Eliminates leakages and cuts cost of delivery
A new Bangladesh Bank platform has helped the government settle almost 100 per cent of its payments made to individuals electronically, giving a boost to the country’s financial inclusion efforts.
The digital transfer of funds to individuals includes salaries paid to public sector employees, cash support to the poor and marginalised, and stipends to students.
The payment through the platform — Government eTransaction Processing Hub (GeTPH) — escalated 159 per cent year-on-year to Tk 92,139 crore last year, according to data from the central bank.
The system settles transactions made through the Bangladesh Electronic Fund Transfer Network (BEFTN), enabling beneficiaries to receive funds within a day.
