Bangladesh must come out of LDC status, even if it's challenging: Finance adviser

Bangladesh must upgrade from the least developed country (LDC) status by 2026 even if it's challenging, Finance Adviser Salehuddin Ahmed said today (17 May).

The adviser made the remark while speaking as the chief guest at the launching event of five new card services by Mercantile Bank in association with Mastercard at the Radisson Blu Water Garden in the capital.

"Many are saying that it will be challenging for us to upgrade from the least developed country (LDC) status within 2026. We must make this leap even if it is challenging," the finance adviser said.

"Other countries are moving ahead. So we have to make sure our country does not fall behind. We have to move forward quickly, not slowly," the adviser added.

Stating that there are many problems in the country's banking sector, the adviser said, "A more customer-oriented banking system is needed. The use of Mastercard or other credit cards has become very important in this case. Especially Bangladesh is receiving a good amount of remittance through Mastercard."

Congratulating Mercantile Bank on choosing Mastercard, the adviser hoped that the country's banking sector will progress through this type of transaction and competition.

"A civil service official known to me recently complained that he had to wait one hour to receive services at a bank. The bank did not have enough money at that time, and they had to borrow money from the central bank to clear the dues of their customers," the adviser further said.

"This kind of incident should not be repeated. We don't want customers' time to be wasted while getting services. The usage of cards is important in these cases," the finance adviser said.

Mentioning the widespread use of cards abroad, the finance adviser also said, "I had gone to the ADB Bank in Milan and tried to use dollars as currency, but no one accepts dollars in Europe. I understood then and there that in Europe, the Euro and the cards are the primary mode of transaction."

Urging the banks to take effective steps for the development of the private sector, Adviser Salehuddin said he thinks that a credit card is the most important mode of transaction for businessmen.

Speaking at the event, Mati Ul Hasan said, "We are proud to partner with Mastercard to introduce a full suite of credit, debit, and prepaid card products under our newly acquired Principal Membership. These cards reflect our commitment to delivering modern, customer-centric banking solutions. This initiative supports Bangladesh's vision of becoming a cashless, digitally inclusive society."

Echoing similar sentiments, Syed Mohammad Kamal, country manager of Mastercard, said, "This launch signifies a major milestone in expanding Mastercard's issuer partnerships in Bangladesh. Our collaboration with Mercantile Bank will empower consumers with innovative and secure financial products that meet their evolving payment needs."

The newly introduced cards—Mastercard Titanium Credit Card, World Mastercard Credit Card, Mastercard Debit Card, Mastercard Platinum Global Debit Card, and Mastercard Prepaid Card—are designed to offer secure, seamless, and rewarding payment experiences both locally and internationally.

The newly launched cards are equipped with contactless payment technology, dual-currency support, and robust two-factor authentication, enabling cardholders to conduct both domestic and international transactions securely and seamlessly.

Cardholders will also enjoy access to exclusive travel, dining, and lifestyle offers, along with discounts at over 9,000 partner merchant outlets nationwide. Furthermore, the cards allow cash withdrawals from both local and global ATM networks, ensuring uninterrupted access to funds.