MFS providers yet to make Tk 1,000 cash-out charge free

Staff Correspondent | Published: 22:25, Mar 24,2020


A file photo shows a man standing inside a shop that gives mobile financial service and mobile recharge service in Dhaka. — New Age photo

Mobile financial service providers are yet to execute a Bangladesh Bank instruction that asked the MFS providers to make withdrawals worth Tk 1,000 charge free.

The MFS providers were delaying to execute the BB instruction due to the emergence of technical complexities and confusion over execution.

To give people some respite amid the acceleration in the spread of the coronavirus outbreak in the country, the central bank on March 19 issued a circular asking the MFS providers to make up to Tk 1,000 cash-out from any MFS account charge free.

Agents of two major MFS providers, BKash and Rocket,  said that they were yet to get any such charge exemption notice.

Customers said that the MFS providers were charging Tk 18.5 against withdrawals (cash-out) of Tk 1,000 even if the withdrawal was made once in a day.

BB general manager (payment systems department) Md Mezbaul Haque told New Age that the MFS providers were working on developing a coding system to execute the instruction.

Although the BB’s instruction is simple, the execution requires technological adjustment, officials of MFS providers said.

Unless the adjustment is made, the customers may use the facility more than once in a day, they said.

In the central bank’s circular issued on March 19, retail businesses, specifically traders of essential commodities and medicine shops, were allowed to use their personal MFS accounts for business transaction.

Under the circular, the MFS providers were also asked to make person-to-person transactions for up to Tk 2 lakh in a month charge free against purchase of essential commodities and medicine.

The MFS providers are also yet to implement this instruction as they found it difficult to differentiate between the various types of traders carrying out transactions based on their personal account information, said officials of MFS providers.

To resolve the issues, the central bank has already held a number of meetings with the MFS providers, the officials said, expecting that the issues would be resolved soon.

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