There is no questioning the role digitization has played in helping the Bangladesh economy. Ever since we embraced being a “digital” Bangladesh, our economy has leapfrogged and multiplied our GDP many times over. With that said, our digital journey is just beginning, and there remain many avenues where the full potential of digitization has barely scratched the surface.
Among the most crucial areas where digitization can continue to play a major role is digital payments, which is especially true for our CMSME (cottage, micro, small, and medium enterprises) as well as farmers and the rural population at large.
To that end, it is encouraging to see more programs, facilitated by development partners and multi-national corporations, that promote financial inclusion and payment digitization in these communities. What is more encouraging is that in addressing the shortcomings, such programs are identifying women-led businesses and supporting them. More of this is needed to ensure that digitization’s full potential to transform rural economies is realized.
There are tens of millions of Bangladeshis who remain unbanked, thus the opportunity to drive financial inclusion through digital means is enormous. For farmers and CMSMEs, access to finance has always been a significant hurdle that can finally have a solution once and for all. Digital payment solutions have the ability to bridge this gap, providing easier access to credit.
As we march towards realizing Vision 2041, we have signaled our intent of becoming a smart nation. To that end, we must leverage the power of digital to its fullest capacity, and by ensuring digital payments for every single person in Bangladesh. Failure to do so will hold us back from achieving our ultimate goal.
