MFS
BFIU suspends cash out from 230 MFS accounts over transactions through hundi
Bangladesh Financial Intelligence Unit (BFIU) has suspended cash out from 230 accounts of Mobile Financial Service (MFS) for their involvement in the transfer of remittances through hundi, an unauthorised channel.
The BFIU has taken the initiative to prevent transfer of remittances through hundi and increase remittances through legal channel.
According to BFIU, the customers concerned will not be able to withdraw money from these accounts until further instructions, but money can be sent to these accounts.
Read: BFIU launched standalone website to strengthen awareness against money laundering
The suspended accounts are with bKash, Nagad, upay, and Rocket.
Bangladesh Bank allows export income, remittance through MFS
Bangladesh Bank has allowed mobile financial service (MFS) providers to repatriate (conversion of foreign currency into local currency) export income and inward remittance.
All authorised dealers will provide encashment certificate to MFS providers against inward remittance, on account of information technology enabled services (ITES) exports.
In order to make it easier to receive foreign exchange, Bangladesh Bank issued a circular stating that all authorised dealers in foreign exchange and all licensed MFS providers are allowed to receive export income on account of ITES exports in association with internationally recognised OPGSPs/digital wallets and/or aggregators having operation in multiple countries.
The Foreign Exchange Policy Department of the central bank issued the notification on Wednesday and sent it to authorised dealers and MFS providers for immediate implementation.
Read more: Towards a cashless society: MFS monthly transactions cross Tk 1.11 lakh crore
The notification said that authorised dealers maintaining settlement accounts will issue encashment certificates in support of inward remittances on request from MFS providers electronically.
In this case, the request needs to be supported by auto-generated information – beneficiary’s name, wallet account number, the amount in taka, date of credit – from a remittance service provider abroad.
Based on their own screening parameters regarding the information, designated authorised dealers shall generate an electronic encashment certificate (as per enclosure A) with QR code accessible to beneficiaries through MFS providers.
Read more: MFS sector led financial transactions during Covid-19 pandemic: Nagad MD
The certificate is intended to be used for income tax purpose only.
Govt keen to expand digital banking, examine if digital currency could be launched
The government of Bangladesh is optimistic about expanding digital banking in the country to accelerate financial inclusion with an aim to create more jobs for young jobseekers.
According to an official document seen by UNB, the government has stepped in to examine the possibility of “establishing digital banks.”
It says if digital banking, which involves high levels of process automation and web-based services, could be expanded new jobs will be created for graduates in information technology. Digital banking provides services mostly through non-physical means such as app-based requesting systems and without printed paperwork, without filling out forms and making transactions through e-wallets.
Read more: Towards a cashless society: MFS monthly transactions cross Tk 1.11 lakh crore
The government is also considering if Bangladesh Bank can introduce digital currency. Introduction of Central Bank Digital Currency (CDBC) will facilitate currency in virtual transactions and encourage startups and e-commerce businesses, the document says.
It is to be noted that establishing digital banks is under either initial implementation or experimental stage in various developed countries and some developing countries in Asia including Singapore, Malaysia and India.
It also says that introduction of services like Mobile Financial Services (MFS) and Agent Banking in the country has facilitated financial inclusion.
Read more: MFS transforming money transactions in Bangladesh, soon to cross Tk. 1 trillion
But, it says, due to lack of interoperability of transactions between MFS service providers, the users of the service did not have the opportunity to perform direct inter-transactions.
“To make financial inclusion more dynamic, the government has introduced financial interoperability in the country and fixed nominal fee and charge for inter-transactions,” it says.
The government has also formulated the National Financial Inclusion Strategy-Bangladesh (NFIS-B) to establish social cohesion and economic stability by ensuring access to quality financial services for people from all walks of life.
Read Bangladesh Bank to flirt with digital currency en route to cashless society
Its main objective is to provide a comprehensive framework through which cooperation may be enhanced by coordinating and prioritising the work of all stakeholders involved in financial inclusion activities.
The NFIS National Council (NNC) has been formed to implement various programmes under the said strategy.
“All these steps will further strengthen the foundation of the financial inclusion process in Bangladesh,” it says.
Read HSBC introduces domestic foreign currency transaction through RTGS
As the risky use of virtual currencies such as Crypto Currencies continues to grow worldwide, many central banks around the world are working to launch digital versions of their currencies as an alternative to Crypto Currencies.
The main purpose of launching Central Bank Digital Currency (CDBC) is to facilitate currency in virtual transactions and to encourage startups and e-commerce businesses.
As a result of the time-befitting steps of the present government, the coverage of the internet and e-commerce in the country has increased tremendously.
Read World's 7th largest data centre eyes foreign currency
In this context, Bangladesh Bank will conduct a feasibility study on the possibility of introducing digital currency in Bangladesh.
The Bangladesh Systemic Risk Dashboard is being made to identify the systemic risks and present the assessment of Bangladesh Bank to the stakeholders on a half-yearly basis.
The financial projection model is being implemented to identify potential risks and weaknesses in the financial system.
Read Digital Currency: Benefits and Risks of the Cashless Economy in Bangladesh
Moreover, an interbank transaction matrix is being implemented to determine the nature, risk, and contagion effect of interbank transactions.
Bangladesh Bank has formulated a recovery plan to prepare the banks for digital banking to adapt automatically and efficiently to the situation of severe stress in advance.
Nagad offers Tk50 cashback on 'add money' from banks
Mobile financial services (MFS) provider Nagad has brought a cashback offer of Tk50 on "add money" from banks.
The offer will be valid till October 31 for the users of Nagad app and the online banking or mobile app of the partner banks, according to a media statement.
Nagad customers will get Tk50 cashback for adding Tk3,000 to their accounts from banks. However, the customers of Nagad Islamic will get Tk70 cashback for adding the same amount from the Islamic Bank Bangladesh.
Read Mastercard credit card bill payment: Nagad offers up to Tk 400 cashback
When adding money to their wallet, Nagad customers will receive instant cashback from Trust Bank, City Bank, Community Bank, First Security Islamic Bank, Mutual Trust Bank, Prime Bank, Premier Bank, AB Bank, NRBC Bank, Dhaka Bank, Social Islamic Bank, IFIC Bank, National Bank, Exim Bank, Midland Bank, Standard Bank, Union Bank, Shahjalal Islamic Bank, NRB Bank, Rajshahi Krisish Unnyan Bank, Meghna Bank, Bangladesh Development Bank, Bengal Commercial Bank, South Bangla Agriculture Bank, Islamic Bank Bangladesh, Southeast Bank, and Mercantile Bank.
A customer can avail of Nagad's Tk50 cashback offer on 'add money' from banks only once during the campaign.
Read Mobile recharge: Nagad offers up to Tk1,000 cashback
Durga Puja: Nagad offers up to 20% discount on shopping
On the occasion of Durga Puja in 2022, mobile financial services provider Nagad has come up with a cashback or discount of up 20 percent in three categories at over 50 brand outlets.
They will enjoy cashback or discount on Nagad payments in the lifestyle, e-commerce, and restaurant categories, according to a media statement.
Customers may receive up to 20 percent instant cashback in the lifestyle category while shopping from brands such as Baby Shop, Top Ten, Rise, K Kraft, Anjans, Raw Nation, Rang Bangladesh, Bishwa Rang, Sailor, Cat's Eye Limited, and Sara Lifestyle.
Read Mastercard credit card bill payment: Nagad offers up to Tk 400 cashback
They will receive the cashback if they make the payment at selected merchant outlets using Nagad Merchant QR or Nagad Merchant Pay options.
Also, they can enjoy up to 50 percent discount on online shopping while making payment through SSL Gateway. The offer is available at online brands in various categories, including apparel, furniture, and electronics. It will be valid till October 5.
Nagad is also offering up to 20 percent instant cashback on payments at selected sweets and food stores.
Read Durga Puja fervour grips Bangladesh
Besides Durga Puja shopping, customers can enjoy this offer at many restaurants, including Well Food, Classic Sweets, Banglar Sweets, Cake Story, and Banker's Cafe and Restaurant. The cashback or discount offer on Nagad payments will be available till October 30.
Mastercard credit card bill payment: Nagad offers up to Tk 400 cashback
Mobile financial services provider Nagad has brought a cashback offer of up to Tk 400 on Mastercard credit card bill payment.
To avail themselves of the offer, the consumers will have to save their Bangladesh Bank-approved Mastercard credit cards in the Nagad app, according to a media statement.
Cardholders can pay their bills through the "Bill Pay" option of Nagad by clicking on the "Credit Card Bill" payment option. They will get 1.5 percent cashback on two cycles or up to a maximum of Tk 400.
Read 4 Mastercard, Visa cards fraud ring members held
The cashback will be disbursed in two cycles. The first cycle, which started on September 21, will continue till October 20.
A 1.5 percent or a maximum of Tk 200 cashback can be availed if one saves or pays the bill from a newly saved Mastercard credit card.
Later, the second cycle will run from October 21 to November 30, 2022. During this time, if a customer pays his bill from a Mastercard credit card, he will get 1.5 percent cashback or a maximum of Tk 200.
Read Nagad launches service for paying Mastercard Credit Card Bill
A consumer can get cashback only once from one bank card in a cycle. But they will get this benefit again in the new cycle.
Customers can avail of this facility from multiple banks' Mastercard cards in the same cycle. And in that case, the consumer will get a maximum cashback of Tk 200.
Nagad Chief Business Officer Sheikh Aminur Rahman said: "Paying Mastercard credit card bills through Nagad will be a hassle-free process for the consumers. We hope consumers will no longer have to wait in queues at the banks to pay their bills."
Read Cellfin launches Mastercard dual currency prepaid card
Nagad launches Tk10 mobile phone airtime recharge offer
Mobile financial services (MFS) provider Nagad Monday launched a Tk10 recharge offer.
Under the campaign, customers who did not recharge their mobile phone airtime after December 31, 2021, will receive a cashback of Tk10 on a Tk20 recharge or 1GB of internet at Tk10 to their numbers linked to their Nagad wallets.
Nagad customers can enjoy this cashback offer by recharging mobile phone airtime through the Nagad app or USSD (*167#).
Read Tap offers up to 71% cashback on mobile recharge
However, they can avail of this offer only once and it is only valid on the prepaid or postpaid phone numbers connected with the customers' Nagad account.
Under the 1GB at Tk10 internet offer, customers of Grameenphone, Robi and Airtel will get Tk28 cashback on Tk38 recharge.
Customers of Banglalink will receive Tk21 cashback on Tk31 recharge and Teletalk customers will receive Tk17 cashback on Tk27 recharge.
Read: Nagad scoops Creative Communication Award 2022
"Offers such as Tk10 cashback on Tk20 recharge and 1GB internet for Tk10 will make mobile recharging much more affordable and useful for the commoners amid commodity price hike," Sheikh Aminur Rahman, chief business officer of Nagad, said in a media statement.
Tap offers bonus data, cashback on Robi, Airtel internet packages
Mobile financial service (MFS) provider Trust Axiata Pay (Tap) has come up with cashback and bonus data offers for its customers on the purchase of Robi and Airtel internet packages and bundles.
The cashback campaign offer will continue till August 31.
Tap users will get 18GB instead of Airtel's regular 14GB internet package of Tk129 for seven days, and a cashback of Tk9.
Read: IBBL Barishal holds Shariah compliance webinar
They will get an extra 2GB of data with an 800MB regular internet package for three days at Tk32 with a cashback of Tk3.
The Tap 5GB and 150-minute bundle can be availed instead of the previous regular bundle offer of 2GB and 100-minute for three days at Tk158.
Customers can get an extra 500MB of data if they buy a 1.5GB package of Robi for three days for Tk57 – the total internet package will be 2GB and there will be a cashback of Tk4.
Read BTRC launches new unlimited data packages
Upon purchasing a 2GB and 25-minute bundle for seven days at Tk98, they will get 500MB of internet and 50-minute talk time and a cashback of Tk6.
Nagad recognises winners of 'Aurjon O Bijoyullash' campaign
Mobile financial services (MFS) provider Nagad has recognised its top 28 distributor sales officers (DSOs) for their achievements during a two-month campaign.
The "Aurjon O Bijoyullash" was launched in February 2022 to encourage sustainable growth by boosting the engagement of Nagad entrepreneurs.
Nagad recognised DSOs from different regions during a recent event at a city hotel, a media statement said Sunday. Nagad Managing Director Tanvir A Mishuk handed over the awards and crests to them.
Read: Islami Bank recognised for digital services
Tanvir said: "In just three years, Nagad has acquired 6.5 crore customers and the individuals who have contributed the most to this achievement are our regional employees."
"Today, Nagad has established itself as one of the best MFS providers in the country – as a result of their unwavering efforts. I am honoured to recognise their work."
Nagad executive directors Niaz Morshed Elite, Md Shafayet Alam, Maruful Islam Jhalak and Mohammad Aminul Haque were also present at the "Aurjon O Bijoyullash" campaign's award-giving ceremony.
Read BURO partners with Nagad for easier savings, instalment payments
Nagad's made unique progress: CTTC chief
Mobile financial services (MFS) provider Nagad has made significant progress within a short time since its commencement in 2019, Md Asaduzzaman, additional commissioner of Dhaka Metropolitan Police (DMP), said Saturday.
The progress made by the MFS is unique, Asaduzzaman, also chief of the Counter Terrorism and Transnational Crime Unit (CTTC), added.
About the prevention of digital fraud, Asaduzzaman said, "As digitalisation expands, scammers gain strength. However, the CTTC is strengthening itself. The fraudsters will not escape the vigilance of our expert officers. We have been consistently clamping down on such individuals and want support from Nagad in this regard."
Niaz Morshed Elite, executive director of Nagad, said: "Around 65 percent of Bangladeshis were previously excluded from financial services. Since the inception of Nagad, the rate has been reduced to 50 percent."
Read: Technical, madrasa students to get stipends through Nagad