Nano Loans Nurture Cashless Economy: Bangladesh Bank Governor
The concept of ‘nano loans’ in mobile financial services is gaining popularity in the country, said Bangladesh Bank Governor Dr. Ahsan H. Mansur. He informed that, on average, 4,000 people receive such loan services daily, with disbursements totaling Tk 7,000 crore so far. This, he noted, is laying a strong foundation for a cashless economy in Bangladesh. He expressed optimism that within the next seven to eight years, Bangladesh will emerge as a major hub of the cashless economy.
He made these remarks on Wednesday morning, August 20, while speaking at a seminar in the capital on development strategies.
The Governor observed that cash transactions encourage corruption and make tax evasion easier. “From now on, this trend must be stopped,” he said.
Highlighting the challenges ahead, Dr. Ahsan stated: “Restoring discipline in the financial sector will be the biggest challenge. However, if successful, the macroeconomy will become stronger.” He further stressed the need to introduce new types of transactions in the financial sector “so that all segments of society can be included.”
