BB receives ‘Global Youth Financial Inclusion Award-2024’

Bangladesh Bank (BB) has received the “AFI Global Youth Financial Inclusion Award-2024” for playing a significant role in increasing the financial inclusion of the youths.

The award was given to the central bank at a meeting of the Alliance for Financial Inclusion (AFI) global policy forum held recently in the Central American country of El Salvador, said a BB press release on Sunday, reports BSS.

The AFI, an international alliance of policymakers and regulators on financial inclusion, presents the prestigious “AFI Global Youth Financial Inclusion Award” for the financial sector.

Several activities of the central bank have been considered to increase the financial inclusion of the youth society of the country in awarding the award.

The central bank has developed financial literacy guidelines for banks and financial institutions.

According to these guidelines, banks and financial institutions have conducted various activities to ensure the coverage of certain categories of students and youths and to ensure their financial literacy.

Bangladesh Bank has formed a start-up fund to provide loans to entrepreneurs aged 21 to 45 years of the country.

A separate website (https://finlit.bb.org.bd) has been launched to provide financial literacy and ensure consumer interest. Apart from this, an initiative has been taken to add a chapter on financial literacy in the national curriculum.

On the other hand, 4.3 lakh school bank accounts have been opened in various banks through conducting nationwide school banking activities.

The central bank has taken initiatives to reduce gender inequality in the financial sector by ensuring the participation of female students in school banking. Currently, the rate of female students with school banking accounts is 48.9 percent.

Apart from this, loans are being provided under a refinancing scheme to school banking account holders for training, skill-based occupations, and business management.