the private sector designing inclusive business models and services moving beyond corporate banking business.
“The partnership will expand bank account adoption, consequently accelerating the pathway out of poverty for approximately 10,000 people in the first two years.”