Najith Meewanage
CEO, Commercial Bank of Ceylon Bangladesh Operation

The Daily Star (TDS): How is Bangladesh progressing in its transition to a cashless economy?

Najith Meewanage (NM): Bangladesh is steadily progressing towards a cashless economy, driven by evolving consumer behavior and rapid digital banking advancements. However, cash remains dominant due to ingrained habits and infrastructure challenges. True transformation will happen when digital payments become as instant, trusted, and widely accepted as cash. Countries like Singapore and Sweden achieved this by implementing real-time payment networks, enhancing cybersecurity, and incentivizing digital adoption. For Bangladesh to follow suit, financial institutions must ensure seamless interoperability, accessibility, and user-friendly experiences. With a young, tech-savvy population, Bangladesh is well-positioned for this transition, and Commercial Bank of Ceylon is committed to driving digital financial integration.

TDS: What innovative steps has your bank taken to accelerate the shift towards a cashless economy, and how have they impacted customers?

NM: At Commercial Bank of Ceylon, our approach to "Transforming the Horizon" is centred on innovation that makes digital transactions seamless, secure, and deeply integrated into daily life.

Our advanced digital platforms empower individuals with 24/7 financial control, allowing them to transfer funds, manage expenses, and make payments effortlessly, eliminating the need for physical banking.

For businesses, the focus is on efficiency, security, and real-time financial management. Through automated transaction systems, we are:

•  Streamlining payroll processing to ensure faster, error-free salary disbursements

•  Facilitating seamless vendor payments to enhance the efficiency of business operations

•  Providing real-time financial tracking for better decision-making and cash flow management

By integrating intelligence and security into our digital solutions, we are not just keeping pace with the cashless revolution—we are driving it forward. Furthermore, CBC strongly believes that enhancing user awareness is just as important as introducing state-of-the-art technology in the digital space.

TDS: What policy changes or government initiatives do you believe are crucial for making digital transactions more secure, inclusive, and widely adopted?

NM: To accelerate the adoption of digital transactions, the government must focus on several key areas:

Strengthening cybersecurity and data protection – Establishing robust regulations to safeguard against fraud, hacking, and identity theft will be critical in building consumer trust.

Incentivising digital adoption – Offering tax incentives, subsidies, or grants to encourage SMEs, micro-businesses, and rural entrepreneurs to embrace digital payments.

Expanding financial literacy and digital awareness – Implementing nationwide education programmes to empower individuals—especially in underserved areas—with the skills to navigate digital finance securely.

Enhancing interoperability and connectivity – Encouraging seamless integration between banks, fintech firms, mobile financial services, and telecom providers to create a more connected, efficient digital payments ecosystem.

Providing space for foreign entities – Allowing foreign firms to introduce advanced technologies used in their home countries without unnecessary restrictions.