&imwidth=800&imheight=600&format=webp&quality=medium "Banglalink gets Bangladesh Bank nod to enter digital payments market. All you need to know")
Bangladesh’s central bank has granted telecom operator Banglalink a Payment Service Provider (PSP) licence, paving the way for the company to enter the country’s digital payments market with its new service, Mukto Pay.
The licence was issued on August 11, according to a press release issued by Banglalink.
Mukto Pay, a fully owned Banglalink service, will offer a range of digital payment solutions, including money transfers, merchant and e-commerce payments, utility and government bill payments, salaries and other disbursements, as well as other services approved by Bangladesh Bank.
Banglalink said the service is aimed at making everyday digital transactions simpler, more secure, and more accessible, particularly for individuals, micro-merchants, and small businesses that remain unbanked or underserved by formal financial services.
The telecom operator said Mukto Pay would use its nationwide connectivity, customer base and digital ecosystem to expand access to digital financial services across Bangladesh.
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According to Banglalink, the PSP licence is part of the company’s broader strategy, alongside its parent company VEON, to invest in and expand digital financial services in Bangladesh.
The launch marks another step in Banglalink’s transition from a telecommunications company into a digital operator, with its services expanding beyond connectivity into digital and financial solutions. The company said the move would support the development of Bangladesh’s financial ecosystem and contribute to the country’s shift towards a cashless economy.
Johan Buse, chief executive officer of Banglalink, said greater financial inclusion and a digital ecosystem would be essential for Bangladesh’s ambitions of building a cashless society and becoming a trillion-dollar economy.
“Mukto Pay is an important step in that direction,” Buse said, adding that Banglalink aims to combine its nationwide reach and understanding of local customers with VEON’s digital expertise to make digital payments more accessible and relevant to everyday users.
