Bangladesh Bank Launches Initiative for Cashless Society

Paving the Way for Digital Payments

DHAKA, Nov 24, 2025 – In a landmark initiative, the Bangladesh Bank (BB), in collaboration with the Gates Foundation, has launched an effort aimed at transforming the nation’s digital payment ecosystem. Dubbed the Inclusive Instant Payment Systems (IIPS), this initiative seeks to enhance existing payment frameworks to facilitate a cashless society in Bangladesh.

Stakeholder Engagement Event

The announcement was made during a high-profile engagement event titled "Instant Payment in Bangladesh: Unveiling Inclusion Opportunities," held at The Westin in Dhaka. The event was honored by the presence of Dr. Ahsan H. Mansur, the Governor of Bangladesh Bank, and chaired by Deputy Governor Md. Zakir Hossain Chowdhury. Esteemed guests included top executives from various banks, fintech companies, and microfinance institutions, emphasizing the collective commitment toward a modern financial landscape.

Transforming Payment Infrastructure

The IIPS initiative aims to elevate Bangladesh’s existing payment infrastructures, which include systems like BEFTN, BACPS, NPSB, RTGS, Bangla QR, and the Taka Pay card. By creating a unified platform that integrates Banks, Mobile Financial Service (MFS) operators, microfinance institutions, and Payment Service Operators, the initiative envisions interoperable financial services that make transactions seamless and efficient.

A Vision for a Cashless Future

In his address, Dr. Mansur articulated the necessity for a modern, cashless payment system. He expressed optimism that the IIPS would play a pivotal role in transitioning Bangladesh toward this goal. He elaborated that digitization is not merely a technological upgrade but a critical step toward achieving transaction transparency and reducing the reliance on physical cash.

Dr. Mansur identified several benefits of this digital transformation, including the potential to significantly lower the costs associated with currency printing and enhance the nation’s tax revenue. The goal is to achieve full interoperability by mid-2027, propelling the country into a new era of financial inclusivity.

Conclusion: A Collective Commitment

The launch of the Inclusive Instant Payment Systems represents a major leap forward for Bangladesh, placing the country on the map as a leader in digital finance. By minimizing transaction costs and fostering innovative payment solutions, the initiative promises substantial economic benefits. This collaborative effort by Bangladesh Bank and the Gates Foundation is a testament to the commitment towards a more inclusive financial future for all.

For more details, visit Bangladesh Bank or Gates Foundation.

This article provides a comprehensive overview of Bangladesh Bank’s new initiative, highlighting its potential to shape the future of digital payments in the country.