Instead of opening own account, using of others’ mobile bank account that is strictly prohibited by Bangladesh Bank, gains popularity, reveals a recent analysis.
Analysis of the data shows that around 8% households are using own account while 25.40% households are using others’ account to operate their financial transaction through mobile banking in the year 2014.
In case of individual level, around 3% have their own mobile banking account while 12.6% using other’s account during the same year.
The study conducted by Institute of Microfinance (InM) disclosed this at a time when the central bank is in hard line against the use of others’ mobile bank account to stop money laundering and terror financing.
Using other’s mobile bank account goes against the “Guidelines on Mobile Financial Services for the Banks.”
Bangladesh Bank issued the guideline on September 1, 2013, forbidding the banks to allow financial transaction through mobile banking without having own mobile bank account.
Even, the transaction through mobile account from one agent to another agent is also prohibited.
The agents’ license will be canceled if any irregularities are found in this regard and the central bank will also monitor it, according to the guideline.
Attending a seminar held in the city yesterday, Bangladesh Bank Governor Atiur Rahman, however, did not focus on this issue.
He, however, advised the InM to conduct another fresh survey over the mobile banking to asses the situation.
Stressing the need for further analysis on mobile banking, BB governor stated that financial literacy was going through mobile banking while 80% of the total transaction went to the rural areas from the urban.
According to the study, 26.87% household and 13% individuals have access to mobile banking.
In the rural area, 23.55% household use other’s mobile account to operate financial transaction while 11.53% individual use others account.
In the urban area, 31.46% household carry out transaction without having own mobile account and the rate is 14.37% in case of individuals. The rate of using own mobile account is non significant as only 6.55% household in rural area use own mobile account while 11.83% in urban area.
The rate for individuals having own bank accounts is 2.47% in rural area while 4.70% in rural area.
In case of poverty status, 30.36 non-poor household and 18.40% poor households have access to mobile banking while the rate for individual is 15 and 9 respectively.
The study observed that in the last few years, financial innovation allied to bank and mobile devices in the developing nations had increased rapidly.
In such a state, mobile banking services, which does not going to any bank branch, is a more fitting service for them. The number of aggregate registered clients reached to 2.5 crore in January 2015.
