Agent banking thru mobile operators

BTRC wants more time to take decision

The Bangladesh Telecommunication Regulatory Commission (BTRC) wants to take more time to decide on the agent banking service of mobile phone operators and directed its systems and services department to make further assessments regarding it.

Following an MoU with Bank Asia, an operator has applied to the BTRC for NOC in accordance with a guideline for agent banking operations in Bangladesh.

 Bank Asia has recently signed an MoU with mobile phone operators to provide banking services to marginalised people in order to extend the banking network.

According to the 222nd meeting of the commission, the BTRC has directed its systems and services department to file a report after making further assessments. It will take a decision after getting a detailed report from the department.

Agent banking has made a significant contribution to the rural economy over the past few years and is becoming increasingly popular. People are getting remittances from abroad and can now pay their utility bills through this channel. Some youths are also getting employment as agents.

The number of accounts for agent banking under 18 banks had reached 17.77 lakh by the end of July 2018 last year. It was   14.69 lakh in March.

The availability of mobile phones and internet facilities in rural areas has made agent banking services easier to render. Banks  are now focusing on agent banking for its popularity among people, especially in remote areas.

Banking experts say agent banking offers several services such as inward remittance, money transfers, different deposit schemes, and payment utility service bills.

Agent banking is becoming popular among rural people. Private banks are trying to make forays into areas where no formal banking services are available. Clients are allowed to have deposits and cash withdrawals through the outlets operated by agents without visiting a bank branch.

Bangladesh Bank introduced agent banking in December 2013 to include rural people outside the ambit of banking services. Bank Asia is the first private bank to offer this new concept of banking. Agent banking offers limited banking and financial services to the under-served population by engaging representatives under a valid agency agreement. Here the owner of an agent outlet conducts banking transactions on behalf of a bank.

 

Agent banking thru mobile operators

BTRC wants more time to take decision

The Bangladesh Telecommunication Regulatory Commission (BTRC) wants to take more time to decide on the agent banking service of mobile phone operators and directed its systems and services department to make further assessments regarding it. Following an MoU with Bank Asia, an operator has applied to the BTRC for NOC in accordance with a guideline for agent banking operations in Bangladesh. Bank Asia has recently signed an MoU with mobile phone operators to provide banking services to marginalised people in order to extend the banking network. According to the 222nd meeting of the commission, the BTRC has directed its systems and services department to file a report after making further assessments. It will take a decision after getting a detailed report from the department. Agent banking has made a significant contribution to the rural economy over the past few years and is becoming increasingly popular. People are getting remittances from abroad and can now pay their utility bills through this channel. Some youths are also getting employment as agents. The number of accounts for agent banking under 18 banks had reached 17.77 lakh by the end of July 2018 last year. It was 14.69 lakh in March. The availability of mobile phones and internet facilities in rural areas has made agent banking services easier to render. Banks are now focusing on agent banking for its popularity among people, especially in remote areas. Banking experts say agent banking offers several services such as inward remittance, money transfers, different deposit schemes, and payment utility service bills. Agent banking is becoming popular among rural people. Private banks are trying to make forays into areas where no formal banking services are available. Clients are allowed to have deposits and cash withdrawals through the outlets operated by agents without visiting a bank branch. Bangladesh Bank introduced agent banking in December 2013 to include rural people outside the ambit of banking services. Bank Asia is the first private bank to offer this new concept of banking. Agent banking offers limited banking and financial services to the under-served population by engaging representatives under a valid agency agreement. Here the owner of an agent outlet conducts banking transactions on behalf of a bank.