In a significant move aimed at advancing digital banking and financial inclusion, Midland Bank PLC. and Sheba Fintech Limited have signed a Memorandum of Understanding (MOU) on 12.12.2024. The collaboration seeks to leverage technology and innovation to deliver advanced, seamless financial services for underserved populations across the country.
Mr. Md. Zahid Hossain, Deputy Managing Director of Midland Bank PLC and Mr. Ilmul Haque Sajib, Managing Director of Sheba Fintech Limited signed the MoU on behalf of their respective organizations at a simple ceremony held at the Head Office of Midland Bank.
The partnership comes at a pivotal time as both organizations recognize the growing demand for accessible, tech-driven financial solutions that empower individuals, businesses, and the wider economy. By combining Midland Bank PLC.’s tradition in developing innovative technology driven banking offerings with Sheba Fintech’s fintech solutions, the two entities intend to work together to bring more enhanced digitally focused services.
Key Objectives of the MOU:
- Account-to-Account (A2A) Transfers: Push & Pull (Bank to wallet. Wallet to Bank)
- Virtual Account Tagging for Sheba Merchants
- Network Connectivity (FT, BEFTN, RTGS, NPSB) for payment processing.
- EMI Partnership proposal
- Agent Banking Service: Introduce agent banking services to address cash handling challenges faced by Sheba merchants and distributors in certain regions. The service will simplify cash collection processes.
- Nano loan
&and digital nano savings solutions.
Mr. Md. Nazmul Huda Sarkar, CTO, Mr. Md. Rashed Akter, Head of Retail Distribution Division, Mr. Mohammad Hassibur Rahman, Head of Cash Management Unit of Institutional Banking Division of Midland Bank were also present in addition to the core leadership teams, several senior executives and representatives from both organizations were present to witness of the signing.
