Bangladesh is undergoing a profound economic shift as digital transactions rapidly replace traditional cash-heavy habits. Supported by the government’s cashless Bangladesh vision, festive seasons like Eid-ul-Adha have become the ultimate testing ground for digital adoption. Mohammad Mamdudur Rashid, Managing Director & CEO of United Commercial Bank PLC (UCB), shares how the bank is driving this national transformation through innovation, security, and financial inclusion.

The Daily Star (TDS): How is consumer spending behavior evolving during this Eid season?

Mohammad Mamdudur Rashid (MMR): Eid is not just a religious festival; it is one of our largest economic stimuli, driving massive spending across retail, travel, and food. This year, the momentum remains exceptionally strong, but the nature of transactions has changed. More customers are now choosing cards, QR payments, and mobile financial services over cash. At UCB, we see this as a reflection of a broader transformation. Consumers today prioritise speed and convenience, turning digital banking into a mainstream habit that is no longer confined to urban centres but is spreading across the country.

TDS: How is UCB supporting the digitalisation of seasonal activities like the cattle market?

MMR: We believe banking should happen wherever commerce does. To support the “Cashless Bangladesh” initiative, UCB is providing dedicated banking booths and digital payment facilities at selected Qurbani markets. While convenience creates satisfaction, security creates trust. We have implemented chip-enabled cards, 3D Secure systems, and round-the-clock monitoring to ensure that even large-scale livestock transactions are seamless and fraud-free. Our goal is to make the digital wallet safer than the one in your pocket.

TDS: What role do SMEs play in this ecosystem, and how is UCB assisting them?

MMR: Eid creates enormous demand for SMEs, from local retailers to transport operators. Banks play a vital role by providing working capital, QR payment solutions, and digital collection tools that allow these businesses to operate more efficiently. When small businesses go digital, they become faster, smarter, and financially stronger. At UCB, we believe that when SMEs grow through financial inclusion, the entire national economy benefits.

TDS: What financial hygiene or safety tips should customers follow during high-spending periods?

MMR: My advice is simple: “convenience should never replace caution.” Customers must never share card details, PINs, or OTPs with anyone. As digital adoption grows, cyber awareness becomes as vital as financial awareness. We encourage customers to use only trusted applications and monitor transaction alerts closely to ensure a secure festive experience.