May 25th, 2019
Business / শিল্প-বাণিজ্য
Country's first mobile-based remittance service launched
April 16th, 20103,407 views

The Dhaka Bank Ltd and Eastern Bank Ltd with telecom partner Banglalink Tuesday introduced the country's first mobile-based remittance service, aiming to provide easy remittance service to all mobile subscribers at any part of the country.

The service is working through a 'Bank-led' model whereby the banks will offer mobile wallet accounts to the mass through Banglalink and will ensure the business processes are in line with the financial regulations of the country. a4

Banglalink with about 2222 outlets across the country would act as the information carrier and platform manager along with ensuring cash point roll out and connectivity.

The new mobile remittance service was formally introduced at a local hotel in presence of Bangladesh Bank Governor Dr Atiur Rahman.

Chairman of Bangladesh Telecommunication Regulatory Commission (BTRC) Major General Zia Ahmed, Executive Director of Bangladesh Bank Chowdhury Mohidul Haque, Manager of Remittances and Payments Challenge Fund Robert Smith, Managing Director of Dhaka Bank Ltd Khondker Fazle Rashid, MD & CEO of Eastern Bank Ltd Ali Reza Iftekhar and CEO of Banglalink Ahmed Abou Doma were also present on the occasion.

"This bank-led mobile remittance service would surely discourage remittance transfer through illegal channels like the Hundi, preventing chance of money laundering," Central Bank governor said.

Due to its affiliation with formal banking systems, the remittance transfer in this way would be secured, he said adding that the central bank would encourage all such innovative initiatives.

Banglalink CEO Ahmed Abou Doma in his address applauded the role of Bangladesh bank for facilitating telecom operators to initiate such service which is the first of its kind in South Asia.

"Bangladesh has rightly taken the leading role to introduce mobile-remittance service and this would revolutionize the entire system in coming days," he added.

Through this service, the Banks will use Banglalink 's payment management platform and communication network to introduce a highly secured, convenient, reliable, fast and cost effective remittance system. Selected Banglalink distribution outlets will be used as Remittance disbursement cash points for the remittances sourced by the banks.

The service will also reduce the transfer time from the existing 4 to 5 days to just one day. The service will be initially launched in Dhaka in selected mobile remittance points and will be available nationwide within one month, they announced.