Former Governor of the central bank Dr Atiur Rahman said that ‘financial interoperability’ is necessary for maximizing the benefits of financial inclusion.
“This will infuse dynamism in the economy and growth will be further strengthened,” he said.
DrAtiur also noted that due to the rolling out of services like Mobile Financial Service (MFS) and agent banking, financial inclusion has been simplified in the country.
The former Bangladesh Bank Governor said this while addressing the inaugural session of a training programme titled “Financial Interoperability in Bangladesh: Challenges and Way Forward” as the chief guest organized jointly by the Policy Research Institute (PRI) and the Economic Reporters’ Forum (ERF) held at the ERF auditorium in the capital on Wednesday.
Presided over by ERF vice president and AFP Bureau Chief ShafiqulAlam, ERF general secretary SM Rashidul Islam gave the welcome address.
PRI Research Director DrAbdurRazzaque, Dhaka University Economics Department Prof DrBazlul H Khondker and Bangladesh Bank executive director Debdulal Roy made deliberations in the technical sessions of the programme.
Financial interoperability is such a scope which could be utilized later on after exchanging information from one system to another system or making transactions. It is like the scope for holding direct transaction between the clients of two separate MFS companies as well as the scope for transferring amount between the clients of two separate banks.
Dr Atiur said financial interoperability is necessary to adapt with the evolving changes adding that measures should be taken so that the common people can make transactions in the normal shops through scanning QR codes.
“There is also a demand for this, but the government will have to develop necessary infrastructures in this regard, which also requires investment. The Indian government has invested a lot for introducing such system. Bangladesh also needs to do the same,” he added.
PRI research director Dr MA Razzaque said that financial transactions in the country would be simple, competitive and innovative once financial interoperability is introduced.
Prof Bazlul H Khondker opined that digital financial services have made a positive impact on poverty alleviation and on personal savings.
Bangladesh Bank executive director Debdulal Roy said whatever transaction and exchange of information are taking place in the country’s financial sector is not interoperability, rather it is interconnection.