The cottage, micro, small and medium enterprises (CMSMEs) can boost their businesses if they receive advantages of digital financial services.
Experts made the observation yesterday at a seminar titled "Digital Financial Services: CMSME Finance and Development Strategies".
The Bangladesh Bank organised the programme in association with IPDC Finance at the Bangladesh Institute of Bank Management in the capital.
"If small enterprises use digital financial services for everyday transaction, it will help banks track their records and decide on providing loans," said Md Mezbaul Haque, general manager of the payment systems department at the central bank.
The entrepreneurs participating in the seminar wanted that the loan disbursement process for small businesses be digitalised.
They, however, demanded government incentives as adopting digital financial services would raise their business expenses.
Around eight million local traders belong to the CMSME sector, contributing 25 percent to the gross domestic product. Half the country's workforce is involved in this sector, but it lacks proper financing.
However, Managing Director and Chief Executive Officer of IPDC Finance Mominul Islam said the CMSME sector is not yet ready to embrace digital financial services.
Chief External Corporate Affairs Officer of bKash – a mobile financial service provider, Sheik Md Monirul Islam presented the keynote paper at the seminar. At the same time, General Manager of the Bangladesh Bank Lila Rashid presided over the event.
Senior Executive Vice President and Chief Operating Officer of Dutch Bangla Bank Abedur Rahman Sikder and SSL Wireless Director and CEO Ashish Chakrabarty also spoke in the seminar.