The central bank aims to settle 75% of retail transactions digitally by 2027, focusing on affordable smartphones, stronger connectivity, and real-time payment systems.
Bangladesh Bank has announced initiatives to develop Cox’s Bazar as the country’s first fully cashless district, marking a major step in the government’s digital finance push. BB Governor Ahsan H Mansur said the central bank aims to settle at least 75 percent of retail transactions through digital platforms by 2027.
Speaking at an event in Chattogram, the governor noted that widespread access to affordable smartphones—priced between Tk 6,000 and Tk 7,000—is essential to achieving a cashless economy. He also said a 24/7 Real Time Gross Settlement (RTGS) system would soon be introduced at all seaports and airports to streamline import-export payments.
Mansur highlighted Chattogram’s strategic importance as Bangladesh’s economic lifeline, hosting the main seaport, export processing zones, heavy industries and energy infrastructure. He stressed the need to strengthen the region’s global connectivity, drawing comparisons with major trade hubs like Singapore, Dubai and Hong Kong.
The central bank governor also emphasised expanding affordable credit to productive sectors, particularly small and medium enterprises and agriculture, to ensure inclusive growth at district and grassroots levels. The views-exchange meeting was attended by representatives from business chambers, banks, government agencies and academic institutions.
This is a very positive initiative that could make visiting Cox’s Bazar more convenient for tourists. The main challenge, however, will be ensuring strong and reliable internet connectivity and building trust in mobile transactions among users.
Source: Daily Star