Very few countries in the developing world has achieved what Bangladesh has done in less than 2 decades in cashless transactions: we have interbank digital payment platforms since early 2010s, from MFS launching in 2010 to BDT 17.37 trillion transactions in 2024, and we saw introduction of Bangla-QR in 2023 towards interoperability.
And yet, we are only scratching tip of the ice-berg. It is estimated that approximately 70% of our GDP is retail payment, while only 2% of it digital. Customer on boarding has not really moved digital except for mobile. Interoperability remains a projection more than a practice platforms do not truly "talk" to each other, leaving clients stuck in silos. Transaction costs remain high, making digital payments less attractive for businesses and retail customers, particularly debit/credit card users seeking everyday convenience.
UCB has already launched open-API core banking system to welcome and embrace fintech, utility services and other payments channels. This sets a strong platform for future readiness in going cashless.
If Bangladesh 2.0 is to mean anything, it must deliver policy reform that reflects unified approach from ministry, central bank, NBR, industry and academia. We seek a regulatory environment where e-KYC is frictionless, interoperability is the default, and approvals move at the speed of innovation.
