Dhaka, Bangladesh (BBN)– The central bank of Bangladesh has planned to expedite the ongoing financial inclusion initiatives across the country using digital technologies.
Bangladesh Bank (BB), the country’s central bank, Governor Dr. Atiur Rahman disclosed this while addressing at a SIBOS (Swift International Banking Operations) roundtable on Financial Inclusion: The Journey of Bangladesh held at Hotel Marina Bay Sands in Singapore on Wednesday, according to a press statement.
SIBOS is the world’s premier financial services event. It’s the annual conference, exhibition and networking event, organized by SWIFT for the financial industry.
“We’re going to introduce digital financial inclusion programmes in Bangladesh aiming to bring more people into the financial system easily,” BB Governor Dr. Rahman announced.
The central bank of Bangladesh is now upgrading of its payment system and financial sector IT infrastructure enabling cost efficient online/mobile phone/smart card based financial service delivery vigorously to bring more unbanked people into the banking network, Dr. Rahman explained.
Besides, expansion of rural bank branch and agent banking activities are increasing gradually in the country, the BB Governor added.
He also said the country’s entire financial sector is on board in the inclusion initiatives, inducted by BB’s sustained motivation campaign of ingraining an institutional ethos of socially responsible financing.
“We’re the key driver of the diverse financial inclusion initiatives countrywide,” the central bank chief noted.
The BB governor also emphasized on young recruits and focus on technology leading to fast digital financial inclusion as main features of the game changer in financial development in Bangladesh.
“Green financing supported countrywide rapid progress in use of solar and other renewable energy options wouldn’t have been possible without technological advances steadily driving down costs of these low emission renewable energy options, alongside continuing advances in low energy technologies in related areas like LED lighting, electromagnetic hot plates and so forth,” BB Governor Dr. Rahman said while addressing at the Sibos ‘game changer’ session on the same day.
He also said advances in nanotechnology are opening up further vast new vistas of opportunity in energy saving sustainable options in output processes and practices.
“Transition from use of printed physical currency notes to the already technically feasible E-currency alternative will be a big advance both in environmental sustainability and monetary cost saving, provided we can address adequately the attendant security concerns,” the governor observed.
He also said: “New advances in technological innovations will continue to remain game changing drivers in all our sustainable growth pursuits in diverse directions at local, regional and global levels.”
Earlier on Tuesday, BB Governor Dr. Rahman arrived in Singapore from Lima after receiving the Central Bank Governor of the Year for Asia 2015 Award from The Emerging Markets Newspaper.