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Bangladesh Bank has initiated a new digital lending mechanism allowing retail consumers to avail short-term credit of up to Tk 10,000 to cover emergency expenditures. The service, branded as "E-Payment Credit," is scheduled for formal rollout on Sunday (September 6).
According to central bank sources, the scheme aims to alleviate temporary cash crunches while accelerating cashless digital transactions across the country. Under this framework, eligible retail borrowers can access credit ranging from a minimum of Tk 50 to a maximum of Tk 10,000, designated exclusively for settling approved merchant and service payments.
The borrowed funds can be deployed to pay utility charges including electricity and gas bills, mobile phone recharges, educational tuition, healthcare costs, travel expenses, taxes, public service fees, credit installments, and insurance premiums.
Commercial banks will initially run the initiative on a pilot basis for a minimum of six months. Following an evaluation of pilot outcomes, banks may roll out commercial services subject to board approval.
Borrowers cannot withdraw loan amounts in physical cash, nor can funds be transferred to savings accounts or stored in Mobile Financial Services (MFS) wallets. The approved credit will disburse straight to the designated merchant, biller, or service provider via integrated digital payment rails.
Repayment tenures are capped at 7, 15, and 30 days. Instead of conventional interest, participating lenders will charge a tiered service fee. For micro-loans between Tk 50 and Tk 250, the maximum fee is capped at Tk 3 for 7 days, Tk 4 for 15 days, and Tk 6 for 30 days. For upper-tier loans spanning Tk 7,001 to Tk 10,000, lenders may charge up to Tk 35 for 7 days, Tk 70 for 15 days, and Tk 130 for 30 days.
No early settlement fees or extra interest will apply for timely clearance. Overdue payments will incur late penalties, strictly capped at the equivalent daily service fee rate.
Banks are required to execute registration, loan sanctioning, merchant disbursement, and recovery entirely through automated digital systems, secured by one-time passwords (OTP) and multi-factor authentication (MFA). Lenders may partner with MFS providers, payment system operators, and fintech entities, operating under central bank guidelines governing credit classification, risk management, consumer protection, anti-money laundering, and data privacy.
