MasterCard-BURO business literacy programme boosts smaller firms
MasterCard-BURO business literacy programme boosts smaller firms
BURO Bangladesh, a leading microfinance institution, has provided financial and business literacy to 10,000 Tk 10 account holders with support from MasterCard to foster vibrancy in the rural economy.
The initiative has two parts; one is to provide training to 10,000 beneficiaries funded by MasterCard and other to finance them with fund from Bangladesh Bank Refinancing scheme. NRB Global Bank retails financing to other organisations since it has no branches in rural areas.
This is the second phase of financial literacy initiative, which ended in March 2016 and started on May 2015. Most of the beneficiaries are in Narayanganj, Keraniganj, Rangpur, Comilla and Bogra.
MasterCard funded the first phase of the business literacy programme in 2013 to mark the opening of its first office in Bangladesh. In association with BURO Bangladesh, over 100,000 women entrepreneurs have received financial literacy training and business skills in the first phase.
On a recent visit to Lakir Char of Keraniganj, where several hundreds of men and women received financial literacy training, this correspondent found most of the members engaged in small-scale businesses, including cattle rearing, fish farming, vegetable supply and running small shops.
Momena, one of the receivers, said she immensely benefited from the training. She got Tk 30,000 and training from Buro Bangladesh.
Another beneficiary is Hasina, who received tiny loan from Buro along with training. Now buys vegetables from the village and sells to wholesale market.
SM Rakib, Officer of Special Programme of BURO, said the training programme has equipped participants with the knowledge and skills to create their own opportunities and pursue their dreams, resulting in long-term benefits, not just for themselves, also for their families and the society at large.
MasterCard aims to provide entrepreneurial opportunities to more than 400,000 women and girls by 2020. The financial literacy initiative is part of the MasterCard's global programme.
The training elements included business planning and management, simple accounting, business opportunities in the field, marketing strategy and business feasibility study.
The training also included key business and financial jargons that are mandatory to learn by the clients.
Mr Rakib said there are countless entrepreneurs out there, who have self-determination, independence and individual initiative, the only gap to their dreams being financial literacy and entrepreneurial training.
"This programme bridged that gap because self-employment pays off significant rewards to the individual, community and eventually the entire economy," he added.
The unemployment rate in Bangladesh is 5.0 per cent, with about 40 per cent of the population being underemployed. Many participants in the labor force are able to work only a few hours a week at low wages.
However, with a growing middle-class, access to information technology and the development of e-commerce in the country, the people of Bangladesh have the tools to fight poverty and unemployment by creating their own businesses.
Mr Rakib said BURO Bangladesh programme aims to educate these communities on how to succeed in business and manage personal and business assets.
Source: Financial Express Bangladesh
Updated Date: 3rd January, 2017