Brac Bank has been named as one of the 10 recipients of a Women Enterprise Recovery Fund in the Asia-Pacific region recently.
The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the United Nations Capital Development Fund (UNCDF) with partners FMO, Visa and the government of Canada have announced the winners of the fund every year.
The winners include technology providers, fintechs and commercial banks and will receive financial and technical support over the next 12 months to pilot and test their innovations.
Brac Bank proposed its SME Bondhu product for funding. It will pilot a one-stop digital solution for micro, small and medium enterprises in Bangladesh for the seamless set-up of online stores, including access to digital tools for their businesses, such as an integrated logistics facility and payment gateway solutions.
“We want to provide solutions that will support women entrepreneurs to access and use digital solutions and finance technologies that support business recovery and growth,” said Syed Abdul Momen, deputy managing director and head of SME Banking, Brac Bank.
“The economic fallout due to Covid-19 has been extremely unfavourable for the MSMEs, and women entrepreneurs have been disproportionately impacted. With the support of the Women Enterprise Recovery Fund, we aim to bridge the digital and financial divides that women MSMEs face,” he added.
-With The Daily Star input