Bangladesh has long fostered ambitions to transform into a digitized nation, and going cashless has been one of the numerous goals in this regard. It is encouraging, therefore, that avenues facilitating cashless transactions are witnessing an increased demand in recent times.
According to data from Bangladesh Bank, transactions worth Tk108,000 crore were made through mobile financial services (MFS) in Bangladesh in the month of May this year -- a 42% increase from May 2022 on a year-on-year basis. Further data revealed that MFS transactions amounted to over Tk100,000 crore for three consecutive months from March this year.
This is undoubtedly a positive development. Mobile financial services have enabled a large portion of our country's population to enjoy formal banking services -- the access to which they have historically remained deprived of.
One of the major barriers for us to the widespread establishment of a cashless society has been a larger portion of our people not having access to banking facilities -- mobile or otherwise – but with the rise of MFS platforms in recent years, we can expect the general banking climate to change for the better.
Moving to cashless transactions will have significant positive impacts on the country's economy, and reduce the risks of financial crimes, and provide financial freedom across the nation.
It is vital at this stage for relevant authorities to understand the demands of MFS users and improve the system accordingly. In order to create a cashless society in line with our development goals, we must ensure that the ease of access and use are facilitated for all people in a sustainable manner.
