Bangladesh introduces “Binimoy”, The new Interoperable Digital Transaction Platform.

With the introduction of “BINIMOY”, the new Interoperable Digital Transaction Platform on November 13, 2022, Bangladesh Bank and the Department of Information and Communication Technology will bring a revolutionary change to the mobile financial services (MFS) system in our country. BINIMOY will play a vital role in the development of a cashless society and helps to achieve the government’s goal of “Digital Bangladesh.”

Read Also: How to Add Money through PI Banking apps to any bKash Account from an account of Pubali Bank Limited?

Using Binimoy mobile financial services (MFS), users of any provider will be able to transfer funds from their accounts to the accounts of users using a separate provider. A long-awaited dream comes true for mobile financial services users. Now it is no longer necessary to open multiple MFS accounts to conduct Rocket-to-Rocket transactions.

Key features of Binimoy

01. Mobile financial services (MFS) users will be able to transfer funds from one provider to another.

02. It will facilitate transactions between consumers, merchants, PSPs, e-wallets, banks, financial institutions, government agencies and private organizations

03. Can be used for transferring funds from bank to mobile financial services (MFS) and mobile financial services (MFS) to bank.

04. Can be used for;

  • pay salaries to employees,
  • send remittances,
  • pay taxes/VAT,
  • pay various utility bills and conduct e-commerce transactions.

05. BINIMOY will allow real-time and minimal transaction charges. BINIMOY helps to minimize customer cash withdrawal charges.

06. Ensure Two Factor Authentication(2FA) for each transaction.

07. It reduces the hassle of carrying cash.

What is BINIMOY?

BINIMOY is a joint initiative of the Bangladesh Bank and the Department of Information and Communication Technology under the supervision Innovation and Entrepreneurship Development Academy (IDEA) a project of the Information and Communication Technology Department.

BINIMOY is a platform for establishing digital financial transactions among mobile financial services (MFS) and banks. That means a bKash service user will be able to transfer money to another user’s account, registered under Rocket or Nagad, as well as bank account holder can send or transfer money to any the mobile financial services (MFS) user’s account.

Velwire Limited, Microsoft Bangladesh, and Orion Informatics Limited worked as partners in its development. The IDEA has followed India’s United Payment Interface (UPI) as a model for developing Binimoy at a cost of Tk 65 crore.


BINIMOY, which has been styled as an Interoperable Digital Transaction Platform (IDPT), will facilitate transactions between consumers, merchants, PSPs, e-wallets, banks, financial institutions, government agencies and private institutions.

According to Bangladesh Bank Representatives, Binimoy is a web-based platform that will be integrated as a service into the apps of banks, mobile financial services and payment system providers, which will make all financial transactions cost-effective, simple and transparent.


  • The customer needs to register first. Presently 11 institutions have the option for register with BINIMOY. If you already have an account with them, you can register with any one of them that you prefer.
  • Once the registration is completed, an ID will be generated with BINIMOY.
  • To transfer funds or to pay for utilities, users only need to use the ID.
  • It is necessary that to make the transaction using BINIMOY, the MFS or bank account of the recipient or the destination PSP must be registered with the platform.

Charges for Using BINIMOY

Bangladesh Bank, in a gazette notification on Thursday, announced the charges users have to pay to use the new IDPT system.

  1. To transfer funds from one MFS account to another, the users will be charged Tk 5 for every Tk 1,000 transferred.
  2. Users of MFS services will be charged Tk 10 for transferring every Tk 1,000 from MFS account to local bank accounts.
  3. It will cost MFS users Tk 5 for Tk 1,000 to make payments via PSP.

BB Circular on Charges for Using BINIMOY: Charges

BINIMOY Partners

Initially, 11 banks and financial institutions collaborated with BINIMOY. bKash and Rocket already started the service on 10 November. Along with them, mCash of Islami Bank Bangladesh Limited, Pubali Bank Limited, Brac Bank Limited, United Commercial Bank Limited, Mutual Trust Bank Limited, Eastern Bank Limited, Midland Bank Limited, Al-Arafah Islami Bank Limited, and Sonali Bank Limited are now providing Binimoy services.

The main objective of BINIMOY is to bring people of all segments under one online platform to deliver financial services. BINIMOY will serve as a bridge among the financial service provider, i.e. Banks, Non-Banking Financial Institutions, MFS etc.

Was This Article Helpful?

Leave a Reply

Your email address will not be published. Required fields are marked *