A new feature is being added to Bangladesh’s financial ecosystem as inter-Mobile Financial Service (MFS) transactions are set to begin on November 1, allowing customers to transfer money across different MFS providers for the first time.

Until now, users could only send money within the same platform—such as from one bKash account to another. From Friday, they will be able to send funds from bKash to Nagad or vice versa, though the new service will come with a slightly higher transaction cost.

According to the Bangladesh Bank (BB), inter-MFS transfers will incur a charge of Tk 8.50 per Tk 1,000, while transfers from banks to MFS accounts will cost Tk 1.50 per Tk 1,000. For bank-to-PSP transactions, the charge will be Tk 2 per Tk 1,000. Existing cash-out charges, however, will remain unchanged.

Despite the added cost, both customers and agents have welcomed the initiative, saying it will make transactions faster and more convenient. Still, many have urged regulators to reconsider the fee structure.

This is a landmark move,” said BRAC Bank Vice Chairman Faruq Mainuddin. “For those who value convenience, the inter-MFS feature will be worth the extra charge. Others may weigh their options based on cost.”

Introduced in 2011, MFS now covers more than 146 million accounts nationwide, processing around Tk 1.5 trillion in monthly transactions through deposits, withdrawals, bill payments, and remittances.

Bangladesh Bank spokesperson Arif Hossain Khan said the central bank is prioritizing consumer protection as it works toward a more cashless society. “We may not reach a completely cashless economy, but we are committed to moving as close as possible,” he said.

The inter-MFS system, jointly operated by banks, Payment Service Providers (PSPs), and MFS operators, will officially launch nationwide on November 1.