MasterCard announced this week that it has established its first grant program with BURO Bangladesh that will provide business and financial literacy education, as well as entrepreneurship training.
Unemployment in Bangladesh is at five percent, with approximately 40 percent of the population classified as underemployed. A growing middle class and information technology in the country, however, are set to reshape the commerce landscape in the country.
The program seeks to educate communities on how to become successful businesspeople and to manage personal and business assets.
“Principles of self-determination, independence and individual initiative are characteristic of self-employment, and it contains potential for significant reward for the individual, his community and the economy at large. For potential entrepreneurs, these characteristics depend on financial literacy and entrepreneurial training, which this program will directly address.”
MasterCard recently opened its first office in Bangladesh, encouraged by the potential of market growth in the country. The company said the new office demonstrates its commitment to customers in Bangladesh and will help it to enhance its relationships with the country’s consumers, banks and merchants.
“We are pleased to partner with BURO Bangladesh,” Vikas Varma, the area head of South Asia at MasterCard, said. “MasterCard’s global philanthropic efforts are focused on entrepreneurship as we believe this will help individuals overcome barriers to financial inclusion. Through this program with BURO Bangladesh we hope to help people in Bangladesh achieve positive economic outcomes for themselves, their families and their communities.”