 We have with us in the studio Muhammad Chowdhury the executive director of Bangladesh Bank Who's flown all the way from Dhaka to be with us in Geneva for this meeting of the focus group on Digital financial services at the ITU. Hello, Mr. Chowdhury. Hello, you're fine Now Mr. Chowdhury, I'd really like to get your perspective of the situation Regarding financial exclusion in Bangladesh How many people are not having currently access to banking services? More than 70% people are still out of the banking networks And so given that there are so many people such a large proportion of the population which doesn't have access Are you confident that digital financial services are going to make a big difference? Of course it will make a big difference because It has the Technologies also there and the people especially the rural people They will be able to use it and so that with the use of this financial service the Economic activities will be Will be enhanced and there will be growth in our economy and have you seen this process begin already? Are there already areas in Bangladesh where people are using their mobile phones to access some form of financial service? Okay, they are already using the mobile financial service. They are you see People from people working in the cities and towns. They are sending money to their families with the mobile accounts other than rural areas in the cities also and in the on the villages also people can send the tuition fees or the Application form fees to the mobile network on the other hands in our our payment system. Everything is improved now digitalized and we have Electronic fund transfer system is also there automatic cleaning houses there. So a lot of Innovation is there. So you're confident that this really will be a tool for development in Bangladesh. Sure. We are much more confident But what are the barriers? What's holding this back? Okay Right now there is not that much barrier But you see that the as the rural people are using is the Software the system must be a bit the user family it should be more or the lack of awareness also there and I think the if necessary the Some regulation may also be Just We can think about it also and what's your role the role of Bangladesh Bank Bangladesh Bank with the central bank. We are controlled as it is a Banklet financial services So we regulate things. We have the supervisory authority We our supervision System can we can go there and can control. We have our Anti-monitoring departments also. So in that respect also We can monitor every activities and how difficult is it for Bangladesh Bank to draft Regulation that is keeping up with the technology Actually not difficult. We have already drafted a regulation a bit more more user more friendly for the investors and We talk with every stakeholders and we are being implemented now We're speaking as I said in Geneva at the ITU studios and you've been taking part in this first-day session What for you is the benefit for Bangladesh of being involved in this kind of process? Sure. We have a you see we have a department like financial inclusion department we Work with what what we work we work with the rural peoples with the agricultural Farmers with the school going boys with the we have a no free Accounts is also we have a tentacle accounts for the Belize farmers We we have also account facilities for the street boys so that they can have an account So if this mobile financial service improves all these peoples will can be Activated and all this financial activities will finally enhance our economic growth I think and what can the focus group here at the digital financial services focus group What can that exactly do to to help that process? Okay, they'll find out What we are lacking what we need to do finally when going back we can read everything we can review our activities We try to improve We can try to be along with other Advanced countries like that and has it been useful not just for different policy makers But also for private enterprise as well here at the ITU there's a mix of legislators regulators and private enterprise Has that been useful for you as well? Of course you see In our country you say we are I have already said that We have the free market economy so we just Encourage investors to go come to our country invest in our country and There is the foreign exchange regulation is very friendly They can bring money they can Bring out money So we want that also on the on the other hands. We want the improvement of our technology and Our economy also so the message is whilst 70 percent of people without financial services It's a long way to go, but it's also an opportunity. Is that what you're saying? Yeah, okay We have a we have 56 banks. It's increasing now. They are also Digitalized they are going to be digitalized as soon within a short period Much more people will become under the banking network and we are encouraging to open bank in the rural areas also And we have also introduced as an banking system The as in banking means the bank can appoint some other small agents as you have to work For him within this area. What's what's your aim? What's your goal? How how far down do you want to bring that percentage of people who are not currently accessing banking services we our we have a very Sky-high goal, you see we want to bring See mode we want to bring 75 percent of the people to We want actually we want to bring hundred, but we can't do it with a few years, but At least 75 percent should be in the because otherwise our aim our aim is to be the middle-income group country in to 220 and and Improve our quality from that rank to higher rank Well, let's hope that these kind of services can make a big improvement. They're surely this because this is very a fruitful for the Women entrepreneurs the those are living in the villages even the businessman. He can just send money to anywhere He can bring money So the economic activities get a pace Is getting a speed So within a short period of the early days they have to wait for a month long when the Family had come bring money with him and they will do their own work, but now The family chief if he is living in in the town he can send money every day Electronically on the other hand, we also want a We want we are one of the other aim is to have a cashless society. We have an We want green banking. We have introduced green banking. We don't want pepper money We don't want waste peppers. So this will also help in in the sense of the Improving our environment also. Well, Mr. Chowdhury. Thank you very much for talking to us. Thank you very much