Staff Correspondent: Bangladesh Bank (BB) has issued Bangladesh Mobile Financial Services (MFS), 2022 replacing the Bangladesh MFSRegulations, 2018 issued in July 2018 and its subsequent amendments.
“As per Section 7A(e) and section 82 of the Bangladesh Bank Order, 1972 andSection 26 (cha) of the Bank Companies Act, 1991 Bangladesh Bank has issued arevised regulations titled ‘Bangladesh Mobile Financial Services (MFS)Regulations, 2022’,” as per a BB circular issued yesterday.
As per the circular, the new regulations will replace the previously issuedregulations and shall come into effect immediately.
Bangladesh Mobile Financial Services (MFS) Regulations, 2022 will be ineffect along with the Bangladesh Payment and Settlement Systems Regulations,2014, Guidelines for Trust Fund Management for Payment and SettlementServices or any other law(s) shall come into effect regarding theseregulations.
As per the regulations, the financial sector in Bangladesh is continuouslygrowing in response to the evolving needs of the growing economy.
Rapid expansion of mobile phone users, modernization of payments andfinancial systems based on IT infrastructure, country-wide reach of mobilenetwork and internet have boost up the opportunities for enhancing MFS tooffer convenient payment mode which is cost efficient and prompt for theunderserved, un-banked or under-banked and low income group of population ofour country.
Since the inception of MFS in 2011, Bangladesh experienced a robust growth in number of account holders, volume and amount of transactions in MFS. In order to fulfill the goal of financial inclusion and growing market demand with a view to ensuring customer interest and strengthening the payment ecosystem, initiative has been taken to amend the existing Bangladesh Mobile Financial Services (MFS) Regulations, 2018.
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