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Bangladesh

The main institutions providing microfinance services in Bangladesh include: 1) NGO-MFIs, 2) Grameen Bank (organized independently under the Grameen Bank Ordinance of 1983), and 3) commercial and specialized banks. NGO-MFIs are regulated by the Microcredit Regulatory Authority and register with the NGO Affairs Bureau if they receive foreign funds. Banks (excluding Grameen Bank) are regulated by the Bangladesh Bank.

mix-market

Regulators

Microfinance & Banking

Consumer Protection

There is no comprehensive regime for consumer protection in the financial industry. Despite the adoption of the Consumer Rights Protection Act, 2009, this law does not apply to financial services. In 2011, the Ministry of Commerce, whose National Consumer Rights Protection Department implements the Act, made statements indicating that an amendment is contemplated that would expand the Act's coverage to financial services. In the meantime, Bangladesh Bank has included the first consumer protection provisions applicable to banks in its Guidelines on Mobile Financial Services. These Guidelines include disclosure of consumer rights and obligations and basic complaints and dispute resolution procedures through banks and the Bangladesh Bank.

Branchless Banking