Mobile Financial Service provider Upay, in association with the country's largest mobile phone operator and tech service leader Grameenphone has launched an innovative yet simple MFS account registration process.
The new account opening process will allow Grameenphone customers to open Upay accounts by dialling Upay USSD code *268#, reads a press release. Alongside, the connectivity partner to Digital Bangladesh has brought in mobile recharging services using Grameenphone's USSD code *121# for the first time in the country.
Arif Quadri, Managing Director and CEO of United Commercial Bank Limited, and Yasir Azman, Chief Executive Officer of Grameenphone Limited jointly inaugurated the services at an event held at Hotel Sheraton in the capital. Senior officials of UCB, Upay and Grameenphone were present at the program.
Under this simplified customer registration process, Grameenphone customers would have to dial Upay USSD code *268# and give consent to Grameenphone for sharing specific information such as NID Number and Date of Birth with Upay.
After completing initial registration, customers can cash in and recharge up to Tk500. To complete registration, customers will need to capture their own photo either from the closest Upay agent point or from their app.
A vast number of the adult population, mostly living at the bottom of the pyramid, are unable to open MFS accounts as they are basic phone users which do not support access to internet connectivity. As a result, they remain out of the purview of digital financial revolutions in the country.
To overcome the challenges and provide them with regulated financial services, Grameenphone and Upay collaborated to develop the USSD-based customer registration solution by simplifying the customer account registration process.
