United Commercial Bank PLC (UCB) has entered into a strategic partnership with the National Pension Authority (NPA) to further enhance the Universal Pension Scheme (UPS) in Bangladesh.
The agreement, formalised through a Memorandum of Understanding (MoU) signed on Monday, designates UCB as a Banking Service Provider for the scheme, says a press release.
This will enable seamless pension instalment collection via UCB’s extensive network of banking channels, including exchange houses, branches, sub-branches, agent banking outlets, and both retail and corporate internet banking platforms.
Md Mahiuddin Khan, executive chairman of the National Pension Authority, and Mohammad Mamdudur Rashid, managing director and CEO of United Commercial Bank PLC, signed the MoU on behalf of the respective organisations.
The ceremony was graced by Dr Md Khairuzzaman Mozumder, secretary of the Finance Division, along with senior officials from both organisations.
This partnership represents a significant step towards expanding the reach and accessibility of the Universal Pension Scheme, making it more convenient for citizens, both in Bangladesh and abroad, to access secure pension services.
UCB’s involvement underscores its commitment to supporting financial inclusion and enhancing the national pension framework.