Bangladesh Bank Governor Dr. Ahsan H. Mansur has announced that by July 2027 an interoperability system will be in place across all financial institutions, including banks, mobile financial services (MFS), insurance companies, and non-bank financial institutions. Once this system is implemented, the need for cash-out transactions will be eliminated.

He made the remarks today at an event held at The Westin Dhaka.

At the event, Bangladesh Bank signed an agreement with the Gates Foundation’s Mojaloop to establish the interoperability platform. The governor stated that the agreement was signed virtually due to security reasons. Under this agreement, the Mojaloop-based platform will be named the Inclusive Instant Payment System (IIPS).

Governor Mansur emphasized that digitization is essential for ensuring transparency in financial transactions, and interoperability is a crucial part of that process. He added that transitioning to such a system is inevitable for the future, as it will increase transparency, reduce corruption, and boost revenue collection.