In a compelling address at the Mastercard Excellence Awards 2025, Bangladesh Bank Governor Ahsan H. Mansur emphasised that digital transformation is an unavoidable necessity for Bangladesh. According to Mansur, in today’s rapidly evolving global landscape, the financial sector must embrace digital innovation to survive and thrive. Speaking on 22nd November at a prestigious hotel in the capital, the Governor remarked, “Bangladesh cannot continue to run its banks without modernising, especially in terms of accountability.”
He stressed that the nation must ensure financial inclusion goes hand-in-hand with the digital shift. “Bangladesh may be lagging behind in many areas, but moving forward is no longer optional—it’s a necessity,” Mansur said. “The central bank will provide full support in making this journey a reality.”
In his address, Mansur highlighted the efforts already made by Bangladesh Bank to simplify processes in the financial sector. These include easing the requirements for obtaining and using credit and debit cards, such as the removal of the tax return and TIN verification conditions. Furthermore, he cited a significant improvement, noting that just last week, the issue preventing people from buying international air tickets using credit cards was resolved. Now, Bangladeshis can easily book airline tickets without it impacting their annual travel quota.
Despite these advances, Mansur described the overall state of Bangladesh’s financial sector as “disappointing.” He attributed this to issues such as governance failures, regulatory limitations, and the lack of crucial reforms. “Corruption, misuse of resources, and regulatory failures are major obstacles to progress,” he noted, adding that the central bank is committed to addressing these barriers for a smoother, more inclusive digital payments ecosystem.
He also pointed to Bangladesh’s economy, which is nearly the size of Singapore’s, yet its financial sector remains underdeveloped and troubled. “The rules may be tight, but the outcomes are weak,” said Mansur. “We need a more market- and consumer-friendly regulator.”
One of the Governor’s key points was the need for closer collaboration between the financial sector and academia. He emphasised that universities must equip students with the skills necessary to drive fintech innovation, and financial institutions must work closely with these academic institutions to build a stronger ecosystem.
At the event, Mastercard awarded 33 accolades across 19 categories to organisations that have made significant contributions to innovation, financial inclusion, and the development of Bangladesh’s digital economy. These awards celebrated the achievements of 18 organisations in sectors such as banking, payments, and fintech.
Gautam Aggarwal, President of Mastercard South Asia, expressed excitement about the future of Bangladesh’s digital transformation. “We are witnessing exciting developments in Bangladesh, and innovation combined with strong partnerships are the key to making digital payments more accessible, secure, and inclusive,” he said.
Launched in 2019, the Mastercard Excellence Awards aim to recognise organisations that are driving Bangladesh’s transition to a cashless economy. The award categories include Excellence in Digital Innovation, Digital Business, Financial Inclusion, and Mastercard Business Growth for 2024-25.