Acceptance of New Standards for Financial Inclusion by Financial Service Providers in Bangladesh

Authors

  • Md Asad Noor Assistant Professor, Green Business School, Green University of Bangladesh
  • Tanjela Hossain Assistant Professor, Dept. of Business Administration, Central Women’s University
  • Hasan Shirazi Assistant Professor, Dept. of Business Administration, Central Women’s University

DOI:

https://doi.org/10.48165/sajssh.2022.3607%20

Keywords:

Covid-19, Financial Inclusion, Financial Service Provider, Financial Transaction, Green Finance, New Standard

Abstract

This study looked at the readiness of investors to raise the post-COVID 19 year, using access  to financial services as a consideration of their customer’s financial expectations in the future.  Standard of living in the financial expectations of their customer. A random sampling  modeling method and a survey-based research method were also used in this study. A sample  of the research methodology was also used in this study. A total of 110 respondents from the  insurance, financial, and banking and non -banking sectors in Bangladesh participated in the  survey and provided responses. Hypotheses were tested using descriptive and inferential data,  with a threshold of significance of 5 percent considered significant. There has been a  significant link between Bangladesh’s socio-economic progress and the adoption of financial  intermediation as a new norm in financial transactions, according to the findings. Public  finance agencies and individuals are encouraged to create a conducive environment in  developing financial technology as a driver of investment in Bangladesh’s rapid growth, it is  expected.

References

Adeyinka, S. A., & Olugbamila, M. O. (2015). Public private participation for infrastructure in developing countries. Academic Journal of Interdisciplinary Studies, 4(2), 11-18.

Alom, S., Patwary, A. K., & Khan, M. M. H. (2019). Factors affecting the turnover intention of Bangladeshi migrants in the United Arab Emirates: An empirical study on the hotel industry. International Journal of Innovation, Creativity and Change, 8(3), 344-360.

Anyalenkeya B (2020) Emerging business trends and technologies. Lagos, Nigeria: Faculty of consultancy & ICT, Institute of Chartered Accountants of Nigeria Webinar Series.

Anyanwu CM (2004) Microfinance institutions in Nigeria: policy, practice and potentials. Paper presented at the G24 Workshop on Constraints to Growth in the Sub-Saharan Africa. November 29-30, 2004. Central Bank of Nigeria.

Asuquo AI (2013) Analysis of financial accounting standards and their effects on financial reporting practices of modern business organizations in Nigeria. European Journal of Business Management 5(4): 60–68.

Asuquo AI, Dan NO, Effiong, GT (2020a) Impact of information technology on accounting line of works. International Journal of Recent Technology and Engineering 9(2): 2277–3878.

Asuquo AI, Tarpang AT, Uwah UE, Dan NO, Uklala AP (2020c) Accounting implications of micro-fiscal measures and quality of real gross national goods and services: empirical evidence from Nigeria. Research in World Economy 11(6): 155–163.

Asuquo AI, Udoayang JO, Uwah UE (2020b) Micro-funding banks letting and performing of petty fisheries farms. Journal of Critical Reviews 7(16): 2371–2376.

Azim, S. S., Dey, D., & Roy, A. (2021). Fact versus Fake: How Smart People are Losing Rationality during Infodemic. South Asian Journal of Social Science and Humanities, 2(2), 111-120.

Beck T, Demirgue-Kunt A, Soledad M, Peria, M (2007) Reading out: access to and use of banking services across countries. Journal of Financial Economics 85(1): 234–266.

Biswas, A., Ahsan, A., & Hasan, M. (2022). COVID-19 Awareness through Visual Communication: A Comparative Analysis on the Facebook Pages of NGOs and Media in Bangladesh. South Asian Journal of Social Sciences and Humanities, 3(4), 37-61.

Central Bank of Nigeria – CBN (2020) Global economic development amidst COVID-19 pandemic. Central Bank of Nigeria Economic Report- fourth quarter of 2020 9(3), September, 2020.

Cohen D, Gan C, Chong E (2006) Customer satisfaction: a study of bank customer retention in New Zealand. Commerce Division Discussion Paper, No. 109. Retrieved from: https://researcharchive.lincoln.ac.nz/bitstream/handle/10182/324/cd_dp_109.pdf.

Constantinescu IC, Schiff M (2014) Remittances, FDI and ODA: stability, cyclicality and stabilizing impact in developing countries. International Journal of Migration and Residential Mobility 1(1): 84–108.

De, S, Islamaj, E Kose, M & Yousef, S R (2016). Remittances over the business cycle: Theory and evidence. KNOMAD Working paper II. Washington D.C.: Global Knowledge Partnership on Migration and Development.

Effiong SA, Asuquo AI, Enya EF (2020) Discretionary accruals and going concern of manufacturing companies. International Journal of Scientific & Technology Research 9(2): 2976–2983.

Evans O, Adeoye B (2016) Determinants of financial inclusion in Africa: a dynamic panel approach. University of Mauritius Research Journal 22(1).

Fung BSC, Kim PH, Leornard S (2014) The impact of retail payment innovations on cash usage. Journal of Financial Market Infrastructure 3(1): 3–31.

Gebrehiwot KG, Makina D (2015) Financial inclusion in Africa: evidence using dynamic panel data analysis. DOI=10.13140/RG.2.1.1711.7929.

Hannig A, Jansen S (2010) Financial inclusion and financial stability: current policy issues. SSRN Electronic Journal.

Hucklesby M, Macdonald J (2004) The three tenets of XBRL – adoption, adoption, adoption! Chartered Accountants Journal of New Zealand 83(1): 46–47.

Institute of Chartered Accountants of Nigeria – ICAN (2020) Information and communications technology: a new perspective. Paper Presented during Accountants’ Workshop on ICT, February 18, 2020.

International Monetary Fund – IMF (2020) Digitization in Sub-Sahara Africa. In Regional Economic Outlook: Sub-Saharan Africa. Washington D.C.

Irechukwu G (2000) Enhancing the performance of banking operations through appropriate information technology in Nigerian banking industry. Ibadan: Spectrum Books.

Islam A, Silvia M, Jorge LRM (2017) Does mobile money use increase firms‟ investment? Evidence from enterprise surveys in Kenya, Uganda and Tanzania. Small Business Economics 51(Nov): 687–708.

Khalid, B., & Sheerin, A. (2020). Behavioural Intent of Indian Consumers to Accept Mobile Banking Services. South Asian Journal of Social Science and Humanities, 1(3), 50- 70.

Leyshon A, Thrift N (1995) Geographies of financial exclusion: financial abandonment in Britain and United States. Journal of the Royal Geographical Society 20(3): 312– 341.

Li, L., Wu, B., & Patwary, A. K. (2022). How marine tourism promote financial development in sustainable economy: new evidences from South Asia and implications to future tourism students. Environmental Science and Pollution Research, 29(1), 1155-1172.

McEwan A (2020) Upcycle, upskill and unite – three ways for leaders to survive COVID- 19. InsideHR.

Migap JP, Okwanya I, Ojeka G (2015) Financial inclusion for inclusive growth: the Nigerian perspective. International Journal of Information Technology and Business Management 37(1): 34–48.

Mohan R (2006) Economic growth, financial deepening and financial inclusion. Address at the Annual Bankers’ Conference. Hyderabad, November 3, 2006.

Oluba M (2008) Who should provide public infrastructure in Nigeria? Proshare.

Onaolapo AR (2015) Effects of financial inclusion in the economic growth of Nigeria. International Journal of Business and Management Review 3(8): 11–28.

Patwary, A. K. (2022). Examining environmentally responsible behaviour, environmental beliefs and conservation commitment of tourists: a path towards responsible consumption and production in tourism. Environmental Science and Pollution Research, 1-10.

Patwary, A. K., & Omar, H. (2020). The influence of dissatisfied tourists' non-behavioral approach on overall visit satisfaction: a study on Malaysian domestic tourists. Geo Journal of Tourism and Geosites, 32(4), 1388-1393.

Patwary, A. K., Alwi, M. K., Rehman, S. U., Rabiul, M. K., Babatunde, A. Y., & Alam, M. M. D. (2022). Knowledge management practices on innovation performance in the hotel industry: mediated by organizational learning and organizational creativity. Global Knowledge, Memory and Communication, (ahead-of-print).

Patwary, A. K., Mohamed, M., Rabiul, M. K., Mehmood, W., Ashraf, M. U., & Adamu, A. A. (2022). Green purchasing behaviour of international tourists in Malaysia using green marketing tools: theory of planned behaviour perspective. Nankai Business Review International.

Patwary, A. K., Omar, H., & Tahir, S. (2020). A conceptual model of what influences consumers when visiting green hotels in Malaysia. International Journal of Innovation, Creativity and Change, 11(11), 11-25.

Patwary, A. K., Omar, H., & Tahir, S. (2021). the impact of perceived environmental responsibility on tourists 'intention to visit green hotel: the mediating role of attitude. Geo Journal of Tourism and Geosites, 34(1), 9-13.

Patwary, A. K., Rasoolimanesh, S. M., Rabiul, M. K., Aziz, R. C., & Hanafiah, M. H. (2022). Linking environmental knowledge, environmental responsibility, altruism, and intention toward green hotels through ecocentric and anthropocentric attitudes. International Journal of Contemporary Hospitality Management, (ahead

of-print).

Rasheed, T., Shah, Z., Subhan, A., Rasheed, A., Jadoon, U. T., & Khan, M. A. (2021). Supply Chain Sustainability in the Context of COVID-19 Pandemic in Pakistan’s Economy: Using Computable General Equilibrium (CGE) Model. South Asian Journal of Social Science and Humanities, 2(3), 222-247.

Rees G (2020) Tech tools can help you and your business deal with the impact of COVID- 19, now and in the long-term. Retrieved from: https://intheblack.com/articles.

Sahay R, Allmen UE, Lahreche A, Khera P, Ogawa S, Barzabash M, et al. (2020) The promise of Fintech: Financial inclusion in the post COVID-19 era. Washington, DC: International Monetary Fund, Monetary and Capital Markets Department.

Sarma M, Pais J (2011) Financial inclusion and development. Journal of International Development 23(5): 613–628.

Schimitz J, Grayston C (2020) What are finance professionals and business leaders considering as they plan for the new normal in the recovery phase? Retrieved from: https://intheblack.com/articles.

Singhraul. BP., & Batwe. Y. (2020). Corona virus: an economic cataclysm or a visual aid to the lucrative growth in India. Test Engineering and Management, a Publication of Mattingley Publishing Co., Inc. 83: 381–389.

Soludo CC (2008) Making finance work for the poor. A lecture delivered at the Federal University of Technology, Owerri, Imo State, Nigeria. Retrieved from: http://www.cenbank.org/out/speeches/2008/Govadd25-2-08.pdf.

Swamy VP (2011) Financial inclusion in India: an evaluation of the coverage, progress and trends. The IUP Journal of Financial Economics 9(2): 7–26.

Uwah UE, Akinninyi P (2020) Towards capital commitment in research and development, and future value of Nigerian listed manufacturing companies: the economic value approach. International Journal of Innovative Science and Research Technology. 5(3).

Uwah UE, Udoayang JO (2020) Financial reporting and shareholders‟ crave for investment in Nigerian listed companies: the earnings management question. European Journal of Business and Management Research 5(3): 1–5.

Wakdok SS (2018) The impact of financial inclusion on economic growth in Nigeria: an economic analysis. International Journal of Business Innovation and Research in Educational Sciences 5(2): 237–245.

William J, Tavneet S (2016) The long-run poverty and gender impacts of mobile money. Science 354(6317): 1288–1292.

Downloads

Published

2022-12-06

Issue

Vol. 3 No. 6 (2022): South Asian Journal of Social Sciences and Humanities, (Dec) 2022

Section

Articles

License

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite

Noor, M.A., Hossain, T., & Shirazi, .H. (2022). Acceptance of New Standards for Financial Inclusion by Financial Service Providers in Bangladesh . South Asian Journal of Social Sciences and Humanities, 3(6), 102–122. https://doi.org/10.48165/sajssh.2022.3607
Crossref
Scopus
Google Scholar
Europe PMC