Introducing interoperability of Digital Financing Service (DFS) will increase client benefits and facilitate competition-based product innovation and diversification.
State Minister for Finance and Planning MA Mannan shared came up with the observation at a policy dialogue titled 'Interoperability of Digital Finance in Bangladesh: Challenges and Taking-Off Options' at a city hotel on Thursday.
"It will accelerate digital financial inclusion and complement the government's actions for digital transformation of the key sectors of the economy to achieve the goals of 'Vision 2021' agenda," he said.
DFS, according to him, will also boost the growth of digital finance ecosystem in the country.
InM and United Nations Capital Development Fund organised the event, a UNB report said.
Executive Director of Bangladesh Bank (BB) Subhankar Saha, BB's General Manager of Payment Systems Department Dr. Lila Rashid, Additional Secretary of the Financial Institutions Division of the finance ministry Arijit Chowdhury, Executive Director of InM Dr. Mustafa K Mujeri, Programme Manager of UNCDF Rajeev Kumar Gupta and Country Project coordinator of SHIFT in Bangladesh Md. Ashraful Alam also addressed the event.
Chairman of InM Dr. Qazi Kholiquzzaman Ahmad presided over the dialogue.
The speakers emphasised that Bangladesh has successfully promoted new innovations for promoting financial services to the low income groups, especially rural poor, women and small businesses.
Rapid growth in adoption and active usage of digital financial services has taken place since 2012, they added.
The speakers also said mobile financial inclusion proved that it is most viable method of accessing financial services for the previously unbanked population, they said.
They said the regulators and private sectors need to respond to emerging issues related to DFS like interoperability, USSD pricing, e-KYC (electronic Know Your Customer), required regulatory reforms, innovation in product development targeting the low income groups.
Interoperability brings benefits to consumers, mobile money providers, and agents through increased convenience, cost savings, a greater choice of providers and better liquidity management for agents, the participants said.
