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USAID and Visa Partner to Boost Financial Inclusion in Bangladesh

In a significant move towards enhancing financial inclusion and fostering a smart nation, the United States Agency for International Development (USAID) and Visa have inked a Memorandum of Understanding (MoU) in Bangladesh. This partnership aims to digitize payments and extend financial services to underserved communities.

Under this collaboration, USAID and Visa Bangladesh will embark on several initiatives. These include the integration of Visa’s financial products and services into USAID’s livestock and agriculture programs, which will provide farmers and small businesses easier access to financing. Additionally, the partnership will roll out innovative financial literacy programs to equip enterprises with essential business skills and money management strategies.

A key focus of the collaboration is the development and support of cottage, micro, small, and medium enterprises (CMSMEs). Emphasis will be placed on assisting women-led businesses, thereby addressing the gender disparity in financial inclusion.

Moreover, the partnership will establish a knowledge-sharing platform for research and insights into digital payments and financial systems, further promoting the adoption of digital transactions across the country.

The MoU signing event was attended by USAID Mission Director Reed Aeschliman and Visa Country Manager for Bangladesh, Nepal, and Bhutan, Md Sabbir Ahmed, alongside other senior officials from both organizations.

Reed Aeschliman, USAID Mission Director, expressed his optimism, stating, “Our combined efforts in digital payments and financial literacy will empower entrepreneurs, particularly women, in Bangladesh’s crucial livestock and agriculture sectors. This is a significant stride towards a more inclusive and prosperous future.”

Echoing this sentiment, Md Sabbir Ahmed, Visa’s Country Manager for Bangladesh, Nepal, and Bhutan, remarked, “Through this alliance, we will enhance financial access and literacy using Visa’s programs like ‘Practical Business Skills’ and ‘Practical Money Skills.’ The focus on women-led businesses and farming communities will pave the way for broader financial access and innovative payment solutions for all.”

This MoU sets the stage for USAID and Visa Bangladesh to collaborate at both strategic and operational levels, enhancing the efficiency and socio-economic impact of their programs. The strategic partnership aims to boost investment, improve livelihoods, and create economic opportunities, significantly contributing to Bangladesh’s journey towards becoming a smart nation.

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