The Bangladesh Bank is likely to allow transfer of cash through the
use of mobile phone network within the country very soon. The
maximum limit of each transaction will be Tk 5,000 while the rate of
commission will range between Tk 10 and Tk 50 depending on the
amount.
"The proposed system is not mobile phone banking. It's a simply a
mechanism to transfer money by using mobile phone network across the
country," said a senior official of the central Bank. Clients will
be able to send and receive the money from branches of the banks in
remote areas, non-governmental organisations, post offices and
mobile phone outlets, the official added.
He said the main objective behind the introduction of the facility
is to enable a large number of small earners, who do not maintain
accounts with banks to send and receive such funds without having to
undergo complicated processes.
At present, in Bangladesh, around 13 per cent of the population has
bank accounts while 35 per cent are now using mobile phone across
the country, the official mentioned.
The BB took move to expedite domestic money transfer with minimum
charges particularly in the country's remote areas through mobile
phone networks that would simultaneously encourage the inflow of
foreign remittances.
A section of people are now using mobile phone for transferring
their money illegally from urban areas to rural areas through short
message service (SMS), he alleged.
"We want to legalise such an illegal money transfer using mobile
phone network by introducing the new mechanism," another BB official
said, adding that the central bank will finalise the draft policy
on "Bangladesh Mobile Payments Guidelines 2008," in line with the
stakeholders' opinion.
The central bank has already sought opinion from stakeholders
including commercial banks and Bangladesh Telecommuni-cation
Regulatory Commission (BTRC) on using mobile phone network for money
transfer by September 10.
To operate such services, the interested cell-phone companies will
have to take licences either individually or in joint ventures with
banks from the central bank as a 'Mobile Payment Services Provider'
(MPSP), the official said.
Some executives of the commercial banks, however, fear that the
central bank move would help the mobile phone companies to become
banks. "The proposed mechanism will create disparity between banks
and mobile companies," a senior banker of a private commercial bank
(PCB), said.
"Although the function of MPSP licence holders will be limited to
money transfer only, but even then the disparity in the proposed
capital is far too less compared to commercial banks," another
senior official of a PCB added.
"Most of the mobile operators had been penalized by the authorities
concerned for illegal operations," the official said raising
questions on the security of the money that would be transferred by
the mobile companies.
Meanwhile, most of the commercial banks have started analysis of the
proposed policy that would be finalized at a meeting of the
Association of Bankers, Bangladesh (ABB) scheduled to be held on
September 9.
"We will submit our opinions to the central bank on September 10 in
this regard," a senior member of the ABB said.
Most of the mobile operators have already showed their interest to
use their network for such money transfer business.
Many countries including the Philippines, Brazil, Kenya, South
Africa and Pakistan have already allowed money transfer through
mobile phone.
Source:
ict of BD
__._,_.___ use of mobile phone network within the country very soon. The
maximum limit of each transaction will be Tk 5,000 while the rate of
commission will range between Tk 10 and Tk 50 depending on the
amount.
"The proposed system is not mobile phone banking. It's a simply a
mechanism to transfer money by using mobile phone network across the
country," said a senior official of the central Bank. Clients will
be able to send and receive the money from branches of the banks in
remote areas, non-governmental organisations, post offices and
mobile phone outlets, the official added.
He said the main objective behind the introduction of the facility
is to enable a large number of small earners, who do not maintain
accounts with banks to send and receive such funds without having to
undergo complicated processes.
At present, in Bangladesh, around 13 per cent of the population has
bank accounts while 35 per cent are now using mobile phone across
the country, the official mentioned.
The BB took move to expedite domestic money transfer with minimum
charges particularly in the country's remote areas through mobile
phone networks that would simultaneously encourage the inflow of
foreign remittances.
A section of people are now using mobile phone for transferring
their money illegally from urban areas to rural areas through short
message service (SMS), he alleged.
"We want to legalise such an illegal money transfer using mobile
phone network by introducing the new mechanism," another BB official
said, adding that the central bank will finalise the draft policy
on "Bangladesh Mobile Payments Guidelines 2008," in line with the
stakeholders' opinion.
The central bank has already sought opinion from stakeholders
including commercial banks and Bangladesh Telecommuni-cation
Regulatory Commission (BTRC) on using mobile phone network for money
transfer by September 10.
To operate such services, the interested cell-phone companies will
have to take licences either individually or in joint ventures with
banks from the central bank as a 'Mobile Payment Services Provider'
(MPSP), the official said.
Some executives of the commercial banks, however, fear that the
central bank move would help the mobile phone companies to become
banks. "The proposed mechanism will create disparity between banks
and mobile companies," a senior banker of a private commercial bank
(PCB), said.
"Although the function of MPSP licence holders will be limited to
money transfer only, but even then the disparity in the proposed
capital is far too less compared to commercial banks," another
senior official of a PCB added.
"Most of the mobile operators had been penalized by the authorities
concerned for illegal operations," the official said raising
questions on the security of the money that would be transferred by
the mobile companies.
Meanwhile, most of the commercial banks have started analysis of the
proposed policy that would be finalized at a meeting of the
Association of Bankers, Bangladesh (ABB) scheduled to be held on
September 9.
"We will submit our opinions to the central bank on September 10 in
this regard," a senior member of the ABB said.
Most of the mobile operators have already showed their interest to
use their network for such money transfer business.
Many countries including the Philippines, Brazil, Kenya, South
Africa and Pakistan have already allowed money transfer through
mobile phone.
Source:
ict of BD
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