BB allows money transfers from banks to bKash, Nagad via NPSB from Nov; fee Tk1.5 per thousand
The central bank said the initiative aims to reduce cash dependence and accelerate the shift toward digital payments
Money can now be sent directly from banks to mobile financial service (MFS) wallets such as bKash, Nagad, and Rocket through the National Payment Switch Bangladesh (NPSB) platform, starting from 1 November.
The Bangladesh Bank announced the move in a circular issued by its Payment Systems Department today (13 October).
Under this interoperable system, users can send money from their banks to MFS accounts at a cost of Tk1.5 per Tk1,000, it said.
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Besides, users can also send money from MFS to banks at a cost of TK8.5 per Tk1,000.
For bank-to-bank transfers, the fee will remain Tk1.50 per Tk1,000, while bank-to-Payment Service Providers (PSP) transfers will cost Tk2 per Tk1,000.
According to the circular, the transaction charge will be borne by the sender, while no fee will be imposed on the receiver.
The central bank said the initiative aims to reduce cash dependence and accelerate the shift toward digital payments.
Regarding this interoperable system, all banks, MFS operators, and PSPs will continue to operate within their existing transaction limits, while the current interbank fund transfer rules under NPSB's internet banking service will remain unchanged, the circular added.
