The United States Agency for International Development (USAID) and Visa Bangladesh have announced a Memorandum of Understanding (MoU), signaling the start of a partnership that promotes financial inclusion, payment digitisation, and the transition towards a smart nation.
With this joint effort, USAID and Visa Bangladesh are set to collaborate on a range of initiatives, reads a press release issued Monday.
These initiatives include leveraging Visa’s products and services in select USAID livestock & agriculture programmes, facilitating access to finance for farmers, small & medium businesses, and developing innovative financial literacy programmes that cover practical business skills and money management strategies for enterprises.
The partnership also focuses on designing and supporting cottage, micro, small, and medium enterprises (CMSMEs), particularly those in underserved communities with a special emphasis on women-led businesses to address the gender gap in financial inclusion.
Furthermore, the collaboration establishes a knowledge partnership focusing on research and knowledge sharing in areas of mutual interest, including enabling digital payments across the country.
Present at the MoU signing were USAID Mission Director Reed Aeschliman and Visa Country Manager for Bangladesh, Nepal, and Bhutan, Md Sabbir Ahmed, along with other high-ranking officials from both organisations.
USAID Mission Director Reed Aeschliman said, “Together we’ll leverage digital payments and financial literacy programmes to empower entrepreneurs, especially women, in Bangladesh’s vital livestock and agricultural sectors. This is a big step towards a more inclusive and prosperous future.”
Md Sabbir Ahmed, country manager, Bangladesh, Nepal and Bhutan, Visa said, “We are excited about this partnership with USAID, the common aim of which is to empower our MSMEs.
“Together, we will foster financial access and literacy using Visa’s own programs like ‘Practical Business Skills’ and ‘Practical Money Skills.’ This alliance will also focus on women-led businesses, farming communities and other underserved sectors, paving the way for broader financial access to innovative payment solutions for all.”
This MoU lays the foundation for USAID and Visa Bangladesh to collaborate at strategic and operational levels, bolstering the efficiency and humanitarian, social, and economic impact of their programmes in the country.
Ultimately, this strategic partnership, by capitalising investment and improving livelihoods and economic opportunities, will significantly contribute to Bangladesh's economic growth and development, particularly in its journey towards becoming a smart nation.
