“I was always unsure about saving because there are many institutions that take a long time to give your money back to you. During the pandemic, my savings was refunded to me within a day.”- Shahin Alam, Mohonpur, Rajshahi.
Shahin Alam is a betel leaf farmer. He was doing well and had amassed savings of BDT 130,000 (USD 1,532), which he had formally saved in a BRAC savings account.
When the pandemic hit, Shahin was suddenly on the verge of losing his business. Rapidly running out of food and money, Shahin needed his savings refunded urgently. He thought that it would be a lengthy process, but the entire amount was returned within one day.
While it will be some time before Shahin is amassing savings again, the speed at which he got his money back gives him confidence in continuing to save using formal channels.