PSD Circular Letter No. 05: Regarding determination of uniform service charge of MFS for implementation of Universal Pension Scheme

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Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh.

Website: www.bb.org.bd

Payment Systems Department

PSD Circular Letter No. 05/2023 Date: 13 Bhadra 1430 28 August 2023

Managing Director/Chief Executive Officer All Mobile Financial Service Providers operating in Bangladesh.

Dear Sir,

Regarding the determination of a uniform service charge for Mobile Financial Services for the launch of the Universal Pension Scheme being implemented under the Ministry of Finance.

With reference to the Memorandum No. 07.00.0000.171.13.009.23.116 (Copy attached) dated 16 August 2023 of the Ministry of Finance, Government of the People's Republic of Bangladesh, on the subject cited above, you are hereby directed to follow the instructions mentioned in the circular appropriately.

Description of attachment follows.

Yours faithfully,

(Md. Motasim Billah) Director (PSD) Phone: 02-9530334

Phone: 88-02-9550448, 9554896, IP: 88-02-55685001-6, Fax: 88-02-9530479, www.bb.org.bd

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Government of the People's Republic of Bangladesh Ministry of Finance, Finance Division Regulatory Sub-division Regulatory-1 Branch www.mof.gov.bd

Memorandum No. 07.00.0000.171.13.009.23.116 Date: 13 Bhadra 1430 16 August 2023 AD

Circular

Subject: Determination of uniform service charge for the launch of the Universal Pension Scheme being implemented under the Finance Division.

The Universal Pension Management Act, 2023 (Act No. 4 of 2023) has been enacted with the aim of including the people of all strata of the country in a sustainable pension structure. Under this Act, contributions can be registered on the online platform and one can join any one pension scheme. Meanwhile, a uniform Cash Out Charge of 0.70 (zero point seven) percent was determined and Circular No. 144 dated 12 November 2020 was issued for the distribution of cash under the Social Safety Net Program and other government programs through Mobile Financial Services. Since the Universal Pension Scheme is part of the government's social safety net program, the service charge for paying contributions through Mobile Financial Services in the Person to Government (P2G) method to the account of the Pension Authority for the contribution portion shall be uniform, i.e., 0.70 (zero point seven) percent.

2. After registering contributions using the online platform, if Mobile Financial Service is used to deposit money into the account of the Pension Authority via the Person to Government (P2G) method, Mobile Financial Service providers shall send a Confirmation Message to the contributor.

3. This circular has been issued in the public interest with the approval of the competent authority and shall come into force immediately.

(Shabbir Ahmed) Deputy Secretary Phone: 55100078

For information and necessary action (in order of seniority): 01. Secretary to the Cabinet, Cabinet Division, Bangladesh Secretariat, Dhaka. 02. Chief Secretary to the Prime Minister, Office of the Prime Minister, Tejgaon, Dhaka. 03. Comptroller and Auditor General of Bangladesh, Office of the Comptroller and Auditor General, Kakrail, Dhaka. 04. Governor, Bangladesh Bank, Motijheel, Dhaka. 05. Senior Secretary/Secretary, ........................................ Ministry/Department. 06. Controller of Accounts, Office of the Controller of Accounts, Segun Bagicha, Dhaka. 07. Managing Director, Sonali Bank PLC, Motijheel Commercial Area, Dhaka. 08. National Program Director, SPFMS Program, Finance Division. 09. All officers of the Finance Division.

Bangladesh Bank Head Office Payment Systems Department Directorate Office 23 AUG 2023 Addl. Dir: 1/2/3/4/5/6/7/8/SSA Diary No: 2605