The Daily Star (TDS): What is the current level of women's engagement as employees and customers in the banking sector?

Sohail R K Hussain (SRKH): Regarding women's engagement in the banking sector—both as employees and customers—significant gaps persist. As of December 2023, women constituted only 16.37% of the total workforce in Bangladesh's banking sector. On the customer side, as of September 2024, female customers owned 37% of total deposit accounts and 19% of total loan accounts.

To improve this situation, banks must foster an environment where women can participate on an equal footing with their male counterparts. While each gender has unique strengths, organizations must recognize these differences and implement policies that actively support women, such as anti-harassment policies and inclusive workplace initiatives.

Women make up 51% of Bangladesh's population, and failing to provide them with opportunities for professional and personal growth is not only inequitable but also economically unwise. Any organization committed to performance and meritocracy cannot afford to overlook such a significant segment of the workforce.

The same principle applies to women entrepreneurs. Banks have a responsibility to support and nurture female entrepreneurship. Those that actively develop programs for women entrepreneurs are not just contributing to economic progress but also expanding their own customer base, ensuring long-term business growth.

TDS: What special banking features or tailored services does your bank offer specifically for women?

SRKH: We have dedicated Women entrepreneur Development Unit (WEDU) under MSME banking that offers deposit, lending, training and advices to the female customers and entrepreneurs. The women customer can avail the services through 135 Bank Asia branches and the bank's expanded network of more than 5,000 agent points all over Bangladesh. We offer several tailored services for women which include:

• Specially designed deposit products
• Working capital and fixed asset loans at lower rates under Bangladesh Bank's Women Entrepreneur Refinance Scheme and CMSME Pre-Finance Scheme.
• Incentives as declared and disbursed by Bangladesh Bank.
• Women-led enterprise cluster financing.
• Privilege Rate Loans under the SME Foundation's Credit Wholesaling Fund.
• Startup and handicraft training through the SME Foundation.
• Financial literacy training, awareness building and knowledge sharing seminars for women entrepreneurs.

TDS:  How to increase women's access to banking services?

SRKH: Increasing women's access to banking services requires a multi-faceted approach that addresses financial, social, and technological barriers. Here are some key strategies:

• Promote digital and agent banking solutions to reach women in remote areas where traditional banks are not easily accessible.
• Simplify account opening processes using biometric identification and digital verification.
• Design savings and credit products tailored to women's needs, such as small business loans with flexible repayment options.
• Provide group lending options that allow women to access credit collectively
• Use community outreach programs to educate women in rural areas about banking benefits.
• Encourage banks to recruit female staff to make women customers feel more comfortable.
• Offer business mentorship and training programs to help women grow their enterprises.
• Create women focused banking desks or dedicated support lines for female business owners.

Implementing these strategies can significantly improve women's financial inclusion, leading to greater economic independence and overall economic growth.