Introduce money transfer between bank accounts and MFS by March 31: Bangladesh Bank

All banks and mobile financial service (MFS) providers will have to introduce financial interoperability system by March 31, to help clients transfer money between the financial organisations.

The central bank issued a notice to this end today.

Interoperability will allow clients to send money from their MFS accounts to bank accounts. Similarly, clients will also be allowed to deposit money to their MFS accounts from their bank accounts.

Clients will also be able to transfer funds between their different accounts with MFS providers.

The service will be facilitated through the National Payment Switch Bangladesh (NPSB), which enables fund transfer among banks.

The interoperability service, however, will go live on October 28, and will be applicable for those banks and MFS providers which have successfully completed the pilot test.

For the banks that haven’t, they have to do so within March 31.

As per the notice, clients will have to pay a maximum of 0.80 percent of their transferred amount from one MFS provider to another.

For banks to MFS, the amount will be 0.45 percent per transaction.

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