BRAC Bank and Green Delta Insurance PLC have won the award of Insurance Innovation Challenge, a joint initiative by SME Foundation (SMEF) and UNDP Bangladesh.
As the winner, the two organizations will provide a blended finance solution of digital micro lending bundled with micro insurance for climate-vulnerable cottage, micro and small enterprises (CMSEs).
This winning initiative, project NIRAPOD, marks another milestone for FINNOVISION, BRAC Bank’s impact driven SME Innovation Lab, reinforcing the bank’s commitment to developing practical financial solutions for underserved entrepreneurs.
Project NIRAPOD integrates collateral-free digital loans, climate-responsive insurance, and advisory services into a single customer journey. The solution includes weather index-based crop and fisheries insurance, livestock and health insurance, women-focused protection products, AI-powered customer support, weather alerts, and agricultural advisory services – helping entrepreneurs recover more quickly from climate-related risks.
The recognition was announced at the Insurance Innovation Challenge Launching and Award Ceremony in Dhaka on July 28, 2026. The competition promotes innovative, technology-driven, and gender-responsive insurance solutions that strengthen the resilience of Bangladesh’s CMSME sector against climate and emerging risks.
Syed Abdul Momen, Additional Managing Director and Head of SME Banking at BRAC Bank, said, “Financial inclusion must be accompanied by financial resilience. By integrating insurance with digital lending, we are enabling entrepreneurs not only to access finance but also to withstand climate shocks, protect their livelihoods, and grow with greater confidence.”
Md. Nazim Hasan Sattar, Deputy Managing Director of SME Foundation, said, “Climate shocks should not undermine an entrepreneur’s financial future. Innovative insurance solutions can protect livelihoods, preserve creditworthiness, and strengthen long-term financial inclusion.”
Following the pilot phase of Project NIRAPOD, the partners aim to integrate the solution into BRAC Bank’s CMSME lending operations and expand it nationwide through the bank’s digital platforms, distribution network, and strategic partnerships.