Millions of farmers and low-income Bangladeshis could gain easier access to digital banking, weather updates, agricultural information and market prices as smartphones priced at Tk4,000-5,000 are now being produced in the country.
The availability of cheaper smartphones could help bring more people into the formal financial system and connect rural communities with the country’s expanding digital economy, Finance Minister Amir Khosru Mahmud Chowdhury said on Saturday.
Speaking at a dialogue titled ‘Financial Inclusion 2.0’ at Hotel InterContinental in Dhaka, he said affordable technology should be accompanied by stronger internet connectivity and wider access to digital financial services.
Chowdhury said digital inclusion and financial inclusion were closely linked, arguing that the benefits of a digital financial system could not reach people fully without reliable and high-speed internet.
He called for the implementation of a ‘one citizen, one wallet’ system and greater integration of rural economic activities into the digital system.
The minister said the government was also working to identify marginal producers and artisans under its ‘one village, one product’ initiative and bring them into digital transactions and formal banking.
This would allow rural producers to connect more directly with banks and other formal financial services, he said.
Digital tools for farmers
The minister highlighted the growing use of smartphones by farmers, saying they could now access weather information, guidance on the required use of fertilisers and current market prices for agricultural products.
Such access to information could improve both agricultural production and the marketing of farm products, he said.
Chowdhury also pointed to government initiatives such as family cards and farmers’ cards, as well as the payment of allowances to imams and priests through banks.
He said the expansion of digital payments was helping increase financial inclusion by enabling social-security benefits and government assistance to be transferred directly to beneficiaries.
Cybersecurity challenge
However, the minister warned that rapid digitalisation must be accompanied by stronger cybersecurity and regulatory safeguards.
He said technological innovation should continue while ensuring adequate protection against cyber risks and building effective regulation to keep digital financial services secure.
“Digital inclusion and financial inclusion are complementary,” Chowdhury said, stressing that uninterrupted, high-speed internet was essential for expanding the digital economy.
He said stronger digital infrastructure and the effective use of artificial intelligence could support sustainable economic development.
Senior representatives of banks, insurance companies and financial institutions attended the dialogue, which was moderated by Dr Hossain Zillur Rahman.