Financial Inclusion
Zaytoon Business Solutions is actively working towards financial inclusion by leveraging its network of 250 Village Digital Booths and strategic partnerships to deliver essential financial services in rural areas. Here’s an overview of how they operate to achieve financial inclusion:
Expanding Financial Access through Village Digital Booths
Zaytoon has established 250 Village Digital Booths across targeted regions, including Telkupi, Durduri, Dampura, and Jagirpara. These booths act as access points where rural communities can receive essential banking and financial services, such as cash deposits and withdrawals, account opening, remittances, bill payments, and digital payment solutions.
Agent Banking for Remote Areas
Zaytoon collaborates with financial institutions like Mutual Trust Bank PLC and Brac Bank PLC to offer agent banking services. The Village Digital Booths function as mini-bank branches, extending services like account management, cash transactions, loan disbursement, and other basic banking facilities to areas with limited banking infrastructure. This brings financial services closer to those who are underserved or unbanked.
Promoting Digital Payments through ‘Bangla QR’
To encourage cashless transactions, Zaytoon promotes the use of the Bangla QR system, which allows small merchants to accept digital payments via a singular QR code. The digital booths help onboard and train local merchants and customers on using mobile financial services (MFS) and mobile banking apps to make payments. This initiative is key in moving rural communities towards a cashless economy.
Providing Access to Remittance Services
The digital booths also serve as key access points for receiving both domestic and foreign remittances. Zaytoon’s partnership with financial institutions enables efficient remittance distribution in rural regions, helping families receive money sent from abroad securely and promptly.
Training and Awareness for Financial Literacy
Zaytoon actively engages in training programs to educate the local population about the benefits of financial inclusion, such as opening a bank account, using digital payments, and managing their finances. Through these awareness initiatives, Zaytoon aims to build trust in formal financial services and improve financial literacy among rural communities.
Targeting Women and Marginalised Groups
Recognizing the importance of inclusive growth, Zaytoon’s digital booths prioritise reaching women and marginalised communities who often face barriers to accessing financial services. Special outreach programs and tailored products help address the unique needs of these groups, empowering them with financial independence.
Empowering Local Entrepreneurs
Zaytoon uses its digital booths to empower rural entrepreneurs by offering them the opportunity to become agents or service providers. Entrepreneurs who operate the booths gain a source of income while playing a crucial role in advancing financial inclusion in their communities.
Partnerships for Microfinance and Credit Facilities
Zaytoon collaborates with banks and microfinance institutions to provide small-scale credit and micro-loan facilities through their digital booths. This allows local farmers, small business owners, and individuals to access the financial support they need for growth and sustainability.
Fostering Trust through Transparency and Security
Zaytoon’s focus on maintaining regulatory compliance, implementing security measures, and offering transparent services ensures that rural customers can trust the financial services provided. This trust-building effort is crucial for increasing adoption and usage.
Impact of Financial Inclusion efforts:
By establishing 250 Village Digital Booths and focusing on agent banking, digital payments, remittances, financial literacy, and outreach, Zaytoon Business Solutions is enabling financial inclusion in rural Bangladesh. Their efforts contribute to bridging the gap between formal financial institutions and rural populations, empowering them with greater economic opportunities and financial stability.
In essence, Zaytoon Business Solutions’ commitment to financial inclusion revolves around making financial services accessible, secure, and inclusive for everyone in rural Bangladesh.
Agent banking is the latest innovation in banking services available in Bangladesh aiming to provide formal banking services to the unbanked. The aim is to provide a secure alternative delivery channel of banking services to the underprivileged and under-served population who live in remote locations.
Mr. Arfan Ali, the founding Chairman of “Zaytoon Business Solutions” is the pioneer of Agent Banking in Bangladesh. He has promoted “Financial Inclusion” of the un-served and unreached people of the country, and worked tirelessly to include them in the financial ecosystem.
However, despite Bangladesh Bank directives, banks have not been able to successfully deliver banking services to the rural and secluded population through agent banking outlets. Zaytoon Business Solutions in association with a2i project of the Government has taken the initiative to deliver all financial and other e-services, including agent banking services so that village people do not need to go elsewhere for the services.