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  • Last Update : 04:24 pm

ED: The building blocks for a cashless society

  • Published at 12:10 am November 18th, 2020
Mobile Banking

Indeed, these are the sort of forward-thinking and inclusive initiatives that the people have been longing for

There is little doubt that digitization will continue to play a major role in ensuring that Bangladesh reaches all of its goals, and for that to happen, digitization must be made equitable, reaching all walks of life and not limited to a select few.

To that end, it is extremely encouraging to know that, under a new directive by Bangladesh Bank, micro and small traders can open merchant accounts with banks and mobile financial service (MFS) providers without a trade licence -- paving the way for financial inclusion of a significant number of people who had previously been left out.

Thus, it would now be possible to simply scan a QR code to pay for a cup of tea at a local tea stall or pay a rickshaw puller -- digitization that is not only exciting, but equitable and reaching people it previously excluded.

Indeed, these are the sort of forward-thinking and inclusive initiatives that the people have been longing for, and there can be hope that these are the first building blocks of creating a cashless society.

What is now important is to ensure that all parties involved play their part properly, and that there are no incidents of foul play that may jeopardize the operations or compromise security. Bangladesh Bank has already asked MFS operators to take all measures necessary to ensure security, and these must be taken extremely seriously.

There is genuine hope that the vision of Digital Bangladesh will truly come to fruition, and it is imperative that it happens in an equitable and inclusive manner that benefits all Bangladeshis, regardless of their socioeconomic status and location.

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