DHAKA, June 6, 2023 (BSS) - Tanvir A Mishuk, founder and managing director of 
Nagad Limited, said every year at least Taka 10,000 crore can be saved if all 
transactions go cashless moving away from cash usage.

He made this statement while addressing a discussion titled "Towards Cashless 
Transaction System" at Jatiya Sangsad Oath Room today. 

The Parliament Secretariat organised the programme for the members of 
parliament.

Moderated by Senior Secretary to the Parliament Secretariat KM Abdus Salam, 
Jatiya Sangsad Speaker Shirin Sharmin Chaudhury attended the function as the 
chief guest. A good number of MPs took part in the discussion, said a press 
release here.

During the discussion, the parliament speaker and a few MPs asked Tanvir A 
Mishuk about the evolution of Bangladesh's financial industry and its future 
journey. 

He said: "The government needs to spend Taka 500 crore every year only on 
printing cash money. According to a Bangladesh Bank study in 2019, the 
country needs about Taka 9,000 crore to manage and supply cash."

"There is no alternative to digital or smart transactions in building a smart 
Bangladesh. So, we have to go in this direction," he noted.

Addressing the members of Parliament, Mishuk said, "If you give me a 
particular area or region of the country and provide necessary support, I 
will make that area a model of cashless transactions. I feel that would be an 
unimaginable task," 

Noting that Bangladesh's GDP has tripled over the last 14 years just because 
of adopting the Digital Bangladesh Vision, Tanvir A Mishuk said: "If we go 
ahead with our vision of becoming a developed country through the 
establishment of Smart Bangladesh, it will not take much time for our economy 
to reach a trillion-dollar milestone."

He pointed out that to break the mobile money market monopoly, Nagad was 
launched in 2019 by the hands of Prime Minister Sheikh Hasina. 

Since then, Nagad has digitalised the disbursement system of one after 
another government allowance over the last four years.

As a result, the government's costs of stipend disbursements have dropped to 
a great extent while saving time. Transparency has also been ensured as 
allowances now go to real beneficiaries, he added.

In the same way, Nagad has also created a buzz by paying education stipends 
to 1.5 crore primary school children through mobile phones, Mishuk said.

Moreover, stipends under the Prime Minister's Educational Assistance Trust, 
social security allowances and at least ten other ministries' allowances and 
government assistance are also reaching to the beneficiaries through Nagad, 
he continued.

Commenting that the government's initiative to establish a digital bank is 
very timely, he said if the digital bank is established, all banking 
facilities will be on our fingertips. 

Farmers will no longer have to resort to Dadon,[a non-institutional financing 
way, built upon a verbal contract between farmers and money lenders] for only 
Taka 10,000 to buy fertilisers. They will be able to take loans using mobile 
phones and repay in the same way with the money earned through sales of their 
crops.

Similarly, big transactions like for export-import payments will also be done 
through mobile phones 24/7, he also said.

In another session of the same event, State Minister for ICT Zunaid Ahmed 
Palak spoke about the journey of Smart Bangladesh. Dr Moajjem Golam Hossain, 
key-expert of European Union's Government Financial Management Division of 
Bangladesh, gave the welcome speech.

This time, on behalf of Jatiya Sangsad, a discussion was organised on eight 
issues for the members of Parliament, with the participation of experts of 
respective sectors.