Mobile Financial Service provider Upay, in association with the country’s mobile phone operator Grameenphone, has launched an innovative yet simple MFS account registration process.
It will allow Grameenphone customers to open Upay accounts by dialling USSD code *268#, according to a statement on Tuesday.
In addition, the connectivity partner for Digital Bangladesh has introduced mobile recharging services for the first time in the country, using Grameenphone's USSD code *121#.
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 a city hotel on Monday.
Senior officials of UCB, Upay, and Grameenphone were present at the programme.
Customers can cash in and recharge up to Tk 500 after completing the initial registration process. 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, is unable to open MFS accounts as they are basic phone users, which do not support access to internet connectivity.
As a result, they remain outside the purview of the digital financial revolution 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.
UCB Managing Director and CEO, Arif Quadri said, "We hope the introduction of a USSD-based MFS account registration process will immensely benefit Upay and the MFS industry as a whole by facilitating people to open MFS accounts quickly but in a compliant manner to provide financial services."
Grameenphone CEO, Yasir Azman said, "Grameenphone’s purpose comes to life when our efforts empower people and minimise the digital divide. The first-of-its-kind innovative solutions which enable feature phone users to open MFS accounts and recharge their phones is a revolutionary step in the industry."