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Digital banking in Bangladesh has yet to gain momentum despite its potential, as weak policy support, lack of consumer trust, and poor infrastructure continue to hold the sector back.

The concerns came up at a discussion on “Digital Banking for All: Bridging Gap in Financial Inclusion,” organised by the Dhaka Chamber of Commerce and Industry (DCCI) on Thursday.

Speakers identified three priorities for growth — building trust through stronger cyber security, expanding affordability and access nationwide, and ensuring better coordination among regulators, banks, and fintechs.

DCCI President Taskeen Ahmed said while mobile financial services, introduced in 2011, had expanded access, only 54 percent of the population currently uses them. He urged for greater affordability, improved literacy, and tighter coordination, stressing that “security and trust must remain top priorities.”

ICT Division Secretary Shish Haider Chowdhury, attending virtually, flagged data breaches from weak registration processes that exposed 50 million citizens’ information on the dark web. He called for robust encryption and monitoring, while assuring that a personal data protection ordinance would be rolled out within a month.

Bangladesh Bank Executive Director Md Ezazul Islam noted that despite progress in debit, credit, and insurance services, most citizens remain outside the formal system. He said Tk 22.7 trillion of the total Tk 31.5 trillion in money circulation was still outside banks, with only 27–28 percent of financial transactions conducted digitally.

Other speakers highlighted risks of fraud, lack of oversight, mismanagement in banks, and the absence of a clear roadmap. They urged stronger regulation, blockchain integration for trade transparency, and a unified cyber security framework to secure agent banking.

Participants agreed that while Bangladesh’s digital banking market has strong potential — with projections reaching $30 billion — trust, governance, and cyber resilience will determine its success.