Interoperability by MFS to be introduced by December

As per the latest establishment, funds can also be transferred from individual bank accounts to MFS accounts.

The MFS industry in Bangladesh has seen significant growth in the last few years with YoY users reaching 10.27 crore and transactions rising up to Tk 59, 624 crores.

The Central Bank will operate and regulate the interoperability through the Interoperable Digital Transaction Platform (IDTP) will help with a 56 crore investment by the government.

The National Payment Switch Bangladesh (NPSB) will also be used to ensure the interoperability between banks and MFS providers ensuring errorless transactions.

The interoperability service will have no additional charge for users to send money eliminating all the transaction sending fees currently imposed by the MFS providers.

The country’s leading MFS providers, the likes of Rocket, Bkash and Nagad have praised the initiative and are taking necessary steps to comply with the Central Bank.