Joy

Joy makes major unveiling 'Binimoy'

Prime Minister Sheikh Hasina's Information Technology Advisor Sajib Wazed Joy inaugurated it on Sunday (November 13).

Bangladesh Bank Governor Abdur Rauf Talukder presided over the opening ceremony at a hotel in the capital. From Monday (November 14), transactions can be made through 'Binimoy'.

'Binimoy' web-based platform, which is being integrated into banks, MFS and payment system operators' own apps as a service. The platform has been developed as a joint initiative of the Innovation and Entrepreneurship Development Academy (IDEA) project of the Department of Information and Communication Technology and Bangladesh Bank. Velware Limited, Microsoft Bangladesh and Orion Informatics Limited worked as partners in its development. The 'Binimoy' platform will be maintained by Velware Limited.

Related sources said that in recent years, the government has taken initiatives to make all accounts of all banks, mobile financial services and payment system providers interoperable. It will act as a bridge for transactions between consumers, merchants, payment service providers (PSPs), e-wallets, banks, financial institutions, payment system operators, government and private institutions. 'Binimay' will make all types of financial transactions affordable, easy and transparent, including paying employees, sending remittances, paying taxes/VAT, paying utility bills and e-commerce transactions.

Bangladesh Bank in a notification last Thursday (November 10) issued guidelines regarding the cost of IDTP. Where mentioned, sending money from Bikash to Rocket will cost Rs.5 (per thousand). And sending money from MFS services (Bikash, Rocket etc.) to the bank (per thousand) will cost 10 taka. On the other hand, sending money from MFS to Payment Service Provider (PSP) account will cost Rs 5 per thousand.