Written by The Banking Post
Bangladesh Bank will roll out an interoperable payment system from November 1, enabling users to transfer money instantly between mobile wallets, bank accounts, non-bank financial institutions, and institutional accounts — a move aimed at reducing cash dependency across the country.
In a circular issued on Monday, the central bank directed all banks, mobile financial service (MFS) providers, and payment service providers (PSPs) to use the National Payment Switch Bangladesh (NPSB) infrastructure to facilitate these interconnected real-time transactions.
According to the directive, the maximum transaction fees (including VAT) will be capped at 0.15 percent for banks, 0.20 percent for MFS, and 0.85 percent for PSPs.
The circular also mandates that no fee may be charged to the recipient. All applicable fees must be borne by the sender, and the exact charge must be displayed to the customer before the transfer is executed.
Bangladesh Bank further noted that transaction limits will be determined based on the type of account—whether held with a bank, PSP, or MFS operator.
For interbank fund transfers made through internet banking under the NPSB framework, existing fees as specified in PSD Circular No.-02, dated February 6, 2025, will continue to apply.
Officials say the interoperable system will streamline digital payments and enhance financial inclusion by connecting all digital financial platforms into one national network.
