Bangladesh Bank has issued Bangladesh Mobile Financial Services (MFS), 2022 replacing the Bangladesh MFS Regulations, 2018 and its subsequent amendments.
"As per Section 7A(e) and section 82 of the Bangladesh Bank Order, 1972 and Section 26 (cha) of the Bank Companies Act, 1991 Bangladesh Bank has issued a revised regulations titled 'Bangladesh Mobile Financial Services (MFS) Regulations, 2022'," the central bank said in a circular issued on Tuesday.
As per the circular, the new regulations will replace the previously issued regulations and shall come into effect immediately, BSS said in a report.
Bangladesh Mobile Financial Services (MFS) Regulations, 2022 will be in effect along with the Bangladesh Payment and Settlement Systems Regulations, 2014, Guidelines for Trust Fund Management for Payment and Settlement Services or any other law(s) shall come into effect regarding these regulations.
Since the inception of MFS in 2011, Bangladesh experienced robust growth in the number of account holders, volume and amount of transactions in MFS.
To fulfil the goal of financial inclusion and growing market demand to ensure customer interest and strengthen the payment ecosystem, an initiative has been taken to amend the existing Bangladesh Mobile Financial Services (MFS) Regulations, 2018.