BURO Bangladesh Fights Poverty in Bangladesh

BURO BangladeshBasic Unit for Resources and Opportunities of Bangladesh (BURO Bangladesh) is an organization that teaches poor Bangladeshis microfinance techniques that help them manage their money, operate businesses and obtain social services.

BURO Bangladesh currently serves 1.3 million impoverished people, many of whom are women, operates 644 branch offices in Bangladesh and employs more than 6,000 staff.

Established in 1990, the organization is one of the first microfinance institutions in the country to dedicate 100 percent of its operations to achieving financial sustainability for women and their families through commercial capital.

BURO Bangladesh offers two main programs, a microfinance program and a remittance program. The main goal of the microfinance program is to reduce poverty among the disadvantaged and the poor living in Bangladesh. Some of the features of the program include open withdrawal savings accounts, optional loans and operational and financial self-sufficiency resources.

The remittance program is designed specifically for expatriates who work abroad in order to provide for their families back in their home country. BURO Bangladesh has established partnerships with multiple banks and money transfer services across Bangladesh and Asia, such as Western Union, Xpress Money and Merchantrade products, to provide their clients with products.

Besides focusing on microfinancing to assist with poverty alleviation, they have also implemented other projects to address common issues in Bangladesh. These projects concern issues such as supplying clean water, both for consumption and hygiene purposes; human resource development within companies; and improving health, hygiene, nutrition and sanitation throughout the country.

According to its 2014-2015 report, BURO Bangladesh has successfully helped over one million people. In a country where approximately 36 percent of the population lives below the national poverty line of $2 per day, the organization plans to continue assisting impoverished people, particularly women, throughout Bangladesh until poverty is reduced significantly.

Julia Hettiger

Sources: BURO Bangladesh, Mix Market, Nation Multimedia
Photo: Flickr