Reliable connectivity matters most of all when it comes to propelling growth that we constantly strive for in things we do. This is because every aspect of our life revolves around different modes of connectivity - be it road, rail and waterway or digital connection.
In fact, connectivity equals productivity that eventually leads to growth. To cast light on how improved road links have eased our life and changed our economic landscape, let's first look back to those days of long hours of nightmarish commutes from Dhaka to different parts of the country caused by awful road conditions - a major barrier to our business activities.
Take the Dhaka-Chattogram route for an example - it would take up to 12 hours to cover the distance of only around 250 kilometres. Later, with time, the country's most important highway alongside other routes had gone through a massive facelift, cutting short both travel time and costs, as well as contributing significantly to our economic uplift.
The recent opening of much-awaited Metro Rail has been another feather added to our crown of achievements, which will help us reach our goal of building a "Smart Bangladesh" by 2041, envisioned by our Honourable Prime Minister Sheikh Hasina.
On top of it, what has actually revolutionised our connectivity is our dream Padma Bridge that is expected to add 1.2 percent to our gross domestic production (GDP) in a year, with it opening up windows of opportunities for millions of people. And, we are already witnessing its massive impact, especially on the southwestern region.
In terms of digital connectivity, we are also running on the right track, with so many innovations, such as in regard to mobile financial services, in this field completely transforming the way we live our daily lives. People are now more connected than ever before with the rise of this digital age.
Digital innovations are also helping us to reduce our costs of doing business, and Bangladesh can uplift its position in ease of doing business index, thanks to its growing digital connectivity.
Around 25 years ago, mobile phone carriers brought about a revolutionary change in communication with the introduction of cellular connectivity across the country. In 2008, there came a vision of Digital Bangladesh, which later triggered a gradual rise of mobile financial services. In 2011, Dutch Bangla forayed into mobile money service, followed by a few others.
A few years later, Nagad entered this financial segment to further expand digital financial connectivity and help to materialise the Prime Minister's Digital Bangladesh Vision. Nagad introduced people with quite a few ground-breaking innovations that eventually changed the country's overall financial ecosystem.
Nagad's introduction of the country's first electronic Know Your Customer (e-KYC) is helping customers open mobile financial service accounts within less than a minute by taking a photo of their national identity card and a selfie. Customer information is verified through the Election Commission. This innovation changed the dynamics of the country's overall financial position.
Other MFS providers, banks and non-bank financial institutions are also taking benefit of this innovation, which has lowered their costs of doing business and also led to financial inclusion of more and more unbanked people. But to avail this advantage of e-KYC service, users need to have a smartphone - but only 30 percent of the country's overall mobile phone users had smartphones at that time. Then, Nagad introduced another system that allows opening an account by simply dialling *167# from any basic phone, which has also ensured a massive financial connectivity from cities to the remotest parts of the country.
With these innovations and service benefits, Nagad has already acquired around 7 crore registered customers with daily transactions standing at Tk 750 crore.
People are now using mobile phones to send money to family members, pay utility bills or recharge their mobile phones. The government is also disbursing safety net allowances and education stipends to crores of families using MFS providers.
Such a quick rise in financial connectivity has been possible because of Prime Minister Sheikh Hasina's Digital Bangladesh Vision. She wanted to see a digitally-connected Bangladesh where all services would be available online - without requiring any cumbersome paperwork. And, she also wanted to see the country connected with roads and railways with a view to building a prosperous country. The PM also has delivered on her pledges as we now can see almost all aspects of Bangladesh have gone digital. From land registration to healthcare services, all are now available on digital platforms.
Even the remotest pockets of our country now have access to sophisticated communication tools and networks. Now, 53 percent of the country's population is engaged in formal financial services, according to the Global Findex Database. A few years ago, the number was around 30 percent.
The possibilities are endless - this is what our PM and her ICT adviser Sajeeb Wazed Joy remind us of every day. So, there is no room for complacency. We have to keep on working towards bringing more and more people into the fold of financial inclusion.
As the government has set a goal to build a Smart Bangladesh by 2041, we have to harness the full power of connectivity - be it infrastructure or digital or financial.
The writer is founder and managing director of Nagad Limited
