Bangladesh Bank is considering completely waiving service charges on small merchants to accelerate the adoption of cashless and digital transactions across the country. Governor Mostakur Rahman stated that steps are being taken to establish a dedicated fund to provide subsidies for this purpose if necessary.
He shared these insights as the chief guest at an exchange-of-views meeting with students at BRAC University on Thursday morning (July 30).
The Governor of Bangladesh Bank highlighted that strengthening the cashless transaction system will curb corruption in society while boosting government revenue collection. Moreover, the risks associated with carrying physical cash—such as theft, robbery, and extortion—are significantly reduced in a cashless economy.
“Cashless transactions eliminate the risks of theft, robbery, and extortion. This will not only reduce corruption but also increase government revenue. If needed, service charges will be waived by providing subsidies to encourage small merchants.”
— Mostakur Rahman, Governor, Bangladesh Bank
He informed that ‘Bangla QR’ has been made mandatory in the country since July 1 of this year. Subject to an overall review of the situation, service charges for small merchants may be completely removed starting next year.
Highlighting the government’s new vision for expanding the tech-driven financial infrastructure, the Governor revealed:
‘One Citizen, One ID, One Wallet’: Initiatives are underway to ensure every citizen has access to a smartphone to realize this vision.
Offline Banking and MFS Apps: For the convenience of general users, Bangladesh Bank and BTRC are working jointly to allow bank and Mobile Financial Services (MFS) apps to function without an active internet connection. A circular regarding this will be issued soon.
Faculty members and students of BRAC University, alongside senior officials of Bangladesh Bank, were present at the event.
