Monthly contributions under the Universal Pension Scheme can now be paid through the upay app and its nationwide agent network following a Memorandum of Understanding (MoU) between the National Pension Authority and upay, a fintech company operated by United Commercial Bank PLC (UCB).
The agreement was signed at a ceremony held at a hotel in Dhaka, enabling registered members of the Universal Pension Scheme to make their monthly payments through a secure and convenient digital platform, the organisations said in a press release.
Under the MoU, the two organisations will jointly introduce a user-friendly digital payment solution that will allow customers across Bangladesh to pay their pension contributions quickly and securely.
The initiative is aimed at simplifying the payment process and expanding access to the Universal Pension Scheme through digital services. Members will also be able to use upay’s extensive agent network across the country to make their monthly contributions.
The signing ceremony was attended by Dr Md Suratuzzaman, Executive Chairman of the National Pension Authority, Munshi Abdul Ahad, Member (Fund Management), along with senior officials from the authority.
Representing upay were Managing Director and Chief Executive Officer Shyamal B Das, Chief Business Officer Md Mahbub Sobhan, Deputy Director Hasan Mohammad Zahid and other senior officials.
Speaking at the event, Dr Md Suratuzzaman said the National Pension Authority was committed to making the Universal Pension Scheme more accessible and technology-driven.
“The National Pension Authority is committed to making the Universal Pension Scheme more accessible and technology-driven. Through this partnership with upay, customers will be able to pay their monthly pension contributions securely and hassle-free. We believe this initiative will play a significant role in expanding the Universal Pension Scheme and promoting greater financial inclusion across the country,” he said.
The partnership is expected to support wider participation in the Universal Pension Scheme by providing customers with a reliable digital payment option from anywhere in Bangladesh.
