Financial Inclusion in Bangladesh Through Mobile Financial Services: a case study on marginal agricultural peoples of Bangladesh
Hossain, Iqbal (2023)
Hossain, Iqbal
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023120433844
https://urn.fi/URN:NBN:fi:amk-2023120433844
Tiivistelmä
In Bangladesh, financial inclusion has been a decades-long journey to include segments of the population with limited access to formal finance. This journey began with microcredit and has since evolved to cover all aspects of financial inclusion—from access, usage, to quality. Today, the use of mobile phones for financial transactions is commonplace in Bangladesh. People are accustomed to digital financial services, agent banking, branchless banking, and mobile money although marginal people from the agriculture sector lagged from digital services. The thesis aimed to use mobile financial services to develop a sustainable system for farmers in rural regions.
In this research report, an attempt will be made to understand the customer journey of a marginal agriculturist, and their pains and gains will be identified to improve digital mobile services for financial inclusion in Bangladesh. This study explored the complexities of improving financial inclusion through technological interventions, focusing on the transformative potential of Mobile Financial Services (MFS) for marginal farmers in Bangladesh. The study looked at the MFS market as it is now, assessed the particular difficulties that farmers confront, and offered a thorough list of suggestions for raising the effectiveness and accessibility of services.
Using a qualitative methodology that integrates the Business Model Canvas (BMC) and Service Design, the study clarified the existing MFS usage patterns, preferences, and restrictions among marginal farmers. It pointed out important obstacles include small rural agent networks, intricate transaction procedures, inadequate integration with farming operations, and a dearth of customized financial solutions.
The investigation's key findings showed that although MFS has advanced significantly in urban environments, its adoption in rural agricultural domains is still developing. The report emphasized how important it is to strategically extend agent networks into rural areas, streamline transaction processes, and incorporate MFS into the larger agricultural value chain. It also highlighted the creation of tailored financial products to meet the complex requirements of the agriculture industry.
The report suggested a symbiotic strategy that includes strong infrastructure, government cooperation, policy support, and financial literacy programs created especially for marginal farmers to close the gaps that have been found. To promote MFS acceptance and continuous use, it also emphasized the significance of user-centric service design, which incorporates feedback loops and the function of incentive programs.
The study ends with a proposal for an inclusive MFS model that highlights the significance of gender concerns and includes women, who are vital to family financial management and agriculture. The study's goal of creating a more inclusive financial ecosystem that can support marginalized farming communities in Bangladesh's economic development and empowerment is summarized in the abstract.
In this research report, an attempt will be made to understand the customer journey of a marginal agriculturist, and their pains and gains will be identified to improve digital mobile services for financial inclusion in Bangladesh. This study explored the complexities of improving financial inclusion through technological interventions, focusing on the transformative potential of Mobile Financial Services (MFS) for marginal farmers in Bangladesh. The study looked at the MFS market as it is now, assessed the particular difficulties that farmers confront, and offered a thorough list of suggestions for raising the effectiveness and accessibility of services.
Using a qualitative methodology that integrates the Business Model Canvas (BMC) and Service Design, the study clarified the existing MFS usage patterns, preferences, and restrictions among marginal farmers. It pointed out important obstacles include small rural agent networks, intricate transaction procedures, inadequate integration with farming operations, and a dearth of customized financial solutions.
The investigation's key findings showed that although MFS has advanced significantly in urban environments, its adoption in rural agricultural domains is still developing. The report emphasized how important it is to strategically extend agent networks into rural areas, streamline transaction processes, and incorporate MFS into the larger agricultural value chain. It also highlighted the creation of tailored financial products to meet the complex requirements of the agriculture industry.
The report suggested a symbiotic strategy that includes strong infrastructure, government cooperation, policy support, and financial literacy programs created especially for marginal farmers to close the gaps that have been found. To promote MFS acceptance and continuous use, it also emphasized the significance of user-centric service design, which incorporates feedback loops and the function of incentive programs.
The study ends with a proposal for an inclusive MFS model that highlights the significance of gender concerns and includes women, who are vital to family financial management and agriculture. The study's goal of creating a more inclusive financial ecosystem that can support marginalized farming communities in Bangladesh's economic development and empowerment is summarized in the abstract.
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