Bangladeshi central bank allows mobile financial services to bring remittance

DHAKA, Nov. 29 (Xinhua) -- The central bank of Bangladesh has allowed Mobile Financial Service Providers (MFSPs) to bring wage earners' remittances to Bangladesh.

"To bring wider flexibility, licensed MFSPs will be allowed to repatriate wage earners' remittance in association with internationally recognized Online Payment Gateway Service Providers (OPGSPs) or banks or digital wallets or card schemes and/or aggregators abroad (hereinafter referred to as approved or licensed foreign payment service providers)," Bangladesh Bank (BB) said in a circular issued here Tuesday.

It said the MFSPs shall have standing arrangements with foreign payment service providers (PSP) to receive foreign currency in their account and equivalent Taka value will be credited to the wage earners' MFS accounts.

After receiving the amount in Taka, wage earners' can use the MFS account from abroad to do all transactions in Taka.