Financial institutions in Bangladesh and Nepal expand digital payment services

Financial institutions in Bangladesh and Nepal are expanding digital payment capabilities through new strategic partnerships.

In Bangladesh, Nagad, the mobile financial service of the Bangladesh Postal Department, has partnered with Bengal Commercial Bank PLC. The agreement involves Nagad maintaining a Trust Cum Settlement Account with the bank to streamline services such as remittance disbursement, Add Money, and transactions via the National Payment Switch Bangladesh. The partnership aims to leverage Nagad’s extensive network to facilitate services like nano-loans and digital transactions in remote areas.

In Nepal, Citizens Bank International Ltd. has signed a memorandum of understanding with the mobile payment solution Khalti. This collaboration allows Citizens Bank customers to load Khalti accounts directly through mobile and e-banking platforms. The initiative is designed to facilitate cashless payments for various goods and services, including utility bills and ticketing, reducing the need for cash withdrawals.