The National Pension Authority and Upay, the mobile financial service operated by United Commercial Bank (UCB) PLC, have signed a memorandum of understanding (MoU) to enable easier, faster and more secure monthly contribution payments under the Universal Pension Scheme.
The agreement was signed at an event held at Fars Hotel, Dhaka, on Tuesday. Under the partnership, registered participants of the Universal Pension Scheme will be able to deposit their monthly contributions through the Upay app and its nationwide agent network.
The National Pension Authority said in a press release that the initiative aims to expand technology-based services and bring pension facilities closer to people through a secure digital payment system.
Speaking at the event, Executive Chairman of the National Pension Authority Dr Md Suratuzzaman said the authority is working to make the Universal Pension Scheme more accessible and technology-driven.
He said the partnership with Upay would allow participants to pay their pension contributions in a secure and hassle-free manner, contributing to the wider expansion of the Universal Pension Programme.
The signing ceremony was attended by Dr Md Suratuzzaman, Member (Fund Management) Munshi Abdul Ahad, and senior officials from the National Pension Authority.
Representing Upay, attendees included Chief Executive Officer (CEO) Shyamal Baran Das, Chief Business Officer Md Mahbub Sobhan, Deputy Director Hasan Mohammad Zahid, Assistant Director Mohammad Mamun Reza Khan, Chief Marketing Officer Kazi Shakil, and Manager Ahmed Nafis Osmani.
Under the MoU, the two organisations will jointly develop a secure, reliable and user-friendly digital payment mechanism for pension contributions. The service will allow participants from across Bangladesh to make monthly payments more conveniently regardless of their location.
Stakeholders said the initiative will strengthen digital financial inclusion and support the expansion of digital services in line with the government’s goal of building a modern and inclusive Bangladesh.
The partnership is expected to provide Universal Pension Scheme participants with simpler, safer and uninterrupted access to contribution payment services while encouraging greater participation in the national pension system.
