Binimoy, the newly launched platform for digital financial transactions, is well capable of putting an end to any illegal dealings through mobile financial services (MFS), said a spokesperson of the platform.
This menace has reportedly robbed a growing number of general MFS users of huge amounts of money, he added.
In reference to the recent arrest of three fraudsters by law enforcers in Bogra, the official, on condition of anonymity, said Binimoy authority was the first one who identified location and tipped off the law enforcers to track these swindlers.
He also said: “Such malpractices are common complaints in Bangladesh and some fraud groups are doing their transactions using MFS gateways”.
He requested Binimoy users to get in contact with prior monetary service-providing organizations or institutions in case they encounter any kind of issue during registration or transactions.
“Binimoy ensures clarity by providing uninterrupted and secure transactions between different payment system providers, at a cost-effective rate”, added the official.
A few days back, a team of the Criminal Investigation Department (CID) arrested three people from Bogra, including a bKash agent who stole money from general MFS users.
In this regard, the official said: “There is an active existence of a fraud circle, and they are using CellFin platform of MFS to access bKash personal accounts. They then send requests for illegal money deposits”.
Citing the rapid identification of all three perpetrators as an example, he stated: "Binimoy is such a platform, where the central bank has taken initiatives to interconnect all the banks, MFS, and all of the payment service providers' accounts."
However, he added: "Binimoy's prompt action has not been welcomed by a group that charges a pretty high price for certain services. Other competitors on the market cannot compete with the safety-assured cost-effective rates and dynamic service of Binimoy."
“On the other hand, a sick practice of attacking each other is common among the MFS providers in Bangladesh, both in real life and social media platforms”, alleged the official.
Launched on November 13, Binimoy, the first such platform, is a bridge among customers, businessmen, payment service providers, e-wallets, banks, monetary organizations, payment system operators, and government and private institutions.
The app is highly secured, because Two Factor Authentication is mandatory to do every single transaction, according to the statement by organizers.
Facilities of Binimoy
Previously, Zunaid Ahmed Palak spoke to Dhaka Tribune and said that people will get instant access to all types of payment service providers through Binimoy, and it will give them the freedom to complete financial transactions through any payment gateway.
He added that customers, financial institutions, merchants, government agencies and other payment service providers can operate 24/7 real-time transactions through this system.
Binimoy can lead to revolutionary changes in various public and private services, such as tax submission, bus-train-air ticket purchase, road and bridge toll collection, e-commerce operations, and more.
It will also help reduce transaction costs, increase efficiency and speed up financial transactions.
This platform is going to prevent financial crimes because the exchange authorization standards used in Binimoy will verify each transaction and develop patterns analysis, thereby making it more difficult to launder money, finance terror and evade tax.
