NOTICE FROM BANGLADESH BANK FOR ALL MOBILE PHONE FINANCIAL SERVICES (MFS)
New Rules from BB for MFS: From now on, the customer’s money in Bkash, Nagad and Rocket will not be handed over. This means that mobile phone financial services (MFS) companies will not be able to use the money deposited as customers. This was stated in the policy titled ‘Trust Fund Management’ of Bangladesh Bank on Thursday (May 8, 2021). According to the policy, the institutions have to deposit the entire amount of the customer’s deposit in the bank as a ‘Trust Fund’. The amount deposited in this fund cannot be less than the amount deposited as MFS of the customer.
And the amount of e-money that MFS companies issue against the customer’s deposit cannot be more than the deposit in any way. Advertising From now on, in the light of the policy titled ‘Guidelines for Trust Fund Management in Payment and Settlement Services’, all service providers involved in financial transactions like MFS, IPE, D Money, SSL Commerce will have to comply with this guideline. The central bank (Bangladesh Bank) announces the New Rules from BB for MFS has taken this step to ensure the security of customer deposits on electronic platforms. By the way, at the end of the day, the customer deposits around seven and a half thousand crore rupees on such a platform outside the bank. In contrast, some are paying interest to customers. And the institutions are keeping this money in the bank at high interest and some elsewhere. According to the policy of New Rules from BB for MFS, each organization has to form a trust fund. For this you have to open a trust cum settlement account in any scheduled bank. As such the customer must have the full amount deposited. From this money a part of the approved government bill-bond, fixed deposit can be kept in Bangladesh Bank. The interest that will come from this investment, the companies will be able to use in the field of daily expenses, government fees, customer awareness. Customers will be entitled to receive interest share from this interest income. Unlike a trust fund, no one will be able to take a direct loan or loan facility.
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