Bangladesh Govt has introduced new systems to transfer money from one MFS to another MFS account. Bangladesh Bank along with the Department of Information & Technology has taken on a new project under IDEA. From now a user of bKash can send their money to Rocket through Binomoy. Not only that they can also transfer their money to any Bank near future.
The project is taken by the Department of Information and Technology total cost is about 65 Crore Taka. This process will be followed UPI (Unified Payment Interface) system which is successfully implemented in India. Through this system, anyone who’s registered can transfer their money to the bank, peer-to-peer, or person to the merchant account. By which they don’t need to have the same MFS account to transfer it.
What is Binimoy?
Binimoy is a project which was about to launch back in 2020 but due to some reason, it could not be able to implement. But Bangladesh Bank and the Department of Information & Technology have taken this project named IDEA. If a person who’s registered his name under this project can be able to transfer his money to any Bank or MFS to MFS which was not able to do till now.
bKash users can not send their money to Rocket account till now but from now they will be able to do it. Not only that other MFS services will be available soon right now Cellfin and Nagad also launched their services.
How Binimoy will work?
To take the services you need to create an account on Binimoy. You will get a user id following @binimoy.gov.bd. Once you’ve created your account then you can take the services which are currently available. bKash, and Cellfin apps are providing the service already. Others are also working on it. Few banks already started the process to join this unique system by which anyone can take the service.
Currently, users don’t need to pay any charge to Gov but authorities like MFS can take charges though charges are not fixed yet by Government. The total cost of this project is about 65 Crore Taka.
Who’s are currently providing the services?
There are a lot of Private Banks in Bangladesh but not all are going to provide this service right now. Initially, Sonali Bank, Brac Bank, Islami Bank, Eastern Bank, Mutual Trust Bank, Midland Bank, Pubali Bank, Al-Arafah Islami Bank, UCB, and Dutch Bangla Banks agreed to do this on the other hand MFS providers like bKash, Rocket, Cellfin are also in providing the services. Gradually all other Banks, MFS, and PSP will join the project.
What will be the benefits?
In India, UPI is running successfully. People basically don’t have all types of accounts like Bank and MFS. So if anyone doesn’t have bkash and wants to transfer his money they need to go to the agent’s shop to send their money though he has a Rocket account. But currently, they’re not allowed to transfer his balance from Rocket to bKash. Similarly, they are not allowed to transfer their money to any other bank account.
Through this entire project, anyone who joined can take the services and can send their money to any other account (those who are registered). That will bring a good result though because of less hassle in transferring money from one account to another account.