Partnering for inclusive insurance sector approach and advocating towards higher insurance penetration in financial inclusion process.
A Memorandum of Understanding (MoU) was signed between INAFI Bangladesh and Business Finance for the Poor in Bangladesh (BFP-B) Project funded by the UKaid/DFID on November 12, 2017 in BFP-B project office. The purpose of the MoU is to do policy advocacy for more conducive regulatory environment for an inclusive insurance sector and improve insurance penetration among the poor through coordination of regulations, insurance companies and NGOs/MFIs. Also, based on policy recommendations from BFP-B sectoral study on ‘Insurance Sector conducted for National Financial Inclusion Strategy for Bangladesh (NFIS-B); study on “Diagnostics of Microenterprise Lending by MFIs in Bangladesh: Opportunities and Challenges” and upcoming studies, some policy recommendations will be prioritised through series of consultations with insurance companies, MFIs and regulators as part of this partnership. Mr. Feisal Hussain, Team Leader, Business Finance for the Poor in Bangladesh (BFP-B) Project and Mr. Mr. Md. Atiqun Nabi, Executive Director, INAFI Bangladesh signed the MoU.
UKaid, through DFID and their programme Business Finance for the Poor in Bangladesh (BFP-B), supports the partnership activities aiming for a more inclusive insurance sector contributing to financial inclusion in Bangladesh.
About INAFI Bangladesh
INAFI Bangladesh is the country chapter of global INAFI (International Network of Alternative Financial Institutions), a network of development practitioners. It is registered in Bangladesh from NGO Affairs Bureau under the foreign donation act 1978 as well as from Joint Stock Companies and Firms under societies act XXI of 1860 INAFI envisions a world where the poor are empowered and ensured sustainable livelihood with dignity. INAFI has more than 300 NGOs/ MFIs globally as members and 28 member NGOs/ MFIs in Bangladesh. It has been working formally in Bangladesh since 2003 on various thematic issues like microfinance, migration and development, mainstreaming gender, micro-insurance among others with the fundamental view to contribute to the development sector (MFIs/NGOs) of the country by adding values as well as to benefit its Member Organizations (MOs) by intervening through innovations, capacity building, research, technical assistances, knowledge management and building alliances for advocacy & networking.