MFS to Bank Bridge: Bangladesh Launches Interoperable Transaction System from November 1
Starting November 1, Bangladesh will officially launch transactions under the interoperable MFS-to-bank system, enabling seamless money transfers between any bank card and all mobile financial service (MFS) wallets — including bKash, Nagad, and Rocket. The new facility, operating through the National Payment Switch Bangladesh (NPSB) platform, will charge only Tk 1.50 per Tk 1,000 transferred.
Previously, the NPSB platform only supported interbank transactions. The system has now been expanded to allow fund transfers between banks and MFS providers, as well as between banks and payment service providers (PSPs).
According to a directive issued on Monday, October 13, by the Bangladesh Bank’s Payment Systems Department (PSD), “This new fund transfer service through the NPSB platform is being launched with the aim of reducing cash usage and promoting digital transactions across the country.”
As per the circular, the sending institution — whether a bank, payment service provider, or MFS operator — will collect the applicable charge from the sender.
The transaction fees will be Tk 1.50 per Tk 1,000 for bank-to-MFS transfers, Tk 8.50 per Tk 1,000 for MFS-to-bank transfers, Tk 1.50 per Tk 1,000 for bank-to-bank transactions, and Tk 2 per Tk 1,000 for bank-to-PSP transactions.
No fee or charge may be imposed on the recipient customer.
Additionally, banks, MFS operators, and PSPs must conduct these transactions within their respective transfer limits. However, existing rules for interbank fund transfers via internet banking through the NPSB platform will remain unchanged.
