Lack of proper infrastructure for digital on-boarding is one of the key barriers for fast-tracking financial inclusion in Bangladesh, said speakers at a knowledge-sharing event recently.
The event was organised for the financial sector of Bangladesh by the Bangladesh Financial Intelligence Unit (BFIU) and International Finance Corporation (IFC) in the capital, according to a statement.
At the event, Masud Biswas, head of BFIU, said, “Banks and financial institutions are adopting Electronic Know Your Customer (eKYC) expeditiously in the urban area of Bangladesh. However the rural areas should also be brought under the same eKYC net side by side”.
IFC’s regional lead Fangfang Jiang and international experts from around the globe joined the programme virtually and shared international best practices.
“Know Your Customer processes have rapidly transitioned from paper-based to electronic approaches due to the rapid digitization of financial services and also for the increased acceptance of digital identity”, said Nuzhat Anwar, IFC’s acting country manager for Bangladesh.
Panel discussion session was organised with the panelists from BFIU, Bangladesh Bank, Election Commission, ICT Ministry and representatives from Banks and NBFIs.
While moderating the panel session, EKYC Bangladesh Project Lead of IFC, Ananya Wahid Kader highlighted the importance of eKYC in the digital transformation of Bangladesh and explained how it will pave the way for establishment of digital bank in future.
Paper-based KYC often leads to weaknesses in establishing proof of identity, and outdated data. The implementation of eKYC will help fostering money laundering and terrorist financing risks in the country.
Around 150 participants from Banks and NBFIs attended the programme.
Additional Director of BFIU, Md Masud Rana led the session with the participants when the audience shared their views on the eKYC implementation.
Md. Rafiqual Islam, Director of BFIU made the closing remarks and ensured BFIU’s continuous commitment for the financial sector
