GET IN TOUCH
- Please wait...
The research team from UNCDF & LightCastle Partners, sharing on the ‘Shafal’ program and the findings of the baseline study at the beginning of the session.
The United Nations Capital Development Fund (UNCDF) and LightCastle Partners, under the ‘Shafal’ Project, organized a stakeholder consultation session on October 3, 2024, at Hotel Sarina, Banani, Dhaka. The session focused on “Ensuring Remittance Flow, Utilization & Innovation.” It aimed to address gaps in remittance flow and utilization by exploring innovative financial products, development initiatives, and strategies to tackle existing inefficiencies and challenges in the remittance landscape.
This consultation marks the first in a series of sessions as part of a comprehensive assessment of the current remittance landscape for UNCDF’s ‘Shafal – Remittance Management for Socio-economic Stability of Migrant Families’ program. Earlier, a baseline study was conducted across six districts: Chattogram, Cumilla, Feni, Munshiganj, Narsingdi, and Tangail, surveying aspirants, returnees, and existing migrants and their families. To validate these findings and gather expert opinions from within the remittance ecosystem, the LightCastle and UNCDF teams organized this series of consultations to identify synergies, explore opportunities for collaboration, and pinpoint major areas for policy advocacy.
The event featured prominent discussants, including the Director from the Bureau of Manpower, Employment and Training (BMET) and the Principal of the BAIRA International Skills Development & Training Institute (BISTI). Representatives from financial institutions such as the Head of the Remittance Department from bKash and Nagad, the Head of International Business from Eastern Bank PLC, and officials from Upay, Al Arafah Islami Bank, and Dhaka Bank PLC were also present. Additionally, representatives from development organizations, recruitment agencies, and a returnee participated in the dialogue. The Regional Adviser on Migration and Protection from the Swiss Cooperation Programme for Bangladesh, along with the UNCDF team and LightCastle’s study team members, also joined the discussion.
Stakeholders explored mechanisms for the productive use of remittances, examining the root causes of major barriers to remittance utilization from demand-side, supply-side, and regulatory perspectives. They also discussed areas of innovation and potential solutions across services and processes, leading to a conclusive intervention scoping.
Key discussions revolved around the reliance of remitters and their families on informal channels, as well as identifying barriers and opportunities in financial product and service usage and remittance fund utilization.
Ms. Lisa Greminger, Regional Adviser on Migration and Protection, Swiss Cooperation Programme for Bangladesh, sharing her closing remarks.
The discussion also explored effective solutions to address existing gaps and challenges. Proposed strategies included establishing a public-private accountability mechanism, empowering remittance senders with financial management skills, creating investment opportunities for blue-collar workers, offering flexible terms for savings and loan instruments, and developing simplified products for individuals with limited education. Additionally, participants suggested implementing long-term financial literacy programs for marginalized communities and leveraging successful case studies from neighboring remittance-receiving countries.
The event concluded with closing remarks from the Regional Adviser on Migration and Protection from the Swiss Cooperation Programme for Bangladesh. All stakeholders expressed support for a concerted effort towards improved remittance management and efficient migration.
Our experts can help you solve your unique challenges
