The Bangladesh Bank plans to offer more permissions for digital banks, building on the progress made by mobile financial services and internet banking in recent decades, in order to pave the way for full-fledged financial services based on a 100 percent branchless banking system.
Bangladesh is determined not to be left out of the digital-banking revolution, recently granting licences to eight entities to become full digital banks. As part of its Smart Bangladesh Vision 2041, the government and central bank are on course to close the chasm separating unbanked and underbanked Bangladeshis from financial services.
Bangladesh Bank yesterday issued letters of intent to Nagad Digital Bank and Kori Digital Bank, in a development that can substantially enhance people’s access to finance.