A healthy robust financial environment within any economy is absolutely imperative
It is clear that mobile financial services are the path to financial inclusion.
For too long, certain sections of people have been excluded from traditional brick-and-mortar banking services in Bangladesh, but mobile banking has brought about a change in the way of doing things that is nothing short of a revolution.
On that front, Prime Minister Sheikh Hasina’s inauguration of Bangladesh Post Office’s digital financial service “Nagad” deserves praise, as it recognizes the need for embracing digital services as we move into the future, especially when it comes to financial services.
Seen as the direct successor of the post office’s popular services such as the postal cash card and the electronic money transfer system, Nagad, designed to bridge the gap between the common people and their access to digital financial services, particularly those deprived of the banking sector, will provide faster services through various digital channels and digital systems.
Often in the past, the country’s financial services, far from being intuitive and user-friendly, have been marred by problems; the current wave of digital services, of which Nagad will now be a part, is doing its part to make banking easier, and alleviating a lot of the confusion and difficulty faced by people when approaching banks.
Indeed, a healthy robust financial environment within any economy is absolutely imperative to sustainable development; and so, the more services that are introduced for harnessing the power of digitization, the closer Bangladesh will be towards achieving its long-term goals.
Let us now hope the government recognizes the power of digital in other sectors as well.