Bangladesh Bank Governor Ahsan H. Mansur has said that corruption and money laundering can be significantly reduced by expanding and popularizing digital transactions across the country.
Speaking at a discussion meeting on inter-banking transactions, organized by mobile operators at a hotel in Dhaka on Monday, the Governor stressed that a transparent financial system will not only curb financial crimes but also improve efficiency, reduce waste, and ease public suffering.
Cash Dependency Still Rising: Although mobile banking, online payments, and card-based transactions are increasingly available, the Governor noted that the demand for cash is still growing by around 10 percent every year in the banking sector.
“This growing reliance on cash is creating long-term pressure on the economy. Managing cash circulation requires significant expenditure by the government. If we can reduce this dependency, it will save both money and resources,” he said.
Toward a Cashless Economy: Governor Mansur said the government is prioritizing the establishment of a cashless economy as part of taking “Digital Bangladesh” one step further. He announced that work is underway to launch an integrated transaction system that will connect banks, mobile financial services (MFS), and fintech operators under a single digital platform.
“Our goal is to build a financial ecosystem where no one is excluded - from rickshaw-pullers to small traders - everyone will be able to transact digitally,” he added.
Transparency as a Tool Against Corruption: The Bangladesh Bank chief highlighted that corruption and money laundering often exploit loopholes in cash-based transactions, which are difficult to trace. By shifting to digital platforms, authorities will have a clear audit trail, making it harder to conceal illicit financial activities.
“Every taka transferred digitally leaves a record. This transparency is the strongest weapon we have against corruption and money laundering,” he explained.
Industry Response: Mobile operators and financial service providers at the meeting welcomed the Governor’s statement, saying an integrated system will help expand digital inclusion and accelerate the shift toward a modern financial sector. Experts present at the event also noted that digital literacy, cybersecurity, and rural access to financial services will be crucial for the success of this initiative.
The Road Ahead: Bangladesh Bank has already introduced initiatives like the Bangladesh Electronic Funds Transfer Network (BEFTN), Real Time Gross Settlement (RTGS), and Bangla QR to promote digital payments. However, experts say more integration, awareness campaigns, and incentives are needed to discourage cash dependency.
The Governor concluded his speech by emphasizing: “Our vision is a transparent, cashless economy where technology not only makes life easier but also ensures accountability. Digital transactions are not just a convenience - they are a safeguard against corruption and financial crimes.”