Mobile financial services (MFS) provider Trust Axiata Pay (Tap) and Mutual Trust Bank (MTB) have brought a DPS facility for their customers to facilitate general and Shariah-based Islamic savings.
Tap and MTB launched the service in Dhaka's Gulshan Wednesday (December 22, 2022).
Tap customers will not have to stand in a queue or visit a bank to make payment for their DPS service. Anyone can open and operate an account through the tap app. Through tap, a certain amount of money every month would be deposited automatically into the designated bank account.
For savings, both general and Islamic DPS can be opened. By accessing the tap app, anyone can avail of the DPS facility by opening an account and providing information about how much money they will pay per month and certain months.
The user will also have to provide information about which date of the month the money will be deducted from their tap account.
Dewan Nazmul Hasan, chief executive officer of tap, and Syed Mahbubur Rahman, managing director and chief executive officer of MTB, were present at the launching ceremony.
Nazmul said: "There is no substitute for savings services for future financial benefits. We are hopeful that, as a result of this joint venture of Mutual Trust Bank and tap, customers will be interested in saving."
Mahbubur said: "There is no alternative to savings considering the financial security and planning for the future. Mutual Trust Bank and tap have taken the initiative of DPS to encourage customers to save."