Bangladesh Bank (BB) and the Gates Foundation held a high-level stakeholder engagement event in the city on Monday to make the country’s digital payment environment far better by putting in place Inclusive Instant Payment Systems (IIPS).
A news statement noted that the event, called “Instant Payment in Bangladesh: Unveiling Inclusion Opportunities”, took place at The Westin in the city.
This project aims to improve existing payment systems like BEFTN, BACPS, NPSB, RTGS, Bangla QR, and the Taka Pay card. This will help Bangladesh move forward in building a modern and inclusive digital financial landscape.
Dr Ahsan H Mansur, the Governor of Bangladesh Bank, was the chief guest at the engagement event. Deputy Governor Md Zakir Hossain Chowdhury led the event.
There were many important guests, including high-ranking officials from Bangladesh Bank and MDs/CEOs from banks, MFS, fintechs, and microfinance and financial institutions. This shows a strong commitment from many sectors.
Michael Wiegand, the Gates Foundation’s Director of Inclusive Financial Systems (IFS), and Ms Snigdha Ali, the IFS Bangladesh Country Lead, were also there.
Dr Ahsan H Mansur stressed how important it is to have a payment system that works well in his speech.
He was hopeful that the IIPS project would help Bangladesh get closer to becoming a cashless society.
The main purpose of this digital transformation is to create financial services that can work together by putting banks, MFS operators, microfinance institutions, financial institutions, and payment service operators all in one channel.
Dr Mansur further said that digitisation is necessary for making transactions clear.
He went on to say that the digital transition is likely to greatly reduce the need for currency, which will lower the cost of creating money.
He indicated that the goal for this big effort is to have full compatibility by the middle of 2027.
He went on to say that once it is successfully rolled out, the system is expected to raise the country’s tax potential and lower the expenses of doing business.
