Bangladesh Bank Governor Dr Ahsan H Mansur on Sunday said the central bank is promoting digital and QR code-based payments, even at small shops, to foster a cashless and corruption-free society.

Speaking at the rebranding inauguration of Islami Bank Bangladesh PLC’s mobile financial service mCash in Dhaka, Dr Mansur said the government could earn an additional Tk1.5-2.0 lakh crore from a fully digital payment ecosystem.

“Bangladesh spends around Tk20,000 crore annually to manage cash—the highest globally. Digital payments can significantly reduce this cost,” he added.

Governor Mansur expressed optimism about mCash, citing Islami Bank’s roughly 3 crore customer accounts—the largest for a single bank in the country.

He said mobile financial services are indispensable for expanding the digital payment system and that Bangladesh Bank is working to ensure smooth interoperability among services.

The Governor cautioned that Islami banks must operate in line with Shariah principles, highlighting that some, including S. Alam, have faced risks due to non-compliant lending. A draft law for Shariah-compliant operations has been completed by the central bank.

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Dr Mansur urged mCash to leverage Islami Bank’s 400 branches, 271 sub-branches, and about 2,800 agent outlets, including its remittance flows. He stressed the importance of long-term planning, customer trust, and incentives like cashback to drive adoption.

“Encouraging digital transactions in retail and the SME sector via QR codes will reduce corruption and increase revenue,” he said.

Professor Dr M Zubaidur Rahman, Chairman of Islami Bank, presided over the event.