Bangladesh Bank Aims for Fully Digital Transactions by 2027

Bangladesh Bank (BB) has announced plans to fully digitise the country’s financial transactions by July 2027. The initiative will bring all financial institutions—including banks, mobile financial service (MFS) providers, insurance companies, and other relevant entities—under a unified, interoperable transaction system.

Governor of Bangladesh Bank, Ahsan H. Mansur, revealed the ambitious target at an event held at the Westin Dhaka, where BB signed an agreement with the Gates Foundation’s Mojaloop, an open-source software platform for financial services. The partnership aims to establish the new interoperable platform virtually.

The platform, which will be based on Mojaloop technology, will be named the Inclusive Instant Payment System (IIPS). This new system will eliminate the need for cash-outs, streamlining the process of digital payments across all sectors.

Mansur highlighted the importance of digitisation in ensuring transparency in financial transactions. He stressed that this interoperable system is vital for enhancing transparency, reducing corruption, and improving revenue collection. “There is no alternative to moving towards this system in the future,” he added, emphasising its long-term benefits for the country’s economy.