Mercantile Bank inks deal with National Pension Authority

Mercantile Bank PLC has entered into a memorandum of understanding (MoU) with the National Pension Authority (NPA) to facilitate and accelerate the implementation of various schemes under the Universal Pension Scheme (UPS).

Matiul Hasan, managing director of the bank, and Md Mohiuddin Khan, executive chairman of the NPA, signed the MoU at the conference room of the finance division at the Bangladesh Secretariat in Dhaka recently, according to a press release.

Under the terms of the agreement, Mercantile Bank will support the collection of pension instalments for the NPA's UPS schemes through a wide range of digital and physical banking channels.

These include the bank's online banking platform, mobile banking service MyCash, digital banking app MBL Rainbow, agent banking outlets, internet banking, and other authorised service channels.

The signing ceremony was attended by the managing directors of 17 banks, along with senior officials from participating banks and the Ministry of Finance.