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Such accounts can be opened within five minutes through agent banking outlets.

“This is an outstanding initiative taken by the central bank,” said Md Arfan Ali, managing director of Bank Asia.

“We have been working on the issue for more than two years such that digital financial inclusion and branchless banking get a momentum,” he said.

The use of cash will decrease at a faster pace when the service gains a tempo.

Smartphones are essential both for customers and micro businesses to settle transactions through the new central bank initiative.

A micro business will display a quick response (QR) code in front of the respective stall, and clients will have to scan the code to make payments for products purchased from the stall.

The value of products can be settled by using the mobile application of the respective banks, Ali explained.

Retail businesses can also pay the value of the products to the wholesalers by using the mobile app.

Bank Asia will open at least 30,000 personal retail accounts within next year and it has already completed the initial tasks, Ali said.

Micro businesses even will not come to branches as they will be allowed to open accounts at agent outlets.

Personal retail accounts can be opened through MFS providers as per the central bank notice.

A client will be permitted to open the retail account despite having an existing common MFS account. But MFS agents will not be permitted to open such accounts.

Officials of MFS providers or representatives appointed by them will have to supervise and monitor closely while opening the accounts.

The central bank has imposed ceilings on the financial transactions using MFS accounts.

A micro business will be allowed to take a maximum payment of Tk 30,000 per day and Tk 5 lakh per month from clients.

There is no limit on the number of transactions from a person to retailer.

“The central bank has, in brief, taken a time-befitting decision,” said Kamal Quadir, chief executive officer of bKash.

The digital programme will put a positive impact on both retailers and clients, he said.

“It will contribute to the government vision to digitalise the country’s financial sector,” Quadir said.

Retail personal accounts also can be opened by using the platforms of payment service providers (PSP).

A retailer, who holds such an account with a PSP, will be allowed to transact to the tune of Tk 10 lakh per month.

All stakeholders will have to come forward to implement the central bank initiative successfully, said Syed Mahbubur Rahman, managing director of Mutual Trust Bank.