BRAC Bank wins Women Enterprise Recovery Fund

Private commercial bank, BRAC Bank, has been named as one of the winners of a fund titled Women Enterprise Recovery Fund. The fund is created by 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.

The fund looks to partner with private sector innovators to design and launch digital solutions that support women enterprises economically impacted by Covid-19 and address their financial and other business requirements. It also seeks to support the development and expansion of digital business models.

The other 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 the funding. SME Bondhu will pilot a one-stop digital solution for MSMEs 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 unfavorable for the micro, small and medium enterprises (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.

To support the economic recovery and digitalisation of these enterprises, ESCAP and UNCDF launched the Women Enterprise Recovery Fund earlier this year.