Consultation for National Financial Inclusion Strategy for Bangladesh (NFIS-B): Insights from Insurance Sector Study


Business Finance for the Poor in Bangladesh (BFP-B) and INAFI held a consultation with insurance sector to get feedback about key issues of insurance sector to consider in NFIS-B.

A consultation with the representatives from Insurance sector was held on November 30, 2017. The event was jointly organised by INAFI Bangladesh and Business Finance for the Poor in Bangladesh (BFP-B) Project funded by the UKaid/DFID. The purpose of the consultation was to get feedback from representatives of insurance sector about Insurance sector study and key issues to consider about Insurance sector in NFIs-B. The Insurance subsector study was conducted as a part of developing the National Financial Inclusion Strategy for Bangladesh (NFIS-B) that is led by Dr. Mustafa K. Mujeuri as Team Leader.

The insights and key findings of Insurance sector to be considered for NFIS-B was presented by Mr.Rashed Al Hasan, Policy Manger, Business Finance for the Poor in Bangladesh (BFP-B) Project. Representatives from insurance companies, banks, Microfinance Institutions (MFIs), Bangladesh Post Office and Mobile Telecom Operator participated in the consultation and share their valuable input which will be analysed and incorporated in the strategy paper.

Mr. Atiqun Nabi, Executive Director, INAFI Asia and Bangladesh graced the event with welcome speech. Among the discussants present were Mr. S.N. Kairy, Chairperson, INAFI Bangladesh and Treasurer, BRAC University and Mr. Md. Abdul Awal, Executive Director, Credit and Development Forum (CDF). Dr. Mustafa K. Mujeuri, Team Leader, Business Finance for the Poor in Bangladesh (BFP-B) Project shared the strategic priorities and next steps for National Financial Inclusion Strategy for Bangladesh (NFIS-B) and Ms. Afsana Islam, Private Sector Development Advisor, DFID Bangladesh highlighted the role of DFID in financial inclusion.

UKaid, through DFID and their programme Business Finance for the Poor in Bangladesh (BFP-B), supports the partnership activities aiming for an inclusive insurance sector and increase access to finance through enabling regulatory environment.

About INAFI Bangladesh

INAFI Bangladesh is the country chapter of global INAFI (International Network of Alternative Financial Institutions), a network of development practitioners. It is registered in Bangladesh from NGO Affairs Bureau under the foreign donation act 1978 as well as from Joint Stock Companies and Firms under societies act XXI of 1860 INAFI envisions a world where the poor are empowered and ensured sustainable livelihood with dignity. INAFI has more than 300 NGOs/ MFIs globally as members and 28-member NGOs/ MFIs in Bangladesh. It has been working formally in Bangladesh since 2003 on various thematic issues like microfinance, migration and development, mainstreaming gender, micro-insurance among others with the fundamental view to contribute to the development sector (MFIs/NGOs) of the country by adding values as well as to benefit its Member Organizations (MOs) by intervening through innovations, capacity building, research, technical assistances, knowledge management and building alliances for advocacy & networking.

InsuranceSajid Chowdhury