Bangladesh Bank Governor Dr. Ahsan H. Mansur announced that within the next 18 months, all financial institutions in Bangladesh—including banks, mobile financial services (MFS), insurance, and microfinance organizations—will be connected through an interoperable transaction system. Speaking at an event titled ‘Instant Payment in Bangladesh: Unveiling Inclusion Opportunities,’ jointly organized by Bangladesh Bank and the Gates Foundation, he said the initiative aims to reduce cash dependency and promote transparency in financial transactions. The new Interoperable Instant Payment System (IIPS) will operate under the National Payment Switch Bangladesh (NPSB) framework, supported by open-source software Mojaloop. The governor emphasized that the system will enhance revenue collection and bring all financial entities under one digital channel. Although IIPS was launched earlier this month, many institutions have yet to join. The central bank plans to make the platform fully operational by July 2027, aiming to transition the country toward a cashless economy.