Bangladesh Bank Asks Authorities to Declare MFS As Emergency Service

Bangladesh Bank today asked the authorities concerned to take the necessary steps to declare mobile financial services (MFS) as emergency services in the context of the continuing closure following the coronavirus outbreak.

Declaring general closure after March 25, the government issued a list of emergency services but MFS services -- which fall under the umbrella of Digital Financial Services (DFS) -- were kept out of it.

"After March 25, daily transactions declined sharply as agents are facing challenges in opening their shops," said Abdul Kashem Md Shirin, managing director of Dutch Bangla Bank, which also operates the Rocket MFS service.

Meanwhile, the government has introduced financial support programs intended to help industries in the coming economic downturn, yet to allow the use of such packages, textile, and export-oriented factories, they need to pay their employees' wages either through a bank account or via mobile financial services such as Bkash or Nagad.

Less than half of the 41 lakh garment workers have MFS and others might have to open accounts soon.

Since a huge number of accounts need to be opened, Bangladesh Bank also requested the authorities' support in this regard.