Get ready for a financial revolution! Starting November, sending money across different platforms in Bangladesh is about to get a whole lot easier. But here’s where it gets interesting: customers will finally be able to transfer funds seamlessly between popular mobile financial services (MFS) like bKash, Nagad, and Rocket, as well as to bank accounts and payment service providers (PSPs). And this is the part most people miss—it’s all part of Bangladesh Bank’s (BB) ambitious push toward a cashless economy. But is it too good to be true? Let’s dive in.
In a recent circular, BB announced that the new system will kick off on November 1, with transaction fees capped to ensure affordability. Here’s the breakdown: sending Tk 1,000 from an MFS account to another MFS, bank, or PSP will cost just Tk 8.50. Transfers from a bank account to any other platform will be even cheaper at Tk 1.50, while PSP-to-bank or MFS transfers will cost Tk 2. But here’s the catch: these fees include VAT, and service providers must clearly display the charge before the transaction begins—though only the sender will foot the bill. The receiver? They’re off the hook, with no charges imposed on them. Sounds fair, right? Or is there more to the story?
The move aims to revive interoperable digital transactions through the National Payment Switch Bangladesh (NPSB), connecting banks, MFS providers, and PSPs. But here’s the controversial part: this isn’t the first time BB has tried this. Back in 2020, a similar facility was launched through NPSB but was suspended within hours. Why? Central bank officials blame the ICT Division under the previous government for pulling the plug. Fast forward two years, and the ICT Division rolled out its own platform, Binimoy, at a whopping Tk 65 crore. But did it work? Not exactly. Despite being modeled after India’s successful Unified Payments Interface, Binimoy flopped due to a clunky interface, poor marketing, and banks’ reluctance to join. Was it a wasted investment? You decide.
Now, BB is doubling down by relaunching the interoperable system through NPSB while simultaneously developing a new digital payment platform in partnership with Mojaloop, a Gates Foundation-backed initiative. Expected to roll out later this year, this platform promises to be a game-changer. But will it succeed where Binimoy failed? Only time will tell.
For now, one thing’s clear: November marks a significant step toward a more connected and cashless Bangladesh. But as we embrace this change, let’s ask ourselves: Are we ready for the challenges that come with it? And more importantly, will this truly benefit everyone, or will some be left behind? Share your thoughts in the comments—let’s spark a conversation!
