Fin-Tech and the financial inclusion scenario of Bangladesh: an overview of IDLC Finance

Abstract

This report is made to show the performance of IDLC Finance as the leading NBFI in the market to shape the lives of the unbanked population of Bangladesh by empowering them with inclusion of financial habits in managing their monetary transactions. In this report- “Fin-Tech and the Financial Inclusion Scenario of Bangladesh: an overview of IDLC Finance”, the overall scenario of the population who are less in touch with fin-tech and proper financial habits are analyzed and scrutinized. Having one of the best deposit scenarios, IDLC has been working with online deposits, both through MFS and account holding services for a long time now (Limited, 2022). In addition, I will attempt to explain why expanding the Deposit sector can create an impact for the development of our economy and how it can assist our country in becoming a sustainable developing country with infusion of financial literacy in the veins of the unbanked population of Bangladesh (MFS in Bangladesh: Complementing an inclusive economy, 2022). Despite the hardships, I attempted to fill my report with as much information as appropriate, given the resources I had. IDLC Finance Ltd is a prominent non-banking financial institution (NBFI) in Bangladesh that plays an important role in SME financing (Transforming SME Lending Landscape in Bangladesh - Future Startup, 2022). The trading industry has the highest rate of SME loan disbursement in the scope of IDLC funding, followed by the manufacturing sector, and the service sector. Small and medium-sized enterprises (SMEs) play a critical part in Bangladesh's economic development. IDLC's main business is offering SME credit facilities to businesses, as well as various types of loans to individuals and organizations, and this helps to keep the country going forward.