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Cashing the digital check

  • Published at 06:00 pm August 13th, 2018

One way digitization has been a boon to the people of Bangladesh is by allowing digital banking to spread its wings

The government’s focus on digitization has no doubt yielded impressive results: From an increase in ICT exports to increased access to various administritative services for citizens, Bangladesh has experienced progress like never before. 

Thanks to this concerted effort, and the efforts of the millions of people involved in the process, over the last decade, Digital Bangladesh has become a reality.

One way digitization has been beneficial to the people of Bangladesh is by allowing digital banking to spread its wings, with digital financial services revolutionizing how people do business. 

These services have granted people in rural areas access to a host of financial services they otherwise would not have have been able to access outside of a conventional bank, the services for which they can oftentimes not afford, are not eligible for, or are generally too restrictive. 

Even Visa, the global leader in digital payments technology, in a recent report, commented on the steady rise they have seen in their services in Bangladesh. For example, this year during Ramadan, there was a 7% increase in payments made through their services compared to last year.

This not only hints at the economic growth that Bangladeshis have experienced first-hand, but also indicates the increased access we have to digital services, and how easy it has become to be part of a more digital world for our citizens. 

It is encouraging to see that Bangladeshis have embraced digitization to the extent that they have, and with international companies like Visa, in addition to local digital financial service providers, planning to incorporate more advanced technologies into the eco-system, the lives of Bangladeshis can only get better in the future.