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The Bangladesh Bank, in collaboration with city corporations, has expanded cashless cattle markets to promote digital transactions and enhance safety during the holy Eid-ul-Azha festival.
With 16 commercial banks and four mobile financial services (MFS) now onboard, a record Tk 940 million was transacted digitally in 2024, reducing cash-related risks and advancing financial inclusion, according to bank insiders.
Several banks are participating in the cashless cattle market initiative this year, including Bank Asia Limited, BRAC Bank Limited, Dutch-Bangla Bank Limited, Islami Bank Bangladesh Limited, Sonali Bank Limited, The City Bank Limited, and United Commercial Bank Limited (UCB). Eastern Bank PLC, AB Bank PLC, and Mutual Trust Bank are also among the participants, working to facilitate secure and convenient digital transactions for customers during Eid-ul-Azha.
To reduce the risks associated with carrying cash and to promote digital transactions during Eid-ul-Azha, the BB, in
collaboration with various city corporations, has introduced cashless cattle markets.
Through this initiative, buyers and sellers can now open bank accounts on the market premises using their NID and send money to any bank from a single booth.
In 2022, a pilot project by Dhaka North City Corporation recorded cashless transactions worth nearly Tk 350 million. This figure rose to Tk 440 million in 2023, and in 2024, a record Tk 940 million worth of cattle trade was conducted through cashless transactions.
In 2024, nine commercial banks and two mobile financial service providers offered cashless transaction facilities at ten cattle markets in Dhaka and Chattogram.
By 2025, the number of participating banks has increased to 16, significantly expanding the reach of the cashless initiative.
Talking to the FE, Dipok Chandra Das, a senior manager at BRAC Bank, said that banks, including his own, have received an overwhelming response from customers at the cattle markets in Dhaka over the past three years.
"This year, we expect the figure to exceed Tk 1.0 billion, as customers feel more secure using digital transactions when they find our services readily available at the market premises," he noted.
"Our bank booths are set up close to the markets, allowing customers to transact easily and smoothly. We ensure swift service. Anyone can open a bank account on the spot with just a national ID and a passport-size photograph. Even if someone doesn't want to open an account, they can still carry out transactions or transfer funds to other banks," Dipok stated.
"Our preparations are complete, and we will begin providing services from today (June 1)," Das added.
To ensure uninterrupted transactions, the central bank has instructed banks to keep evening banking services operational in areas adjacent to cattle markets in Dhaka and Chattogram during Eid-ul-Azha.
This move has made banking services more accessible for both buyers and sellers after regular hours.
Cashless transactions have reduced the need to carry physical cash, lowering the risk of robbery or falling victim to criminal gangs like "molom party".
Additionally, this system has curbed the circulation of counterfeit currency.
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