Bangladesh Strengthens Universal Pension Scheme with MoU Signing with 17 Banks

In a significant move to enhance the rollout of the Universal Pension Scheme, the National Pension Authority (NPA) has signed a Memorandum of Understanding (MoU) with 17 private banks. This initiative aims to streamline registration, collection of contributions, and API (Application Programming Interface) integration for the scheme.

During the signing ceremony held at the Finance Division’s conference room, Secretary of the Finance Division, Dr. Md. Khairuzzaman Mozumder, emphasized the crucial role of private banks in the scheme’s success. He urged the banks to provide full cooperation and actively promote the pension scheme to encourage wider public participation.

“The successful implementation of the Universal Pension Scheme largely depends on the sincerity and proactive involvement of our banking partners,” he said. Dr. Mozumder called on banks to motivate their customers to register and contribute, helping to build a financially secure future for all.

The event was presided over by Md. Mahiuddin Khan, Executive Chairman of the NPA, and attended by Managing Directors of the participating banks, including Bank Asia PLC, Bangladesh Commerce Bank Limited, Bangladesh Development Bank PLC, BASIC Bank Limited, Bengal Commercial Bank PLC, Dhaka Bank PLC, EXIM Bank PLC, Jamuna Bank PLC, Meghna Bank PLC, Mercantile Bank PLC, NRB Bank PLC, NRBC Bank PLC, SBAC Bank PLC, Standard Bank PLC, Shimanto Bank PLC, Social Islami Bank PLC, and United Commercial Bank PLC.

With this latest agreement, a total of 41 banks are now partnered with the NPA to facilitate the universal pension initiative. The authority plans to extend similar MoUs to all remaining domestic banks to ensure broad coverage.

The Universal Pension Scheme, managed by the NPA, offers four tailored programs Probash, Progoti, Surakkha, and Samata designed respectively for expatriates, private-sector employees, self-employed individuals, and low-income earners. Each subscriber is issued a unique pension ID, enabling real-time tracking of contributions and returns through an online platform, ensuring transparency and accessibility.