Country to Fully Implement Payment Interoperability by 2027: BB Governor

Bangladesh Bank (BB) Governor Dr. Ahsan H Mansur has announced that the country is expected to fully implement payment interoperability across its financial system by July 2027. This will mark a significant step towards a cashless or less-cash society, streamlining payments and increasing financial inclusion.

In pursuit of this goal, the central bank has signed a digital agreement with the Gates Foundation to develop the necessary digital infrastructure. Under this agreement, the Gates Foundation will assist in enhancing the country's payment systems, drawing on its vast experience in implementing successful payment platforms in other countries.

Dr. Mansur made the announcement at a knowledge-sharing event titled "Instant Payments in Bangladesh: Unveiling Inclusion Opportunities," co-organised by Bangladesh Bank and the Gates Foundation at a hotel in Dhaka on Monday. He discussed the inclusive instant payment system (IIPS) developed by the Gates Foundation, which has been successfully implemented in several regions globally, and how it would be applied in Bangladesh.

Dr. Mansur emphasised that all stakeholders – including banks, mobile financial service providers, microfinance institutions, and payment service operators – will be brought together under one interoperable payment system. This will not only help reduce transaction costs but also enhance the country's tax collection capabilities by ensuring transparent transactions.

He stated, "We must move away from cash payments. This initiative is key to achieving our ultimate objective of a cashless or less-cash society."

By implementing this interoperable payment system, Bangladesh will not only modernise its financial infrastructure but also empower citizens with faster, more inclusive payment options. The move is expected to boost economic activity, reduce reliance on physical cash, and improve financial access for all.