BRAC Bank wins UNCDF's Women Enterprise Recovery Fund
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
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 recently announced the winners of the Women Enterprise Recovery Fund.
BRAC Bank was named a winner among the 10 recipients of the fund in the Asia-Pacific region, reads a press release.
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.
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BRAC Bank proposed its SME Bondhu product for 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 digitalization of these enterprises, ESCAP and UNCDF launched the Women Enterprise Recovery Fund earlier this year.
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 to alleviate financial and other constraints impacting women enterprises in South and South-East Asia.
Of the 83 applications received, 17 were shortlisted to move to the final round of decision-making. Shortlisted applicants were provided mentoring and pitch preparation assistance to strengthen their business models for potential funding.
