The number of No-Frill Accounts (NFAs) increased by 0.9 per cent compared to the previous quarter and 4.22 per cent year-on-year, according to a report. The largest proportion of these accounts is linked to Social Safety Net (SSN) programmes, comprising 37.12 per cent of the total, followed by farmer accounts, which represent 36.95 per cent.
These accounts, which feature minimal or zero balance requirements and no-fee services, provide low-cost banking access to a broader segment of the population, according to a Bangladesh Bank report published on Tuesday.
By December 2024, a total of Tk 896.26 crore in credit had been disbursed to Tk 10/50/100 account holders through refinancing schemes, contributing to financial stability. These accounts also facilitated the distribution of foreign remittances, amounting to Tk 772.7 crore by the end of the quarter, the report added. Bangladesh’s financial inclusion has steadily advanced, driven by the Bangladesh Bank’s introduction of NFAs.
The report highlighted the impact of NFAs on financial inclusion, emphasising that these basic accounts were designed for individuals from diverse socio-economic backgrounds.
The latest data indicates that, as of December 2024, the total number of NFAs stood at 32,591,450, with cumulative deposits reaching Tk 6,823.62 crore. Of these, 28,123,390 accounts were opened with initial deposits of Tk 10/50/100 (excluding school banking and accounts for street children and working minors), accumulating Tk 4,685.11 crore in total deposits.
Furthermore, 10,439 new school banking accounts were opened, along with 39,634 accounts for street children and working minors. The report also revealed that the top five banks manage 79.05 per cent of these accounts, with Sonali Bank leading at 24.07 per cent.
The report concluded that NFAs have played a vital role in integrating financially excluded individuals into the formal banking system.
