The government plans to bring couriers’ money transfer under the mobile banking rules and policy.
After a request from the post and Telecommunications ministry, Bank and Financial Institutions Division comes up with the plan.
In this regard, Post and telecommunication Secretary Md Abu Bakar Siddique sent a letter to the Bank Division last week.
The letter said a total of 1,100 courier firms are operating with 65 thousand agents across the country and their business size is Tk5,000 crore.
According to the letter, the financial transaction service of the couriers should be brought under a legal framework.
Bangladesh Bank has already incorporated the courier service sector in the agent banking guideline, said the letter, adding that “now it is necessary to include the sector in the mobile banking policy.”
The courier service firms are operating with licence from the Bangladesh Post Office. Bank and Financial Institutions Division Secretary Dr Aslam Alam asked the concern authorities to arrange a meeting on the subject of incorporating the courier service in the mobile banking rules.
Officials of Bangladesh Bank, Sonali Bank and Bank Asia will attend the meeting at the Banking Division, he said. Courier Services Association of Bangladesh (CSAB) also hailed the plan of the government.
“It’s a good news for courier service sector’s money transfer business that it will be brought under a legal framework,” CSAB General Secretary Abdul Razzak told the Dhaka Tribune.
He said the courier service firms should sign agreement with the commercial banks to conduct money transaction business.
“Some (of the couriers) have already signed agreements with banks under the agent banking rules.”
The couriers’ money transfer business sharply declined in the recent time as mobile banking service has picked up. According to the courier companies, their business of money transaction dropped by 95% from two years ago.