Philanthropist Melinda Gates once said: “When money flows into the hands of women, who have the authority to use it, everything changes — for women, their families, and their communities.”

To bring change and achieve the dream of Smart Bangladesh 2041, it is important to ensure digital and financial inclusion of all genders. Like many developing nations, Bangladesh confronts significant challenges in granting equal access to financial services. Women, in particular, have encountered various socio-economic barriers and have been left out.

Bangladesh ranks 139th out of 147 countries in the Global Gender Gap Index 2023, indicating significant gender disparity in economic outcomes. Marginalized women face challenges in availing of financial services due to multiple visits, long waiting periods, and complicated processes. Only 43% of women in Bangladesh have bank accounts, and many of those who do have accounts have not utilized them in the past year.

The Sathi Network is an initiative of the Aspire to Innovative (a2i) program, which aims to bridge the financial gap for women living in remote and underserved areas. The network not only empowers women but also has a wider impact on community development by strengthening the economic backbone of the rural regions.

It’s nothing new that women at the grassroots level often face barriers to accessing formal financial services due to geographical, cultural, social, and economic constraints. The initiative aims to empower these women by providing them convenient access to financial services, enhancing their digital and financial literacy, and promoting economic empowerment.

Women-led financial service delivery points introduced in Bangladesh through the Sathi Network are easily accessible and offer various financial services such as opening bank accounts, savings, loans, making payments, and mobile money transfers. The initiative also conducts literacy programs, including workshops, awareness campaigns, yard meetings, and account opening and service campaigns, to enhance marginalized women’s digital and financial literacy.

Through these programs, women from marginalized communities are taught about the advantages of digital transactions, the safe use of mobile financial services and basic financial concepts. Rural women also connect with e-commerce platforms to expand their opportunities.

The Sathi Network has 486 women agents who have facilitated bank accounts for over 450,000 marginalized women. Over 1.8 million times transactions have been conducted, including fund transfers, bill payments, and government fees. The initiative has also reached over 1 million marginalized women through four nationwide financial literacy campaigns, creating a more inclusive and equitable financial landscape.

Commercial banks, mobile financial services, and relevant government departments have partnered with a2i to implement this initiative, integrating financial services to help women with potential in business. Many marginalized women face difficulties in dealing with finances while running their businesses. However, a2i has helped rural women with entrepreneurial potential to manage their finances and find success in their ventures.

The Sathi Network serves as a remarkable example of how women can drive positive change and financial inclusion in society. With their dedication, resilience, and commitment to empowering the underserved, lives and communities are being transformed, breaking down barriers and fostering economic independence. As this comprehensive approach is designed to help women achieve financial independence and improve their lives, a2i diligently monitors the process.

With continued support and recognition, this pioneering initiative can continue to empower women, reduce gender disparities, and create a more financially inclusive Bangladesh where no woman is left behind.