Written by The Banking Post
Bangladesh is set to roll out an interoperable instant payment system to accelerate the country’s shift toward a cashless economy, Bangladesh Bank Governor Ahsan H Mansur said on Monday.
Speaking as chief guest at a stakeholder discussion on interoperable payments in Gulshan, Mansur said the system will allow anyone to send or receive money instantly, anytime and anywhere, linking all financial institutions — banks, MFS, microcredit operators and digital banks — on one platform.
“A cash-based economy is costly,” he said, noting that banks lose around Tk20,000 crore annually while the government forfeits Tk1.5 lakh crore in revenue. “We must reduce cash use and move to digital payments.”
The governor added that the central bank, with support from the Gates Foundation, is working to ensure the system succeeds after earlier attempts faltered.
He also highlighted progress in financial inclusion, with 64% of the population now inside the formal system, but stressed the need to integrate rural communities more deeply.
To encourage cashless transactions, all businesses must now display QR codes, he said, while digital and agent banking services are being expanded. Bangladesh Bank recently required that at least half of agent bankers be women to improve outreach.
Mansur also announced the scrapping of income tax return requirements for credit card applications and a rise in the micro-loan limit under MFS, steps aimed at boosting card usage and small lending.
