Writer: Rahanuma Tasnim Suchi
Dhaka, October 2025 — Bangladesh’s digital financial landscape is set to witness a historic transformation. Starting November 1, the Bangladesh Bank will officially launch the Interoperable Fund Transfer (IFT) system, enabling seamless money transfers between Mobile Financial Services (MFS), banks, and Payment Service Providers (PSPs).
This marks a major milestone in the country’s digital financial sector, aiming to make money transfers simpler, faster, and more transparent for users. Until now, customers could not directly send money between different platforms — for instance, transferring funds from bKash to Nagad or Nagad to Rocket was not possible. With the new system, users will be able to send money from any MFS or bank account to another, without needing separate apps or additional services.
The initiative is being implemented under the National Payment Switch Bangladesh (NPSB) framework, which connects all financial institutions under a unified digital network. Experts view Bangladesh Bank’s decision as a significant leap forward for the nation’s digital economy and fintech ecosystem.
According to the central bank, the new system will follow the following transaction fee structure:
- Banks: up to 0.15%
- Payment Service Providers (PSPs): up to 0.20%
- MFS Operators: up to 0.85% (including VAT)
Importantly, recipients will not incur any fees — all applicable charges will be automatically deducted from the sender’s account.
Existing transaction limits will remain in effect, meaning users can send or receive funds within the pre-defined limits applicable to their account type.
Officials from Bangladesh Bank stated that this system will enhance transparency and competition in the digital payments sector, ensuring improved services for customers. Moreover, it is expected to extend digital financial inclusion, particularly among rural and underserved communities.
Major MFS providers, including bKash, Nagad, Rocket, and Upay, have already begun integrating with the new platform, with successful trial transactions reported.
This initiative aligns directly with Bangladesh’s “Smart Bangladesh 2041” vision — a goal to build a cashless, technology-driven, and transparent economy. Analysts believe this policy shift will accelerate growth in the fintech industry, empowering mobile banking, e-commerce, and small business ecosystems.
Economists also suggest that the move will not only boost digital transactions but will also stimulate remittance inflows, SME growth, and online trade expansion.
In an official statement, the Governor of Bangladesh Bank said:
“We want every citizen to benefit from digital financial services. With this initiative, the boundary between banking and mobile finance will finally disappear.”
All in all, November 1 marks the beginning of a new era in Bangladesh’s financial sector — where bKash, Nagad, Rocket, Upay, and all platforms will operate under one integrated digital umbrella, paving the way toward a smart, cashless Bangladesh.
Sources:
Bangladesh Bank, InfoGram, The Daily Corporate News Desk, and Official Government Press Releases.
