Women's Empowerment through Financial Inclusion in Bangladesh

The question of women's empowerment in society is deeply tied to their participation in the formal financial sector. In Bangladesh, the growth of women's involvement in banking and credit facilities is a significant indicator of their increasing financial independence. According to data from the Bangladesh Bank, between 2019 and 2024, the number of deposit accounts held by women in commercial banks rose from 33.45 million to 55.32 million, representing a steady growth of about 1.0% annually. Moreover, the number of female-held loan accounts more than doubled during the same period, signifying their increasing ability to access and repay bank credits.

Key Takeaways:

• The number of deposit accounts held by women in commercial banks in Bangladesh grew from 33.45 million in 2019 to 55.32 million in 2024, representing a 65% increase over five years.
• The annual growth rate of female-held deposit accounts was approximately 1.0% during this period.
• The number of female-held loan accounts more than doubled between 2019 and 2024, indicating increased access to credit facilities for women.
• Women's literacy has been a contributing factor to their increased participation in formal financial services.
• However, unlettered women have also been found to possess entrepreneurial skills, and it is essential for bank officials to consider their creditworthiness based on their skills rather than their documentation abilities.
• The Bangladesh Bank has established dedicated desks for women entrepreneurs, providing them with collateral-free loans, refinancing opportunities, and quota privileges for wider access to formal credit.

Statistics:

• The number of deposit accounts held by women in commercial banks in Bangladesh:

+ 2019: 33.45 million

+ 2024: 55.32 million

• The annual growth rate of female-held deposit accounts: approximately 1.0% during the 2019-2024 period.
• The number of female-held loan accounts:

+ 2019: Not specified

+ 2024: More than doubled from 2019 levels

• The percentage of total deposit accounts held by individuals in Bangladesh:

+ 2019: 30% held by women

+ 2024: 35% held by women

Sources:

• Bangladesh Bank (BB), data on deposit accounts held by women in commercial banks between 2019 and 2024.