Bangladesh will become a major cashless economy hub in 7–8 yrs: Governor

Bangladesh Bank Governor Dr. Ahsan H Mansur said the foundation of a cashless economy in the country is strengthening, and Bangladesh is set to become a major hub for cashless transactions within the next 7–8 years.

He made these remarks on Wednesday morning (August 20) during a seminar on development strategies in the capital.

The Governor pointed out that cash transactions promote corruption and facilitate tax evasion. “This trend must be stopped immediately,” he said.

Highlighting the challenges in the financial sector, Dr. Mansur said that restoring discipline will be the biggest task. “If achieved, it will strengthen the overall economy. At the same time, we need to introduce innovations in financial transactions to include everyone,” he added.

Talking about mobile financial services, the Governor noted that the concept of “nano loans” is gaining popularity. “On average, around 4,000 people receive these loans daily, and a total of Tk 7,000 crore has been disbursed so far,” he said.