In a significant push to expand the Universal Pension Scheme, the National Pension Authority signed Memoranda of Understanding with 17 private banks on Monday, enhancing registration, contribution collection, and API integration for the initiative.
The move aims to make the pension system more accessible, encouraging broader participation to secure the financial future of Bangladeshis.
The signing ceremony, held at the Finance Division’s conference room, was presided over by Md Mahiuddin Khan, Executive Chairman of the NPA.
Dr Md Khairuzzaman Mozumder, Secretary of the Finance Division, attended as the chief guest, urging banks to play a pivotal role. “The success of the Universal Pension Scheme hinges on the commitment of our banking partners,” he said, calling for proactive efforts to promote customer enrolment and contributions.
The 17 banks involved include 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 these agreements, 41 banks now support the scheme, with plans to on board all remaining domestic banks soon.
Launched by the NPA, the Universal Pension Scheme offers four specialised programmes:
Probash: For expatriate Bangladeshis.
Progoti: For private-sector employees.
Surakkha: For self-employed individuals.
Samata: For low-income earners.
Each subscriber receives a unique pension ID, enabling real-time tracking of contributions and returns via an online platform. The scheme provides benefits like income tax rebates, loan facilities, and government co-contributions for disadvantaged groups, ensuring post-retirement financial stability.
Dr Mozumder emphasised the banks’ role in raising awareness. “By motivating customers to join, banks can help build a financially secure future for millions,” he said.
The MoUs streamline operational processes, integrating APIs to simplify registration and contribution management, making the scheme more user-friendly.
As Bangladesh moves toward inclusive financial planning, the partnership between the NPA and private banks marks a critical step in empowering citizens with sustainable retirement options, fostering economic resilience nationwide.