Banglalink, the country’s leading digital operator, today received a Payment Service Provider (PSP) licence from Bangladesh Bank, paving the way for its entry into the country’s digital payments market. Banglalink will launch its digital payment services under the brand Mukto Pay, a fully owned Banglalink service designed to provide customers with simple, secure and accessible digital payment solutions.
The milestone marks a significant step in Banglalink’s expansion into digital financial services, supporting the transformation of Bangladesh’s financial ecosystem, accelerating the country’s transition towards a cashless society, and contributing to its ambition to become a $1 trillion economy by 2034.
Designed to give consumers greater financial freedom and convenience, Mukto Pay aims to make everyday digital transactions simple, secure and accessible. Building on Banglalink’s legacy of helping make mobile connectivity more accessible to people across Bangladesh, Mukto Pay seeks to extend that impact to digital financial services by helping bridge the financial inclusion gap. The service aims to enable individuals, micro-merchants and small businesses, particularly those unbanked or underserved by formal financial services, to participate more actively in the country’s growing digital economy.
Leveraging Banglalink’s nationwide connectivity, extensive customer reach and growing digital ecosystem, the service will particularly focus on broadening access to digital financial services for underserved communities.
The licence is part of the broader strategic vision of Banglalink and its parent company, VEON, to invest in and expand digital financial services in Bangladesh. It also marks another step in Banglalink’s transformation from a telecommunications company into a digital operator, extending its presence beyond connectivity into digital and financial services designed to meet people’s everyday needs.
Johan Buse, Chief Executive Officer of Banglalink, said, “Bangladesh’s journey towards building a cashless society and becoming a trillion-dollar economy will require greater financial inclusion and a digital ecosystem that enables more people to participate in the country’s growth. Mukto Pay is an important step in that direction. By combining Banglalink’s nationwide reach and deep understanding of local customers with VEON’s global digital expertise, we aim to make digital payments simpler, more accessible and more relevant to people’s everyday lives. This licence strengthens our ambition to invest further in digital financial services and contribute to building a more inclusive, cashless and digitally empowered Bangladesh, making a better life for all.”
Mukto Pay will facilitate a range of digital transactions, including money transfers, merchant and e-commerce payments, utility and government bill payments, salary and other disbursements, as well as other approved payment services.Alongside its expansion into digital payments, VEON is also pursuing opportunities in digital banking and has applied for a Digital Bank licence.
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