Bangladesh Bank holds first steering committee meeting to reduce cash dependence

Bangladesh Bank (BB) has intensified efforts to expand the nationwide use of the ‘Bangla QR’ payment system as part of initiatives to enhance transparency in financial transactions, reduce cash dependency and extend digital payment services to grassroots customers.

The first meeting of a steering committee formed to oversee the expansion was held at the central bank at 3:30pm on Monday (22 June), with Bangladesh Bank (BB) Governor Mostaqur Rahman serving as its convener.

The meeting, held at the central bank headquarters, was attended by representatives from various government ministries, senior officials of commercial banks, representatives of mobile financial service (MFS) providers and members of the steering committee.

Participants discussed strategies to strengthen the country’s digital payment infrastructure and increase the use of Bangla QR across different sectors. Particular emphasis was placed on enabling ministries and government departments to receive fees, charges and other payments through the unified QR-based platform.

Addressing the meeting, Governor Mostaqur Rahman said Bangla QR could play a significant role in expanding financial inclusion and reducing reliance on cash transactions.

He called for coordinated efforts by both public and private sector stakeholders to popularise the platform and sought the cooperation of relevant ministries, banks and financial institutions.

Representatives attending the meeting assured the central bank of their full support in implementing and expanding the Bangla QR system.

They noted that a unified QR-based payment mechanism would allow customers to conduct transactions more easily, quickly and securely, while also promoting the expansion of digital financial services and enhancing transparency and accountability in economic activities.

Bangladesh Bank officials said successful implementation of the initiative would further strengthen the country’s digital payment ecosystem, enabling small traders, entrepreneurs and consumers from urban and rural areas alike to access seamless digital transactions through a single platform.

The initiative is also expected to contribute to the government’s vision of building a Smart Bangladesh, officials added.