By tradition it is uncommon for women to hold personal bank accounts in pakistan, and until the 1990s this was much the same in bangladesh. which of the following best explains the significant change

General
1

by tradition it is uncommon for women to hold personal bank accounts in pakistan, and until the 1990s this was much the same in bangladesh. which of the following best explains the significant change in the percent of women with bank accounts in bangladesh?

2

What best explains the significant change in the percentage of women with bank accounts in Bangladesh?

Answer:
The significant change in the percentage of women with bank accounts in Bangladesh can be attributed to several factors. One of the key factors is the development and implementation of various government policies and initiatives aimed at promoting financial inclusion and women empowerment.

  1. Government Initiatives: The government of Bangladesh has introduced several initiatives to encourage women to open bank accounts. For example, they launched the “Financial Inclusion Strategy” which focuses on providing access to financial services for women, including opening bank accounts. The strategy includes measures such as simplifying the account opening process, increasing the number of bank branches in rural areas, and providing financial literacy programs specifically targeted towards women.

  2. Education and Awareness: Efforts have been made to raise awareness among women about the importance of having a bank account and the benefits it can bring. Financial literacy programs and campaigns have been conducted to educate women about financial management, savings, and investment opportunities. This has empowered them to take control of their finances and make informed decisions.

  3. Economic Empowerment: With the growth of microfinance institutions and initiatives, more women have gained access to financial resources. Microfinance institutions provide small loans and financial services to women entrepreneurs, helping them start and expand their businesses. This economic empowerment has led to increased financial independence and the need for bank accounts to manage their funds.

  4. Technological Advancements: The expansion of digital banking services and mobile banking has made it more convenient for women to open and operate bank accounts. With the availability of mobile phones and internet connectivity, women can easily access their accounts, make transactions, and utilize various banking services without the need for physical presence at a bank branch.

  5. Changing Social Norms: Over the years, there has been a gradual shift in societal attitudes towards women’s financial independence and decision-making authority. Increased education and exposure have challenged traditional norms, leading to greater acceptance of women holding personal bank accounts.

It is important to note that while significant progress has been made, there are still barriers and challenges that need to be addressed. These include issues of gender inequality, lack of financial literacy, and limited access to banking services in remote areas. However, the initiatives and changes mentioned above have played a crucial role in the significant increase in the percentage of women with bank accounts in Bangladesh.