Over 70% of transactions still non-digital

Over two-thirds of the country's total transactions are still done through traditional channels, despite some progress in digital transactions, Bangladesh Bank Executive Director Md Ezazul Islam said yesterday.

He said money circulation reached Tk 3.15 lakh crore as of August 2025. Of that, Tk 2.87 lakh crore remained outside the banking channel.

The rest, around Tk 29,000 crore, was transferred through banks, he said at a discussion on digital banking organised by the Dhaka Chamber of Commerce & Industry (DCCI) at its office.

"Only 27-28 percent of financial transactions have been carried out digitally, while more than 70 percent continue to be processed through traditional, non-digital channels," he noted.

According to a DCCI press statement, the central bank official stated that the country has made progress in financial services such as debit, credit, deposit, insurance and payments.

He, however, urged more citizens to be included in the ecosystem.

DCCI President Taskeen Ahmed also stressed greater inclusion.

He said although Mobile Financial Services (MFS) were introduced in 2011, only around 54 percent of the population is currently using the facility.

"Due to various challenges such as cybersecurity risks, lack of consumer protection, and trust deficit, the potential of this sector has not yet been fully realised," he said.

He also emphasised the need to make digital services more affordable, enhance financial and digital literacy, and strengthen coordination among banks, fintech companies, and regulators.

"Trust and security are intrinsically linked with digital financial services, and the relevant authorities should give top priority in this regard," he added.

ICT Division Secretary Shish Haider Chowdhury said the government has set four priorities -- integration, accessibility, interoperability, and scalability -- to digitalise the banking sector.

Stressing the importance of robust data encryption and enhanced monitoring, he pointed out that improper registration processes had exposed the data of 50 million citizens to the dark web.

Chowdhury said the government would provide all necessary policy support to implement digital banking for all citizens.

He added that the government is making efforts to deliver all services through a one-stop platform, with 10 services already available in the capital, and informed that a Personal Data Protection Ordinance is expected within a month.

In the keynote address, Sanjid Hossain, head of commercial partnerships at Robi Axiata PLC, said Bangladesh's digital banking has the potential to reach $30 billion.

However, he cautioned that unless a comprehensive cybersecurity ecosystem is established, the sector might face risks.

Hossain also said that in 2025, the digital banking market in the Asia-Pacific region is valued at $4.67 billion. It is projected to grow to $11.23 billion by 2033.