Dhaka: Banks have been instructed not to open ‘Trust cum Settlement Account' for digital transactions of Nagad' without the approval of the Bangladesh Postal Department and Bangladesh Bank. The central bank has recently sent a letter to commercial banks in this regard. This information has been known from various bank sources on Monday (September 6).
It is learned that Third Wave Technologies Limited has been managing the ‘Nagad' of the postal department for so long. Now the name of Third Wave Technologies Limited has been changed to ‘Nagad Limited'.
Although it is called the service of the postal department, it does not own any part of the postal department. In such a situation, the central bank has asked for the approval of the postal department before opening a trust cum settlement account in the name of Nagad Limited.
Bangladesh Bank has also been asked to get prior approval to open a bank account. Nagad has to open this account to keep the service running. Earlier this account was opened in the name of Third Wave.
Officials of the bank said that the amount of cash that the mobile financial service provider (MFS) makes digital transactions every day has to be deposited in the bank.
This money has to be kept for the financial security of the customer. The account in which the money is transacted is called a ‘trust cum settlement account'.
According to the letter sent to the commercial banks, the third financial Wave Technologies Limited has been renamed as ‘ Nagad Limited' to manage the bank accounts of the digital financial service ‘Nagad' of the Bangladesh Postal Department.
According to the central bank, it has been instructed not to open a trust-cum-settlement account of a company called ‘ Nagad Limited' without the approval of Bangladesh Postal Department and Bangladesh Bank to conduct e-money activities of the digital financial service ‘Nagad' of Bangladesh Postal Department.
As a result, the bank will not be able to open ‘cash' accounts without the approval of the postal department and the central bank.