Bangladesh: The Importance of Digital Trajectories

Abstract

My view of the world around us is shaped by optimism; not blind optimism, especially given the damage caused by COVID-19 across the globe, but an optimism that stems from unequivocal trajectories that are visible, quantifiable, and (I think) powerful because they represent tools we can use to be innovative in the way we design and build many services. I refer to the digital tools that are quite literally in our hands today. I have enjoyed visiting Bangladesh frequently over the last 12 years and have seen firsthand the emergence of its vibrant digital financial economy. The lead mobile money service, bKash, has more than 55 million registered accounts, which makes it one of the biggest digital financial services in the world. Some 10 million financial transactions take place through bKash every day, with usage reaching 1,300 transactions per second on average during peak hours. A network of some 270,000 agents supports the customers and provides, among other things, the points at which cash enters and leaves their bKash wallets. Customers use their bKash wallets for many things, from person-to-person transfers, to purchasing airtime for phones or paying utility bills, to making payments for all manner of BANGLADESH: THE IMPORTANCE OF DIGITAL TRAJECTORIES