UCB partners with national pension authority
United Commercial Bank PLC (UCB) has signed a Memorandum of Understanding (MoU) with the National Pension Authority (NPA), marking a significant step towards expanding access and operational efficiency of the Universal Pension Scheme (UPS) across the country and abroad.
Under the agreement, UCB will act as a Banking Service Provider for the scheme, facilitating the collection of pension instalments through its vast network. The bank's service channels include its own exchange house, partner exchange houses, branches, sub-branches, agent banking outlets, retail and corporate internet banking platforms, and other authorised banking infrastructure.
MD signed the MoU. Mahiuddin Khan, Executive Chairman of the National Pension Authority, and Mohammad Mamdudur Rashid, Managing Director and CEO of UCB. The signing ceremony was held in the presence of Dr. Md. Khairuzzaman Mozumder, Secretary of the Finance Division, along with senior officials from both organisations.
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This partnership is expected to significantly strengthen the pension payment ecosystem significantly, making the scheme more accessible to citizens regardless of their location, whether in urban centres, rural communities, or overseas.
The Universal Pension Scheme, introduced to ensure income security in old age, is a key initiative of the government's long-term social protection agenda. The collaboration with UCB is part of NPA's broader strategy to onboard reliable banking partners with digital capabilities, making the scheme widely accessible.
Commenting on the partnership, UCB's CEO Mohammad Mamdudur Rashid said, "We are honoured to support this landmark initiative that aims to bring financial security to all citizens. At UCB, we believe financial inclusion is not just a service—it's a responsibility."
This MoU positions UCB as a key facilitator in the operational expansion of the UPS, reaffirming the bank's commitment to driving inclusive growth and providing secure, technology-driven financial solutions for citizens at home and abroad.
