Economy
70% Transactions to Go Cashless by 2027
Zunaid Ahmed Palak, the State Minister for ICT Division, has announced the ambitious goal of achieving 70% cashless financial transactions in the country by 2027. The minister shared this vision during a view-exchange meeting with stakeholders, where he connected online from the Natore Deputy Commissioner’s conference room on Monday.
Highlighting Natore as a model district, Minister Palak emphasized that the plan would be implemented there by 2025. He underscored the numerous benefits of cashless transactions, including the reduction of corruption, the elimination of terrorism, and enhanced security for individuals. Furthermore, he mentioned that the adoption of paperless and box-less e-tender systems in government offices across Bangladesh has already ensured transparency, accountability, and security.
Minister Palak also emphasized the importance of ensuring the security of businessmen by facilitating cashless transactions in various businesses, such as the sale of sacrificial animals. He pointed out the remarkable growth in internet users, which has increased from 5.6 million to 130 million in the span of 14 years, indicating the country’s progress towards a cashless society. The ultimate goal, he stated, is to build a 100% cashless Bangladesh by 2041, making financial transactions easier and more seamless for the people.
To facilitate digital transactions among financial institutions, Minister Palak highlighted the interoperable digital transaction platform called ‘Binimoy,’ which will serve as the central point for transactions. The function was chaired by Natore Deputy Commissioner Abu Naser Bhuiyan, and additional remarks were provided by Police Super of the district, Md Saifur Rahman, and Additional Director of Bangladesh Bank (BB), Md Nizam Uddin, who attended as special guests.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
