Get ready for a game-changer in the world of mobile financial services (MFS) in Bangladesh! Starting November, sending and receiving money across different platforms is about to become a breeze.
The Big News: From bKash to Nagad and Rocket, customers will be able to transfer funds seamlessly between various MFS providers, banks, and payment service providers (PSPs). It's like having a universal wallet!
But here's where it gets controversial...
Transaction Fees: The Bangladesh Bank (BB) has set maximum transaction fees, including value-added tax (VAT), at 0.15% for banks, 0.20% for PSPs, and 0.85% for MFS providers. So, sending Tk 1,000 from an MFS account to another platform will cost you Tk 8.50.
Sender vs. Receiver: The central bank emphasizes that the fee will be collected only from the sender, and no charge can be imposed on the receiver.
Existing Limits Stay: The good news is that the existing transaction limits for each account type will remain unchanged under this new interoperable system.
A Cashless Revolution: This move by the BB is part of its mission to promote a cashless economy. By connecting banks, MFS providers, and PSPs through the National Payment Switch Bangladesh (NPSB), digital transactions are set to soar.
A Rocky Road: Interestingly, this isn't the first attempt at such a facility. The BB launched a similar system in 2020 through NPSB, but it was suspended within hours due to orders from the previous government's ICT Division.
The Binimoy Experiment: Two years later, the ICT Division developed a new platform called "Binimoy," modeled after India's Unified Payments Interface. However, it faced challenges with its interface, limited publicity, and bank participation.
A New Hope: Despite these setbacks, the central bank is not giving up. It's preparing to launch a new interoperable digital payment platform in partnership with Mojaloop, a US-based open-source initiative.
And this is the part most people miss...
The Future of Finance: With these initiatives, Bangladesh is taking bold steps towards a digital financial revolution. But what do you think? Will these measures truly revolutionize the way we handle money, or are there potential pitfalls we should consider? Share your thoughts in the comments!
