STAR BUSINESS REPORT

Users of Mobile Financial Services (MFS) are going to get the opportunity to transfer money from one MFS provider to another as Bangladesh Bank is going to launch the interoperability of all sorts of accounts from next Sunday.

Termed as Binimoy, the Interoperable Digital Transaction Platform (IDTP) will also enable people to transfer funds from their bank accounts to MFS, according to a circular from the central bank.

People who will avail the scope to transfer money across the accounts -- MFS and banks -- will have to pay maximum Tk 0.5 to transfer each Tk 100 to another account.

“We have fixed the maximum fee for the transfer of money from one MFS to another. If any MFS wants to charge more, it can,” said a senior official of Bangladesh Bank.

The interoperability is going to start more than a decade after MFS was launched in Bangladesh. At present, 13 MFS operators are providing services to more than 18 crore account holders who are transferring nearly Tk 3,000 crore daily.