Experts at a discussion on Monday stressed the need for making digital payments easy, secure, and more accessible in Bangladesh to promote interoperable payment systems.
They also emphasised the need for policies that offer incentives to stakeholders and make digital payments cheaper than cash transactions.
Interoperable payments refer to a system that allows users to send and receive money across different payment platforms, enabling seamless transactions between various financial
networks.
The session, focused on opportunities, challenges, and priorities for Inclusive Instant Payment Systems (IIPS) in Bangladesh, was part of a daylong event titled 'Stakeholder Discussion on Interoperable Payments in Bangladesh' organised by the Policy Research Institute (PRI) with support from the Gates Foundation at a city hotel.
Meheriar M. Hasan, Chairman of BRAC Bank PLC, chaired the session, which highlighted reflections from both panellists and the audience. Snigdha Ali, Bangladesh Country Lead for the Inclusive Financial System at the Gates Foundation, moderated the event.
The panellists discussed the potential benefits of interoperable systems, including expanding financial access for women, youth, and rural communities, enhancing transparency, consumer protection, and creating a level playing field for financial institutions and fintechs.
They also highlighted the role of interoperable payments in advancing Bangladesh's digital transformation and aligning with the Sustainable Development Goals (SDGs) on financial inclusion and gender equality.
In his closing remarks, Meheriar M. Hasan reaffirmed BRAC Bank's commitment to the vision of inclusive digital payments.
He urged continued dialogue and collaboration to turn momentum into actionable steps.
The discussion further explored how interoperable payment services could lower transaction costs, modernise digital payments, and ensure accessibility for unbanked and underserved users, including those with low literacy levels or basic mobile phones.
An inclusive interoperable payments system could open up financial access to all, including marginalised groups, while promoting transparency, consumer protection, and a level playing field for financial institutions and fintechs, according to the experts.
It would also contribute to Bangladesh's digital transformation and support SDGs related to financial inclusion, gender equality, and resilient financial institutions, they said.
The panellists included Mohammad Muslim Chowdhury, Chairman of Sonali Bank; Mohammed Jamal Uddin Mazumder, Additional Managing Director of Islami Bank Bangladesh; Maj Gen Sheikh Md Monirul Islam (Retd.), Chief External & Corporate Affairs Officer at bKash; Md. Motasem Billah, Administrator of Nagad; Md. Moinul Huq, Country Officer at Citi Bank; Zahiduz Zaman, Head of Digital Platform, Payment & Partnership at Grameenphone; Shahed Alam, Chief Corporate and Regulatory Officer at Robi Axiata; and Shah Zia ul Haque, Additional Director at Bangladesh Bank.
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