Digital transformation is unavoidable: BB governor 

The digital transformation is unavoidable in today's world, Bangladesh Bank Governor Ahsan H Mansur said today (22 November).

"Bangladesh must bring people along in this shift by going hand in hand with financial and digital inclusion," he said while speaking at the "Mastercard Excellence Awards 2025" event at a hotel in the capital.

"To survive in today's world and the world ahead, Bangladesh must embrace digital transformation. We cannot run banks while refusing to modernise along with accountability," the governor added.

He said, "Bangladesh might be lagging in many areas, but moving forward is no longer a choice, it is a necessity. This journey requires everyone's involvement, and Bangladesh Bank will provide all-out support."

Mansur further said the central bank has already removed several complications related to obtaining and using cards, including the requirement of submitting tax returns and TIN verification. 

"Only last week, we resolved the issue that prevented international air tickets from being purchased with credit cards. Now, anyone sitting in Dhaka can buy airline tickets according to their credit limit, and it will not count against the annual travel quota."

He also said the overall state of Bangladesh's financial sector was "disappointing" due to governance failures, regulatory limitations, and a lack of necessary reforms.

"There are challenges but we will work on solutions and regulatory barriers for smoother and wider adoption of digital payments," he added, saying that Mastercard, Visa, and others also have the responsibility.

He noted that the size of Bangladesh's economy is nearly the size of Singapore's, but the financial sector remains small and troubled.

The governor also said corruption, misuse of resources, and regulatory failures remain major obstacles. "It is a classic case of tight rules but weak outcomes. The regulator must become more market- and consumer-friendly." 

The central bank will continue to review performance across the sector, he said, noting that there will be both rewards and consequences.

Mansur also underscored the need for stronger links with academia, saying that universities must be connected so that students learn fintech. "Financial institutions will also need closer collaboration."

At the seventh edition of the award, Mastercard awarded 33 awards to 18 organisations in 19 categories from the banking, payments, and fintech sectors for their exceptional contributions to innovation, financial inclusion, and the advancements of Bangladesh's digital economy.

Speaking at the event, Gautam Aggarwal, president, South Asia, Mastercard, said exciting times lie ahead in Bangladesh's digital transformation journey. 

"This progress is being fueled by innovation and strong partnerships across the ecosystem—including banks, fintechs, and technology providers—working together to make digital payments more accessible, secure, and inclusive for everyone," he added. 

He also said that they were proud to collaborate with these partners, combining global expertise with local insights to build a digitally inclusive future.

Launched in 2019, the Mastercard Excellence Awards has become a flagship initiative celebrating organisations that are helping drive Bangladesh's transition toward a cashless future. 

Md Zakir Hossain Chowdhury, deputy governor of Bangladesh Bank, Syed Mohammad Kamal, country manager of Mastercard, Zakia Sultana, Sohail Alim, directors of Mastercard Bangladesh, also spoke at the event. 

The award categories include Excellence in Digital Innovation, Digital Business, Online Business, Debit (Domestic and Cross Border), Credit (Domestic and Cross Border), Prepaid (Domestic and Cross Border), POS and Online Acquiring, Affluent, Location-Based Acquiring, Co-Brands, Innovation and Innovation in Acceptance, Financial Inclusion, Emerging Business, and Mastercard Business Growth (Issuing) for 2024-25.