Leading mobile financial service provider bKash will enable outgoing fund transfers through the National Payment Switch Bangladesh (NPSB) by 31 January 2026, joining the country’s full-fledged interoperability network that aims to unify digital financial transactions.
Bangladesh Bank said on Sunday that bKash, along with four banks, three other mobile financial service (MFS) operators, and a payment service provider (PSP), has already gone live under the expanded interoperability system.
However, bKash, Dutch Bangla Bank’s Rocket, and Al-Arafah Islami Bank’s Islamic Wallet currently support only incoming transfers.
“We have secured time until 31 January to complete rigorous testing and ensure a robust security, authentication, and dispute resolution process,” bKash told TIMES of Bangladesh. “We hope to launch the outgoing service before the deadline,” it added.
As of Sunday, Islami Bank Bangladesh, Mutual Trust Bank, Pubali Bank, and The Premier Bank had joined the interoperability network. Among them, Pubali Bank now supports only outgoing transfers, while the others are live for both incoming and outgoing. Islami Bank’s MCash remains the only MFS with both directions active, and PSP TallyKhata has enabled full interoperability.
Mutual Trust Bank recorded 17 outgoing transactions, followed by Pubali Bank with 18, while bKash led in incoming transfers with 37, according to the central bank’s report.
Supervised by Bangladesh Bank, the NPSB interoperability platform went live on Saturday to facilitate real-time fund transfers among banks, MFS operators, and PSPs. The initiative represents a major step toward a cashless economy, allowing users to move money between wallets and bank accounts instantly and at lower costs.
According to a circular issued on 13 October, all banks, MFS operators, and PSPs must join the interoperable network from 1 November. The NPSB previously handled only bank-to-bank transactions, but now includes MFS and PSP accounts, enabling cross-platform transfers at lower rates — Tk1.5 per Tk1,000 for banks, Tk2 for PSPs, and up to Tk8.5 for MFS transactions including VAT.
Analysts said the move will reduce cash dependency and withdrawal costs. Users can now withdraw money from MFS accounts through banks at nearly half the current agent rate of Tk14.5–Tk18 per Tk1,000, which could spark greater competition and price adjustments among operators.
Industry leaders welcomed the reform, calling it “long overdue” to make digital transactions more efficient.
Meanwhile, five more banks are preparing for full rollout. Eastern Bank and Al-Arafah Islami Bank have completed testing, while Dutch Bangla Bank is finalising application-level integration. Standard Bank and Brac Bank have completed user acceptance testing, with Brac Bank seeking an extension before going live.
