The government needs to ease Bangladesh Bank guideline for Mobile Financial Services in order to create level playing field for stakeholders and take steps to ensure proper monitoring and regulatory reforms to flourish the sector, speakers said at a discussion yesterday.
The speakers came up with the suggestion at a roundtable on “Mobile Financial Services: the Right Delivery Perspective” organised by the Dhaka Chamber of Commerce and Industry (DCCI).
“Policy support is essential for attracting investment as well as protecting investment until a rational time as service providers and banks already invested to develop the system for providing mobile financial services,” said DCCI President Hossain Khaled.
He said the initiative of Bangladesh Bank to amend the existing MFS guideline with a condition of multiple equity partnership with no single party having more than 15% stake may discourage many banks and others.
Access to financial services especially by the unbanked people is essential for promoting inclusive economic growth and improving standard of living, said the DCCI president.
“There should not have any restriction on ownership of mobile banking,” suggested Ishtiaq Hussain Chowdhury, director of Grameenphone.
If the government wants to increase financial inclusion, it should go for partnership as it is the key to the sector, he said, adding that banks and mobile operators are the best partner.
Sheikh Monirul Islam, chief external and corporate affairs officers of bKash, urged the government to allow verification of National Identity Card (NID) by operators to avoid fake registration of accounts and SIM (subscriber identity module).
Stressing proper monitoring and regulatory reforms, the discussants called for creation of level playing field for mobile financial services and supportive policy guidelines.
If all transactions come under mobile financial services, it will reflect the environment of inclusive economy which will help alleviate poverty from the society, they said.
“The government is committed to provide facility for service providers to bring people of all sections into the activities of inclusive economy in Bangladesh, said MA Mannan, state minster, Ministry of Finance and Planning.
He said mobile financial services can play a vital role in creating an environment for inclusive economy in the country. The government will support the entrepreneurs of this sector with proper policy guidelines, added the junior minister.
