Bangladesh Bank (BB) Governor Dr Ahsan H Mansur has said that the banking sector requires drastic reforms, describing it as the backbone of the financial sector.
Speaking as the chief guest at the ‘Mastercard Excellence Awards 2024’ held at a hotel on Saturday evening, the governor acknowledged past irregularities in the sector and the central bank’s shortcomings in regulatory affairs.
He, however, assured that drastic reforms would be implemented to ensure fairness and restore trust. “Irregularities happened in banks for a long period with state sponsors. It will take time to restore trust in our banking system domestically and globally,” Dr Mansur said.
He said that banking sector reforms alone would not be enough and highlighted the need for other state organs and political commitment to achieve a robust financial system.
Dr Mansur dismissed fears of Bangladesh facing a crisis like Sri Lanka’s, affirming that there are no severe risks in the banking sector at present. “The government is confident in restoring good governance in the financial sector,” he added.
Trishita Maula, Acting Deputy Chief of Mission at the US Embassy in Dhaka, attended the event. CEOs of several leading banks, fintech companies, and merchants were also present.
The Mastercard Excellence Awards 2024 recognised 26 organisations for their contributions to building a sustainable digital economy and advancing financial inclusion.
Mastercard, which began its operations in Bangladesh in 1991 and became the first global payments operator to establish a local presence in 2013, continues to play a pivotal role in strengthening the country's digital ecosystem.
Over the years, the company has collaborated with government and private stakeholders to transform the payments industry with its world-class products and solutions.
Syed Mohammad Kamal, Country Manager for Bangladesh at Mastercard, said, “Mastercard remains committed to digital innovation and fostering inclusive growth in the country. The company is pleased to collaborate with leading banks, fintechs, and merchants as partners.”
