To understand and discuss the opportunities that Microfinance Credit Information Bureau (MF-CIB) brings, Business Finance for the Poor in Bangladesh (BFP-B) programme organized a virtual Closing Event today at 11:00 AM, funded by the Foreign, Commonwealth and Development Office of the UK Government.
Senior Secretary Financial Institutions Division, Ministry of Finance, Md. Ashadul Islam was the Chief Guest while Deputy Team Leader of FCDO Afsana Islam, Deputy Governor of Bangladesh Bank Kazi Sayedur Rahman were Special Guests on the occasion.MRA Executive Vice Chairman Md. Fashiullah was also connected to the meeting presided by BFP-B Senior Advisor and Team Lead Rabeya Yasmin.
Senior Secretary Financial Institutions Division Ashadul Islam said, “This sector industry works with clients from the informal sector, which is why we do not have proper access to the information generated with this sector. Since, we do not have their information, we are unable to reach them and they are mostly left out from the facilities provided to the formal sector”
“The objective of Microfinance Credit Information Bureau is to collect the credit related information of the microfinance sector and manage and utilise them to provide credit related services. The availability of proper information about loan borrowers and their credit history is crucial to the success of MF CIB”, he added.
MRA Executive Vice Chairman Md. Fashiullah mentioned that, “by analyzing and using the credit information from MF-CIB and subsequently developing the microfinance sector, we will take forward the Prime Minister’s vision of poverty and a hunger free, developed Bangladesh and the Father of the Nation’s dream of a prosperous Golden Bengal.”
Former Governor of Bangladesh Bank, Dr. Atiur Rahman stated, “Data is the strength and biggest capital of the economy and Data Management is the key to implementing artificial intelligence in Bangladesh. He also emphasized saying, “Microfinance can play an inclusive role in the dream we see to exit the pandemic crisis”.
Private Sector Advisor FCDO -Afsana Islam said, “Information asymmetry has always been a problem in the microfinance sector. With the help of UK aid, we hope The Microfinance credit information bureau will bring a huge change to small borrowers in Bangladesh.”International Expert of MF-CIB Jim Aziz, Head of Global Practices of Nathan Associates Buddhika Samarasinghe, Former Governor of Bangladesh Bank Dr. Atiur Rahman and Additional Secretary of Financial Institutions Division, Ministry of Finance Arijit Chowdhury also connected to the session.
BFB-B started working with the Microcredit Regulatory Authority (MRA) with technical support from Bangladesh Bank on the implementation of the MF-CIB since 2018. Over the past 31-month period, the programme has supported and completed all the major activities necessary to establish what would be another historic milestone towards widening and deepening financial inclusion in Bangladesh.