In a significant step towards expanding financial inclusion and strengthening long-term social security in Bangladesh, Citizens Bank PLC has formalised a strategic partnership with the National Pension Authority (NPA) through a newly signed memorandum of understanding (MoU). The initiative, though rooted in banking and public policy, carries wider social implications, touching the lives of countless citizens seeking stability and economic confidence for their future.
The MoU was officially signed at the Finance Division of the Ministry of Finance in Dhaka. Alamgir Hossain, Managing Director of Citizens Bank PLC, and Md Mohiuddin Khan, Executive Chairman of the National Pension Authority, represented their respective organisations during the ceremony. The event, as detailed in an accompanying press release, was attended by an array of senior government officials, including Md Khairuzzaman Mozumder, Secretary of the Finance Division, whose presence underscored the government’s commitment to ensuring that pension benefits are accessible, transparent, and easy to navigate.
Under this agreement, Citizens Bank will play an instrumental role in supporting the government’s Universal Pension Scheme, a flagship programme designed to encourage citizens from diverse economic backgrounds—formal and informal alike—to secure their financial futures. The bank will facilitate customer registration and monthly contribution collection across all four active pension schemes:
Active Pension Schemes under the MoU
| Pension Scheme | Target Group / Purpose | Service Role by Citizens Bank |
|---|---|---|
| Progati | Employed individuals seeking structured long-term savings | Registration & monthly subscription collection |
| Surakkha | Low-income earners in informal sectors | Registration & subscription assistance across branches and digital channels |
| Somota | Designed to promote equality in pension access | Customer onboarding & digital payments support |
| Probash | Bangladeshi expatriates contributing from abroad | Facilitating contributions through alternative channels |
With Citizens Bank’s extensive network of branches, sub-branches, and alternative delivery channels—including digital platforms—the partnership promises to make pension services more accessible than ever. Customers will no longer face administrative hurdles or logistical limitations; instead, they will be able to begin their pension journey with convenience, clarity, and confidence.
Speaking at the ceremony, senior officials highlighted the broader significance of the initiative. Beyond the immediate operational benefits, they emphasised that the collaboration represents a step toward building a more financially literate, socially secure, and equitable future for the nation’s workforce—both at home and abroad.
This joint effort is expected to boost public awareness and participation in pension programmes, ensuring that more citizens take advantage of the long-term security the Universal Pension Scheme seeks to provide. As Bangladesh’s financial ecosystem continues to modernise, partnerships such as this pave the way for a more inclusive and resilient economic landscape.