Bangladesh has completed its Digital Bangladesh journey and started Smart Bangladesh. With the launch of Binimoy, an Interoperable Digital Transaction Platform (IDTP), a great milestone in the financial arena has been achieved successfully. The era of IDTP started on November 13, 2022. Fund transfers across mobile financial services (MFSs) and banks, and payment service providers(PSPs) are now more comfortable than ever.
A single account in any bank, a mobile financial service (MFS) can be used for all types of fund mobilization across banks, MFSs, PSOs, and many more is possible now with the Binimoy Platform.
Table of Contents
The Binimoy Platform in Bangladesh
Binimoy is a Bengali word that means “exchange, trade, barter, etc”. However, we are now talking about the IDTP named Binimoy which facilitates the transfer of money across banks, MFSs, NBFIs, and PSPs.
Binimoy is an interoperable digital transaction platform in Bangladesh. It enables real-time, secure, and affordable digital transactions between two or more parties. The platform utilizes the country’s existing financial infrastructure, such as the Bangladesh Bank’s Real-Time Gross Settlement (RTGS) system. It is a web-based platform, which is being integrated into banks, Mobile Financial Services (MFS), and payment system operators’ own apps as a service.
The platform has been developed as a joint initiative of the Department of Information and Communication Technology and the Bangladesh Bank, the central bank of Bangladesh. The exchange platform is an app. The app has been developed by the Innovation and Entrepreneurship Development Academy (IDEA) project of the Information and Communication Technology Department under the initiative of Bangladesh Bank. The IDEA has followed India’s Unified Payments Interface(UPI), an instant real-time payment system developed by National Payments Corporation of India (NPCI) as a model for developing Binimoy at a cost of Tk 65 crore although the budget for this was Tk 55 crore.
Velwire Limited, Microsoft Bangladesh, and Orion Informatics Limited worked as partners in its development. The ‘Binimoy’ platform will be maintained by Velwire Limited.
It is an interoperable digital transaction platform in Bangladesh that enables financial inclusion for the people of Bangladesh. It offers a safe, secure and convenient way to transfer money and make payments using your mobile phone. It is accessible to everyone with a mobile phone.
It provides an easy way to send and receive money from your friends and family members. You can also use it to pay bills, buy airtime or internet data, and shop online. It is linked with all major banks in Bangladesh, so you can easily transfer funds between your bank account and your Binimoy wallet.
With Binimoy, you are always in control of your money. You can check your balance anytime, anywhere using your mobile phone. You can also set up a PIN to protect your account from unauthorized transactions.
The platform is making waves in the Bangladeshi financial sector by providing access to digital banking services for the masses. This innovative platform has the potential to transform the lives of millions of people in Bangladesh by empowering them with financial inclusion.
Financial transactions get cost-effective, simple, and transparent with the use of Binimoy. Employee salaries, remittances, taxes/VAT, bill payments, and e-commerce transactions all are made easy with the help of Binimoy.
Inauguration Program
Prime Minister’s IT Advisor Sajeeb Wazed Joy inaugurates the breakthrough platform at the Radisson Blu in the capital on November 13, 2022. It is a milestone for the payment sector in Bangladesh with lots of opportunities ahead. He said, when we expressed the dream of digital Bangladesh in 2008, there was nothing to say about digital. Nowhere in the world was there a framework for building a digital nation.
Within the next few years, 100% of government services will be provided digitally, he claimed. He also shared that Bangladesh had done digital centers in four and a half thousand unions for village people in just one year. All apps are made by us. It did not take the cooperation of any foreign organization. He was very enthusiastic and excited to inaugurate ‘Binimay’ to facilitate transactions. ‘Our next goal is a cashless society and we have started working towards that goal’ he added.
Zunaid Ahmed Palak, State Minister for ICT and NM Zeaul Alam, Senior Secretary, ICT Division addressed the event as special guests. Bangladesh Bank Governor Abdur Rouf Talukder presided over the session while Mezbaul Haque, Director, Payment system Department, BB gave a presentation explaining the key features of the platform.
State Minister for ICT Zunaid Ahmed Palak explained how Bangladesh is heading towards smart Bangladesh on the basis of digital Bangladesh while Bangladesh Bank Governor Abdur Rouf Talukder presented how Bangladesh Bank has been supporting the digitization journey in the financial and payment ecosystem.
“Customers will be able to transact money easily from banks to mobile banking services and vice versa through Binimoy”, said officials at the IDEA of the ICT Division that developed the platform.
bKash authorities said that this platform will increase the customers’ freedom by easing financial transactions. “We believe this technological integration initiative of Bangladesh Bank and the government’s ICT Division will empower the customers and give more freedom in financial transactions,” Shamsuddin Haider Dalim, head of corporate communications, bKash told.