A strong beginning carries within it the promise of its destination; what is founded on discipline,integrity and purpose inevitably shapes the character of the outcome
The new government stands at a defining crossroad,and it holds the aspiration of the common people for a posporous Bangladesh, said Major General Sheikh Md Monirul Islam (retd), Chief Corporate Officer of bKash Limited at The Daily Observer’s National Print Dialogue,From Ballot to Balance Sheet: The New Government, The New Vision.
“To address the mounting macro economic pressure;poverty driven by inequality,with wealth hoarded in few hands; the obvious question is - how will the government meet the aspirations of millions who dream to see the country making positive transformation?
“But there is a genuine way to transform the dream into reality - financial inclusion and digital transformation”, stated Sheikh Md Monirul Islam (retd), Chief Corporate Officer of bKash Limited, “Financial inclusion is not one policy among many�"it is a decisive initiative against poverty.In a nation striving to restorestability,dignity and balance, it must be raised to the centre of national strategy,” he said.
“A new wave of innovation is quietly but decisively reshaping Bangladesh’s economic landscape,widening opportunity for those at the bottom of the income ladder. This structural shift has delivered multidimensional gains in financial inclusion,now widely recognized as one of the nation’s most powerful weapons against persistent poverty.”
Islam framed financial inclusion as the sharpest lever for closing the gap between economic aspiration and respectful survivability.There sponsible organs of the government need to apply this tool with urgency, precision and scale to meet the most fundamental public demand to have financial capacity to secure at least two meals a day.
Describing the Dialogue as an intellectual bridge between democratic mandate and economic responsibility, he mentioned, “Today is not merely about diagnosing problems. It is about determining solutions, defining a credible and attainable pathways that ensure reform with sustainability, growth with equity,and policy formulation encompassing reality.”
Transition From Good Beginning to Hope
“As envisioned, the government has begun delivering financial assistance directly to poor families, stipends to students and other social safety network allownaces primarily through mobile financial services. This is not merely a technological adoption, but an unique arrangement aimed at eliminating misppropriation, corruption, and the painful delays that have long deprived ordinary citizens of timely support.” Islam remarked.
Digital disbursement is restoring transparency, efficiency and accountability while accelerating inclusion across underserved communities.
“Poverty is not so much due to lack of effort, rather it is due to denied access to finance. The cost of poverty is better measured in terms of lost time,and unrealized opportunity,” he said. Inequality is measured not only by wealth but by distance from institutions, opportunity and decision-making power. “Financial exclusion is an economic deprivation with imposed framework as to who can or can’t participate.”
“In that sense, financial inclusion is not simply technological innovation; on the contrary, it is structural reform envisioned as a political goal.”
BanglaQR: Forging a Single Standard
Islam highlighted Bangla QR�"a unified, interoperable QR standard enabling payments via any bank, MFS or PSP account. Earlier pilots such as Binimoy revealed the need for better user experience and scalability; under the government directives, Bangladesh Bank is accelerating adoption across all payments, targeting full industry uptake by 30 June 2026.
“With support from Bangladesh Bank and the National Payment Switch Bangladesh (NPSB), Bangla QR simplifies payments by allowing a single QR all across the country. This reduces complexity for merchants and enhances convenience in digital payments,” he said. Interoperability accelerates adoption, slashes cash-handling costs, improves transparency and supports inclusion. bKash is phasing its proprietary QR into Bangla QR to ensure continuity; The goal is a unified nation, strong infrastructure, and a transition to cashless payments."
He cited India’s UPI and Pakistan’s Raast as proof that interoperablesystems, backed by strong policy, drive inclusion and reduce cash dependency. “Bangladesh’s Bangla QR follows a comparable path and could significantly reduce cash-management costs while supporting thecentral bank’s goal of 75% digital payment transactions by 2027.”
Transforming Poverty into Possibility
“A transformative phenomenon is quietly reshaping Bangladesh’s economic landscape,expanding opportunity for millions at the bottom of the income ladder,” Islam observed.
“The government can meet public expectations by promotingMFS in buildinga cashless society. What has proven to be effective should simply be accepted as a norm. The customers’ choice for selecting the account for receiving any government financial assistance should be given priority. MFS provider like bKash has created robust and sophisticated digital platform to fulfil any government disbursement to millions of benificiaries seamlessly with complete accuracy and transparency. Such tested modality of digital diburesement should definitely be capitalized.”
Citing World Bank estimates, he noted 1.3�"1.4 billion adults globally remain unbanked. Mobile financial services have expanded rapidly, bringing millions into formal participation through secure payments,savings,transfers and different other micro-transactions.
“Mobile money was not born from theory; it emerged from necessity. Where banking remained restricted, MFS opened gateways. Where systemic legacy ignored communities, technology compelled adaptation. Where cash created friction, digital finance delivered speed, created convenience and an all inclusive access.”
Bangladesh now has approximately 239 million active MFS accounts, with 13 operators serving everyone from Dhaka’s commercial hub to remote villages. bKash leads with over 84 million unique biometrically authenticated and registered users helping effective financial connectivity between rural and semi-urban economies.
“Mobile financial services shifted financial power from institutional counters into ordinary people’s personal digital device.So it is no Longer a hypothesis ;it is foundational economic architecture with proven strength and resilience, that has integrated informal actors into formal economy.”
“For banks and fintechs, the choice became simple: collaborate and enhance relevance through shared responsibities.”
“No major transformation emerges without resistance. Bangladesh’s MFS revolution was forged through debate, regulatory adaptation and persistent innovation. The early years demanded large investment, highly secured digital platform and stringent compliance practice. In the end, ensuring security of customers’ fund, complete visibility of the regulatory supervision and quality of service helped gaining the confidence of the common users.”
The Final Words
At the dialogue, Islam praised the forum as a rare national arena where ideas are tested, policy sharpened and the moral urgency of reform brought into blinding focus.
“Today it’s all about designing and developing solutions. The stakes are historic, the expectations are huge, but so too is Bangladesh’s potential.”
“All across the globe, one truth is undeniable:financial inclusion powered by e-money is the most effective equaliser of our age. It transformed exclusion into participation, and poverty into possibility.”
He stressed that there is a strong public expectation of economic emancipation, lower inflation and reduced poverty. “The mandate carries the burden of a contractual responsibility. The foremost expectation is simple yet profound: economic stability that shall guarantee a simple yet contended life.”
“Technology alone can not reduce inequality,”he concluded.“But when aligned with rational regulatory framework and good governance, it becomes the fastest bridge between promise and progress and translate mandate to meaningful change.”
