"United Nations Development Programme (UNDP), Bangladesh
There is growing global evidence that a cashless economy is not only a more efficient way to make payments-it is also a powerful enabler of inclusive finance. The story of M-Pesa in Kenya clearly illustrates the transformational effect of digital finance. When M-Pesa launched in 2007, fewer than 27% of Kenyan adults had access to formal banking. Today, it serves over 34 million active users in Kenya, offering services such as payments, savings, credit, and investments-all through mobile phones. Digital finance is breaking barriers. It allows financial institutions to reach remote and underserved communities, reducing the need for costly brick-and-mortar branches. With just a smartphone, users can send and receive money instantly, securely, and affordably. In Bangladesh, expanding digital financial services can level the playing field for small businesses and empower more women to participate in the economy. More than 40% of the adult Bangladeshi still do not have a bank account or a mobile money account. To truly become cashless, Bangladesh must address regulatory bottlenecks, invest in digital infrastructure, promote digital literacy, and ensure robust protection against cyber threats. A cashless Bangladesh is a pathway to inclusive growth and economic resilience."
