Child marriage has always been a frightening issue in Bangladesh and many other parts of the world.
Through extensive research it was found that parents of girl children in poorer rural communities of Bangladesh consider their female child a financial and social burden.
This is especially true for the low-income daily wage earners, as the multiple Covid-19 induced lockdowns took away their sources of income and forced them to migrate back to their ancestorial homes across rural Bangladesh.
This has resulted in child marriage, becoming a way for many underprivileged parents to get rid of the burden on their limited earning, by cutting the cost of raising & educating a girl child, and the dowry associated with a late marriage.
However, in doing so, these unfortunate girls are being robbed of their childhood, their education and in many cases, even their health.
Identifying this problem, Amal Foundation, a Bangladeshi NGO specializing in preventing child marriage partnered up with IPDC, one of the nation’s biggest financial institutes.
Both parties worked together to create a unique product aimed at preventing child marriage – the Child Marriage Prevention Loan by IPDC, powered by Amal Foundation which was launched as a pilot project in the Bogra District during the month of March 2022.
The Child Marriage Prevention Loan (CMPL) is a conditional zero interest zero collateral microfinance loan that gives underprivileged parents the opportunity to set up their very own sustainable businesses only if the following three conditions are followed: The first one is that the loan applicants must be parents of a girl child aged 12–18 years. The second condition is that the girl child cannot be married before legal age. While the third and final condition is that the girl child must be educated until end of high school.
At first, IPDC and Amal receive, verify, and approve loan applications based on the above-mentioned conditions. Afterwards, parents take a pledge to only marry their daughters after they reach legal marrying age and graduate from high school. The loan is then received by parents from IPDC and Amal Foundation representatives in front of their respective communities. Once the loan is disbursed, Amal Foundation helps set up sustainable businesses for the parents’ and provides training on how to run the business.
After a 30-day grace period, Amal Foundation, on behalf of IPDC, starts collecting weekly loan installments while monitoring the girl’s education and business. These installments are then used to finance more loans for other interested parents.
Through the CMPL, IPDC and Amal Foundation intend to help eliminate discrimination by turning girl children into assets and alleviate poverty by providing fixed income sources to underprivileged families across rural Bangladesh.
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