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Experts urge Bangladesh Bank to set up inter-transaction system for MFS service providers

Experts have urged the Bangladesh government to set up an inter-transaction system for the account holders of financial services providers (MFS) on mobile phones like bKash, Rocket and Nagad.

Dhaka — Experts have urged the Bangladesh Bank to set up an inter-transaction system for the account holders of financial services providers (MFS) on mobile phones like bKash, Rocket and Nagad.

The speakers were speaking at a webinar titled ‘Mobile Technology in Allowance Distribution: Ensuring Transparency and Accountability‘ organized by Telecom Reporters Network, Bangladesh (TRNB), an organization of journalists in the telecommunications sector.

Speaking on the occasion, Posts and Telecommunications Minister Mustafa Jabbar said, “We do not want to see the paper currency as a medium of transaction in the future.” Our goal is to move towards a ‘cashless society.

He said the service would be more acceptable if Bangladesh Bank (BB) introduced inter-transaction between MFS service providers.

When inter-transaction is introduced, bKash account holders will be able to send rockets and cash. Again, MFS account holders like Rocket and Cash will be able to send money to the development.

This inter-transaction was supposed to start in October last year. However, it has been delayed due to a lack of preparation. However, work is underway to launch the system.

Mustafa Jabbar said that digital services have reached out to those in the country who do not understand much about digital systems. This is a milestone.

Social Welfare Minister Nuruzzaman Ahmed said, “We were instructed by the Prime Minister to ensure that social security allowances reach the poor without any hindrance.” For that, we adopt technology like mobile financial services, so that people can get their allowance at home.

Almas Kabir, president of BASIS, an organization in the IT sector, said the inter-transaction system needs to be introduced to further accelerate the MFS service.

Tanvir A Mishuk, managing director of Nagad, said the overall goal of Digital Bangladesh would not be achieved without the digitization of the financial sector. Even if marginalized people cannot be brought under financial control, it will be impossible to meet the target, he added.

TIM Nurul Kabir, former secretary-general of the mobile operators’ association AMTAB, said all types of transactions would go digital in the future. Then more people can be brought under financial services. Sameer Kumar Dey, General Secretary of the organization presented the keynote address at the event.

He said that earlier it used to cost the government Tk22 taka per 1,000 Tk to distribute the allowance on mobile phones, but now it has come down to 7 takas. Competition has played an important role in this regard. TRNB President Rashed Mehedi presided over the webinar.

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