NFIS-Tracker

Goal View

1 . Increase financial deepening

Target 1.1 : Implement e-KYC for all types of bank accounts, MFS accounts and other regulated financial services

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.2 : Revisit the KYC requirement for cottage and micro enterprises, micro-merchant/retails businesses and low-income households.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.3 : Ensure the access of all regulated financial service providers to National ID and Biometric Database of Election Commission.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.4 : Introduce the framework for socially responsible financing.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.5 : Expand the scope and practice of Cluster and Value Chain financing.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.6 : Take necessary initiatives for making account opening process as optimally simple and convenient for all.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.7 : Develop framework for diversifying financing instruments and financing options for CMSMEs and low-income households.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.8 : Take necessary actions to reduce fiscal burden on the usage of financial services for consumers specially in DFS.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.9 : Establish Micro-Finance Credit Information Bureau (CIB), Collateral (both movable and immovable) Registry Bureau for financial services and upgrade the existing CIB under Bangladesh Bank into full fledged Credit Registry.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.10 : Introduce the usage of artificial intelligence and machine learning for credit scoring and monitoring through big data analysis.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.11 : Introduce Credit Guarantee Fund for CMSME finance, agricultural finance and green finance.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.12 : Take necessary initiatives for developing refinancing mechanism for funding Start-ups.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.13 : Make required arrangements for facilitating smooth inward remittance of domestic professionals in Business Process Outsourcing, Freelancing; NRBs/Diaspora and Overseas migrant workers.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.14 : Formulate policy framework for Micro-savings.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.15 : Explore the feasibility to introduce P2P Lending and Crowd Funding.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 1.16 : Create structure of robust information sharing for convenient client on-boarding.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

2 . Strengthen payment system and service delivery channel

Target 2.1 : Ensure interoperability within all MFS accounts.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.2 : Ensure interoperability within all MFS accounts, bank accounts and e-wallets (Digital wallets).

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.3 : Ensure the transformation of all branches of all banks into online branches.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.4 : Ensure the participation of all banks in interbank Automated Teller Machines (ATM), Point of Sales (POS) and Internet Banking Fund Transfer (IBFT).

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.5 : Establish a Payment System Coordination Committee consisting of relevant regulatory bodies.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.6 : Bring all types of Government payments (P2G and G2P) including social security payments and all types of B2P and P2B payments under electronic financial services account (e.g. through bank account or MFS account or postal account).

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.7 : Take necessary initiatives to digitize Micro-Merchant Payments and Retail Transport Payment.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.8 : Enhance the scope of MFI linkage for providing banking and MFS.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.9 : Enhance the scope of financial service providing by PSPs.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.10 : Initiate the formulation of National Payment Act.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.11 : Assess the feasibility of establishing payment bank.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.12 : Implement Digital Signature to ensure security of any electronic Transaction.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.13 : Prepare framework to conduct regular vulnerability and penetration testing for the payment system.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 2.14 : New Target

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

3 . Establish robust Data and Measurement framework

Target 3.1 : Conduct a comprehensive country-wide demand side survey to appropriately assess the financial service.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 3.2 : Establish a set of globally comparable national financial inclusion indicators in light of World Bank Findex, IMF Financial Access Survey and G20 Financial Inclusion Indicators.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 3.3 : Ensure the collection of comprehensive and quality financial inclusion data disaggregated by sex, age, location and other aspects.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 3.4 : Create robust and automated Management Information System and dedicated web-portal for NFIS data like SDG Tracker.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 3.5 : Explore the potential ways for using Cloud Solutions to store and preserve data by Financial Service Provider and Regulatory Agencies.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 3.6 : Strengthen the capacity of statistical agency for national financial inclusion data.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 3.7 : New Target

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

4 . Promote Financial Literacy and Consumer Empowerment

Target 4.1 : Formulate Financial Literacy Policy/Strategy by all financial sector regulatory bodies separately.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 4.2 : Formulate Consumer Protection Framework and Grievance Redressal System by all financial sector regulatory bodies separately.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 4.3 : All regulated financial service provider will have annual program on financial literacy which will be monitored by respective regulatory body.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 4.4 : Take necessary initiatives with Ministry of Education to incorporate Financial Literacy at all levels of education (Primary, Secondary, Tertiary).

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 4.5 : Assess the feasibility of introducing consumer protection mechanism similar to Deposit Insurance Scheme for banks.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

5 . Broaden and Deepen Financial Inclusion of Women

Target 5.2 : Formulate target based specific policies and initiate dedicated programs by IDRA, BSEC and MRA as well as relevant government agencies on Financial Inclusion and Climate Change along with the reinforcing BB’s initiatives.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 5.1 : Develop separate policy/strategy and undertake special programs by all regulatory bodies of financial sector on women financial inclusion covering the issues below: Dedicated focus on catering the need of financial services (saving, credit, payment, investment and insurance) of women individuals and entrepreneurs from both rural and urban areas, Convenient service delivery channel for women, Separate focus for women in DFS.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 5.3 : Formulate target based specific policies and initiate dedicated programs by all regulatory bodies and relevant government agencies on following aspects of financial inclusion separately: Financial Inclusion for Youth; Financial Inclusion for Physically Challenged People; Financial Inclusion for Third Gender; Financial Inclusion for Children including the ones with special need; Financial Inclusion for Old Age and Retired Persons; Financial Inclusion for Bangladeshi Overseas Migrant Workers/Diaspora/Non-Resident Bangladeshi (NRBs); Financial Inclusion for extremely destitute and underprivileged people like tea labors, floating communities, urban slum dwellers, poor people in remote hilly, forest, coastal, haor, char with difficult terrain and similar areas; former enclave areas, sparsely populated areas and relatively underdeveloped areas with poor infrastructure.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

6 . Upscale Digital Financial Services and Fintech

Target 6.1 : Formulate a DFS strategy to mainstream digital transformation and innovation in financial services offering.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 6.2 : Ensure the usage of DFS in all types of utility services (water, gas, electricity, internet, health, education and others) payments.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 6.3 : Implement the financial sector related aspects of ‘National Blockchain Strategy: Bangladesh’, ‘National Strategy for Artificial Intelligence Bangladesh’ and ‘National Internet of Things Strategy Bangladesh’.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 6.4 : Explore the potential modalities to introduce credit service and full deposit service for MFS account holders.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 6.5 : Explore the potential solutions to provide all banking services at full scale in outlet level under agent banking.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 6.6 : Assess the potential scope of application of AI, Fintech, Regtech, Suptech, Insurtech and other emerging technological trends in financial services.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

7 . Strengthen the policy and regulatory environmen

Target 7.1 : Coordinate across Ministries, Regulatory Bodies and relevant government agencies for implementation of NFIS.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 7.2 : Establish the practice of evidence-based policy making.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 7.3 : Reinforce the coordination and coherent effort to refrain illegal financial services and eliminate the adverse impacts of Shadow Banking.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 7.4 : Explore the potential ways to introduce ‘Regulatory Sandbox’.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 7.5 : Devise appropriate ‘incentive structure’ by regulatory bodies for financial service providers to penetrate low-income markets.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 7.6 : Strengthen the capacity of regulatory agencies on data-driven policy analysis and emerging technologies like Fintech, Regtech, Suptech, Insurtech, Artificial Intelligence, DLT, Machine Learning, Augmented Reality, Cyber Security.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

8 . Fortify risk management of financial inclusion initiatives

Target 8.1 : Ensure proper application of the core principles (set by Bank for International Settlement) for effective banking supervision to the regulation and supervision of institutions relevant to financial inclusion.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 8.2 : Take necessary initiatives to balance the Anti-Money Laundering (AML) and Combating Terrorist Financing (CFT) regulations and innovation in financial inclusion drives through ensuring Financial Integrity for reducing the practice of ‘De-risking’.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 8.3 : Develop framework for assessing risk during financial product development.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 8.4 : Develop robust regulatory and supervisory apparatus to protect data privacy and security including cyber security and establish a coordinated platform among regulatory agencies, task forces and law enforcing agencies with a view to safeguarding and executing forensic tasks against cyber threat.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

9 . Strengthen the insurance services

Target 9.1 : Develop policy framework on micro-insurance by keeping provision of using MFI linkage to reach beneficiaries for uplifting the share of micro-insurance as 5% of GDP.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 9.2 : Introduce ‘Bancassurance’ to diversify service opportunity to consumers.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 9.4 : Develop policy framework on insurance for expatriate workers.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 9.5 : Develop framework for automation of insurance sector.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 9.3 : Introduce innovative insurance products for marginal people, small business and agriculture like weather-based crop insurance, livestock insurance, fisheries insurance with GPS tracking, health insurance for low income people, autistic people and pension scheme for old age retired people.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

10 . Reinforce the capital market Upscale Digital Financial Services and Fintech

Target 10.1 : Deepen the capital market to expand the participation of individuals and businesses and introduce a wider range of financial instruments for investment.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 10.2 : Expand the scope of usage alternatives investments like venture capital fund, impact fund, other AIF, SPV for CMSME finance, agricultural finance and green finance at remote rural level through appropriate capital market instruments.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 10.3 : Develop bond market to facilitate risk-averse retail and small investors.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

11 . Fortify Micro finance services

Target 11.1 : Increase the access to diverse source of fund by MFIs.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

Target 11.2 : Initiate ‘digitization’ of relatively small-scale MFIs to increase their efficiency.

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented

12 . Strengthen Quasi-Regulated Financial Service Provider

Target 12.1 : Bangladesh Post Office, Bangladesh House Building Finance Corporation, Bangladesh Municipal Development Fund, Bangladesh Samabaya Bank Limited, Palli Karma Shahayok Foundation [PKSF], Palli Sanchay Bank, SME Foundation, Social Development Foundation, Bangladesh NGO Foundation, Investment Corporation of Bangladesh [ICB]

Implementation Status/ Policy or Guidelines issued/ Changes Taken Place

Not Implemented

Partly Implemented

Fully Implemented