Bangladesh Bank is preparing to launch a unified interoperable instant payment system that will bring all banks, mobile financial services, microfinance institutions, and digital banks onto a single platform with support from the Bill & Melinda Gates Foundation.
BB governor Ahsan H Mansur announced the plan on Monday at a discussion titled Stakeholder Discussion on Interoperable Payment in Bangladesh, jointly organised by the Policy Research Institute (PRI) and the Gates Foundation in Dhaka.
He said the central bank鈥檚 priority is to reduce the economy鈥檚 growing dependence on cash, which has been rising at around 10 per cent annually for several years.
The reliance on cash is costly. Banks spend nearly Tk聽20,000 crore annually on cash management, while the government loses an estimated Tk聽1.53 lakh crore in revenue due to informal transactions, he noted.
鈥楥ash dependency is expensive and risky. A unified interoperable payment system will allow people and institutions to transfer money instantly between mobile wallets, bank accounts, or non-bank accounts, anytime and anywhere,鈥� Mansur said.
He added that widespread use of cash also fuels corruption, robbery, and illicit transactions, all of which could be significantly reduced with a seamless digital payment structure.
The governor acknowledged that previous efforts, including the Binimoy project, had failed but expressed optimism that this initiative, supported by the Gates Foundation, would succeed.
He cited examples from Pakistan, Tanzania, and Rwanda, where interoperable systems cut costs, improved efficiency, and widened financial inclusion.
Currently, services such as bKash, Nagad, and internet banking exist in Bangladesh but operate in fragmented.
Mansur said the new platform would unify these services, creating a 鈥榞ame-changer鈥� for building a cashless economy.
Bangladesh Bank has already mandated QR code displays at all licensed businesses to encourage digital transactions.
Restrictions on credit card issuance have been lifted, and the ceiling for mobile-based microloans has been raised to Tk 50,000, with further increases planned.
In addition, the central bank now requires that at least 50 per cent of agent banking representatives be women, as they are often better positioned to deliver services at the grassroots.
Financial inclusion has improved in recent years, with 64 per cent of the population now linked to formal financial services.
However, 35鈥�40 per cent remains outside the system. 鈥業nclusion is not just about coverage but ensuring that rural households are deeply connected with the financial sector,鈥� Mansur said.
Experts at the event noted that Bangladesh has over 200 million registered mobile financial service accounts, yet nearly half of all adults still lack access to formal financial services.
They identified urban-rural disparities, gender gaps, and limited interoperability among providers as key challenges.
Speakers said the interoperable payment platform would enable direct and transparent distribution of government allowances, subsidies, and salaries, reducing leakages and boosting accountability.
It would also foster competition, spur innovation, and expand financial services.
They said that the initiative could be transformative for Bangladesh, accelerating the shift toward a cashless economy while aligning with the G20 cross-border payments roadmap and advancing the Sustainable Development Goals.
