Must proceed with LDC graduation despite hurdles

Graduating from the least developed country (LDC) category will be a challenge for Bangladesh and there are many debates surrounding it, but the country has to graduate by 2026, Finance Adviser Salehuddin Ahmed said yesterday.

He added that businesses in Bangladesh will have to move faster to ensure the country does not fall behind, as other countries are progressing rapidly.

The adviser made the comments while speaking as the chief guest at the launch event of five new card services by Mercantile Bank, in association with Mastercard, in the capital.

"We are committed to encouraging digital transactions as much as possible, as they ensure greater transparency and traceability," Ahmed said.

He added that although digital adoption is growing, it is important to address the concerns people face, such as excessive questioning by banks, which often hinders broader participation.

Credit cards, in particular, play a crucial role in facilitating remittances and driving financial inclusion.

"I extend my best wishes to both Mercantile Bank and Mastercard for their continued efforts in advancing private sector development and promoting digital transformation in the financial ecosystem."

Mati Ul Hasan, managing director of Mercantile Bank PLC, stated that the initiative aligns with their broader goal of supporting Bangladesh's transition toward a cashless, digitally empowered society.