In a landmark development aimed at advancing digital finance in Bangladesh, the International Finance Corporation (IFC) and Bangladesh Bank have formalized a new agreement.
With the sponsorship of the Australian government, this agreement aims to support Bangladesh Bank in creating a conducive environment for the widespread adoption of digital payments within the country, reports BSS.
Through targeted efforts, the IFC-Bangladesh Bank partnership intends to overcome prevailing challenges and pave the way for a more seamless digital payment landscape in Bangladesh, said a press release.
The Bangladesh economy has reached an inflection point in digital finance with the adoption of mobile financial services and digitalization of banking facilities in the country.
The adoption and acceptance of digital payments particularly in small businesses is the next critical step for a drive toward a cashless economy.
The project aims to support Bangladesh Bank in issuing new policy to drive digital payment adoption, conduct country-wide outreach programs, and to increase digital payment adoption by 25 percent by 2027.
Martin Holtmann, Country Manager for Bangladesh, Nepal and Bhutan at IFC said, "Access to innovative, efficient, affordable, and sustainable financial products is crucial for inclusive growth. This project will successfully harness the power of digitalization to overcome barriers and unlock the full potential of the payment industry creating a foundation for deepening digital financial products beyond payments such as saving, lending, investment and beyond."
"We're committed to fostering financial inclusion and catalyzing the transition towards a digitally enabled economy in Bangladesh," Holtmann added.
© 2024 - All Rights with The Financial Express
