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Financial Technology (FinTech) Innovations for Inclusive Economic Growth in Bangladesh

Students & Supervisors

Student Authors
Sadia Afrin Anika
Bachelor of Science in Computer Science & Engineering, FST
Sk. Mahim Haider
Bachelor of Science in Computer Science & Engineering, FST
Md. Shahriar Alam
Bachelor of Science in Computer Science & Engineering, FST
Farhan Habib Sami
Bachelor of Science in Computer Science & Engineering, FST
Mahdi Hassan Noor Asif
Bachelor of Science in Computer Science & Engineering, FST
Supervisors
Md. Mortuza Ahmmed
Associate Professor, Faculty, FST

Abstract

There has been phenomenal growth in FinTech in Bangladesh in recent years, whether in user adoption, number of transactions, or financial startup development. FinTech has indeed contributed significantly toward facilitating financial inclusion for excluded groups of people. In this regard, understanding the impact of FinTech on economic growth and development will go a long way to attain holistic socioeconomic development and a reduction in inequality that Bangladesh is still pursuing. This study seeks to investigate the level at which FinTech innovation has driven inclusive economic growth in Bangladesh. There is a need to ascertain the linkages between growing digital financial offerings, financial inclusion, and overall improvement through multi-year FinTech statistics available at the national level. Panel data from 1995 to 2024 has been collected based on secondary sources. This includes an annual count of FinTech users, volumes of transactions, the inclusion index, and the growth of startups. Descriptive statistics and trend analysis were performed to assess the impact of FinTech innovations on inclusive economic growth in Bangladesh. In Bangladesh, FinTech user statistics showed a drastic improvement between 1995 and 2024, increasing from 6.79 to 98.95, along with some prominent highs in 2019 and 2024. Transactions also showed a significant improvement, rising from 5.08 million to 94.97 million between these two years, while FinTech user engagement metrics showed a declining index value, from 85.88 to 41.23, and a corresponding decrease in the FinTech startup count, down from 98.81 to 37.17. The innovations in FinTech have contributed to financial inclusion and the accessibility of different digital services, thus developing an inclusive economy. This progress is remarkable, but future initiatives must make sure that all efforts are directed toward the strengthening of regulations, involving digital education and cybersecurity for sustainable development, in order to capitalize on future growth opportunities. "

Keywords

Financial Technology Economic Growth Socioeconomic Development Technology Adoption

Publication Details

  • Type of Publication:
  • Conference Name: Gazipur Agricultural University International Conference (GAUIC 2025)
  • Date of Conference: 12/12/2025 - 12/12/2025
  • Venue: Gazipur Agricultural University, Bangladesh
  • Organizer: Gazipur Agricultural University, Bangladesh
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