Digital payment can be used for CMSME loans: Experts

Representative picture

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digital payment online payment digital transaction

Representative picture

Accepting digital payment through the personal retail account could pave the way for small, micro, small and medium-sized enterprises (CMSMEs) across the country to qualify for loans from banking channels, experts said today.

The Bangladesh Bank issued a circular in November 2020 allowing micro and disadvantaged businesses – those with accounts with banks, mobile financial service providers and payment service providers – to open personal retail accounts without commercial license.

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“The CMSME covers 90% of the country’s economic activities and employs over 1.4 million people. But around 60% of the CMSMEs do not have access to funding from banks and financial institutions,” Shah Zia-Ul Haque said. , additional director of Bangladesh Bank.

A record or fingerprint will be created when CMSMEs use digital platforms for transactions, he said.

Bangladesh Bank Additional Director Shah Zia-Ul Haque speaks during a personal retail account workshop organized by Bangladesh Bank at Westin Dhaka today. Picture: star

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Bangladesh Bank Additional Director Shah Zia-Ul Haque speaks during a personal retail account workshop organized by Bangladesh Bank at Westin Dhaka today. Picture: star

And CMSMEs can use those fingerprints to get bank loans, he said.

He was speaking at a personal retail account workshop organized by Bangladesh Bank at Westin Dhaka today.

Muhommad Badiuzzaman Dider, director at the central bank; Mr. Rashed Al Hasan, Principal Financial Sector Project Officer at the Asian Development Bank; Md Khurshid Alam, Executive Director of BB, and Rafeza Akhter Kanta, Additional Director, also spoke.

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