Financial inclusion using corporate social responsibility: a socio-economic demand–supply analysis

• Published in: Asian journal of economics and banking Vol. 7; no. 1; pp. 45 - 63
• Main Authors: Ibne Afzal, Munshi Naser, Nayeem Sadi, Md Abu, Siddiqui, Shamim Ahmad
• Format: Journal Article
• Language: English
• Published: London Emerald Group Publishing Limited 24.03.2023
• Subjects: Banking industry; Banks; Brand loyalty; Central banks; Developing countries; Environmental impact; Environmental management; Financial inclusion; Financial institutions; Financial services; LDCs; Social responsibility; Society; Stakeholders; Bangladesh
• DOI: 10.1108/AJEB-04-2022-0039
• ISSN: 2615-9821

Purpose Corporate social responsibility (CSR) aims at upholding socio-economic condition of deprived communities prevailing in society as well as bringing profitability for corporate companies themselves. This study investigates to what extent the CSR initiatives of financial institutions in Bangladesh have been able to reach out to deprived communities and support various dimensions of financial inclusion (FI) in the country. Design/methodology/approach In this study, both supply-side and demand-side data are included and discussed rigorously as tools to cross-check the result. Both qualitative and quantitative data are incorporated, and graphs and tables are used to represent the critical information better. A triangulation of in-depth interviews with secondary data is used to ensure rigor and trustworthiness. The triangulation approach works as a method to verify secondary data by interviewees in this study. Findings The result shows a positive geographical and demographical penetration of CSR activities, but it does not necessarily bring FI in all cases. This study identifies some key issues that prevail in the current context of Bangladesh, such as usage, distance, quality and cost of financial products. Originality/value This study makes use of both supply-side and demand-side information and thus explain the reasons behind the involuntary exclusion of financial services.