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Nagad is a Digital Bangladesh success story: Mustafa Jabbar
Digital Bangladesh is a resounding success and Nagad, a mobile financial service of Bangladesh Postal Department, is a vivid example of that success, Posts and Telecommunications Minister Mustafa Jabbar has said.
“Bangladesh is an agriculture-dependent country, but many are now envious of its rapid technological development. One of the major positive outcomes of digitalisation is that we have almost moved towards a cashless society,” the minister told journalists at a programme marking Digital Bangladesh Day-2022 in Daak Bhaban, on Monday.
Read more: FY22: Nagad 3rd highest VAT-paying company in service category, says NBR
“We can now make all kinds of financial transactions, including cash-out and cash-in and shopping, through mobile financial services,” Jabbar said, adding that Nagad is playing a big role in this regard.
Starting off in 2019, Nagad has now become one of the most popular MFS in the country, he noted.
Bangladesh Posts and Telecommunications Division organised a “Digital Postal Service Exhibition” to celebrate Digital Bangladesh Day on Tuesday. It also held a meeting with Posts and Telecommunications Secretary Md Khalilur Rahman in the chair.
Presenting a keynote, Prof Dr Mohammad Mahfuzul Islam, vice-chancellor of Bangabandhu Sheikh Mujibur Rahman Digital University, said, “The most digitalisation has happened in Bangladesh’s financial sector. Mobile financial service providers in particular have revolutionised this field. We can mention the name of Nagad as an example.”
Read more: Nagad wins Mastercard Excellence Award 2022 in two categories
Posts and Telecommunications Secretary Md Khalilur Rahman shared his experience about Digital Bangladesh with everyone and urged all to adapt to the progress.
Dr Md Rafiqul Matin, managing Director of Bangladesh Telecommunications Company Ltd, and Brigadier General Md Nasim Parvej, director general of Bangladesh Telecommunications Regulatory Commission, and Shyam Sunder Sikder, chairman of the Bangladesh Telecommunications Regulatory Commission, also spoke on the occasion.
Md Harunur Rashid, director general of the Postal Department, gave the welcome address.
There were eight stalls at the Postal Department’s exhibition. The visitors were appraised of different digital services, such as electronic money transfer service, postal cash card, online postal life insurance, digital land services, and mobile financial service of Nagad, etc.
Mustafa Jabbar and other guests visited these stalls. Guests came to Nagad’s stall and enquired about cash-out, cash-in and other services. They also learned about how to buy products using the Nagad wallet.
Nagad officials gave the guests an idea of how much money is being saved every year as a result of the distribution of various government allowances through Nagad.
FBCCI seeks dollars from reserves to import commodities for Ramadan
Top business houses in a meeting with Bangladesh Bank (BB) on Monday sought several facilities including foreign exchange support from the forex reserve to import essential commodities and moratorium on loan repayments up to June 2023.
Though Bangladesh exported a record $5 billion worth of goods in November, the traders sought the moratorium, which is similar to deferment, when a lender allows deferred loan repayments for a specific period. Usually, the reason involves some kind of financial hardship, but it was also allowed during the pandemic period.
After the meeting, president of Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Md Jasim Uddin told reporters, “In Ramadan requires many other products besides essential commodities. That's why I asked for ease of import and requested to provide foreign exchange assistance from reserves for opening LC from the reserve if required.”
Read: No forex crisis from Jan 2023, Bangladesh Bank Gov says
Bangladesh Bank has assured to do so, he said.
The BB Executive Director and Spokesperson Mezbaul Haque told UNB that the global context and the current economic situation of the country were discussed in the meeting.
“FBCCI has sought policy benefits. We will consider FBCCI matters. But no decision has been taken till now,” he said.
Jasim also said that production has been disrupted due to the energy and gas crisis. Due to these factors, the factories cannot be run. Raw material cannot be imported due to LC complexity. This has an impact on business.
“If you can't do business, you can't pay the loan instalments. So the differed loan repayment facility should be extended till June next year. So that no one would become a defaulter. If the customer defaults, the bank will also default. So I think it is logical to increase the loan repayment time.”
Read: Despite taka depreciating, banks selling dollars at Tk3-4 extra
The business leader also sought a single rate of dollar resolving the existing several rates of dollar for LC opening and another purpose.
Responding to a question regarding the interest rate cap, the FBCCI president said that if the interest rate is low, investment is high.
“So I don't see the need to lift the interest rate cap now. For this reason, I have requested that the interest rate cap should not be lifted for the next one year,” he added.
Observers appointed for S Alam Group-controlled IBBL and FSIB
Bangladesh Bank (BB) has appointed observers for Islami Bank Bangladesh Limited and First Security Islami Bank.
The central bank took this decision on Monday after reports of loans being approved provided without collateral and required documents.
In this context, the central bank decided to appoint observers in both banks. Both banks are owned by a Chittagong-based S. Alam Group.
Read: Mobile financial service providers can bring remittance directly: Bangladesh Bank
Spokesperson of BB Mazbaul Haque told UNB that as per the central bank’s policy, several instructions have been given to the two banks. Observers will monitor whether these instructions are being followed or not.
Abul Kalam, Director of Forex Reserve and Treasury Management Department, has been made the observer at Islami Bank. And in First Security Islami Bank, the director of the payment service department, Motasim Billah, has been appointed as the observer.
Earlier, the BB had appointed observers to Islami Bank in December 2010 due to fear of loan irregularities and militant financing.
Read: No forex crisis from Jan 2023, Bangladesh Bank Gov says
After this, an officer of the rank of Director (then General Manager) of the central bank started attending various meetings of the Bank. In 2017, the ownership and management of the bank was transferred to a Chittagong-based S. Alam group while Bangladesh Bank was under observation.
Then in March 2020, the observer was removed by the central bank. Then-Governor of the central bank Fazle Kabir approved the removal of the observer from the bank.
Now again the question has arisen of huge loan irregularities, particularly in favour of the controlling group's other units.
People related to the banking sector believe that the recent loan irregularities of Islami Bank are even worse than the irregularities of Hallmark, Basic, and Farmers Bank of Sonali Bank.
SSL Commerz gets licence from BB to process offline retail payment
Bangladesh Bank (BB) has given licence to SSL Commerz Limited to process offline payments, through a point of sale (POS) machine to boost a cashless society.
As a result, the SSL Commerz can set up system for processing card payments at retail locations across the country, said Mezbaul Haque, a BB spokesman.
The retail level payment will be possible through using banks’ cards (VISA Card, Master card etc) where the SSL will play a role of processor, he said.
Read: Nagad offers 16% cashback on payment on Daraz
The central bank provides a licence to SSL as Payment System Operator (White Label Merchant Acquiring) first time in the country to introduce an offline payment system.
There are five institutions that are able to handle online payments.
The BB authorized SSL Commerz to make payments under the brand name 'SSL Commerz' within the country subject to the conditions of the Payment Systems Department.
Using this system people can pay at the retail level even for purchasing from an e-commerce platform.
BSTI certification now mandatory for petroleum jelly, water heater, 8 more products
The Bangladesh Standards and Testing Institution (BSTI) has included 10 more products under its mandatory quality certificate, considering their growing demand.
The products are disposable diapers, face wash, petroleum jelly, flatbread/tortilla, shaving foam or gel, eye care, liquid hair dye, aerosol, shoe polish, and geyser or water heater.
The decision was taken at the 37th BSTI council (highest authority of policy making for the entity) on Sunday with Industries Minister Nurul Majid Mahmud Humayun in the chair.
Currently, the number of products covered by BSTI’s mandatory quality certificate is 229.
Read: Govt working to strengthen BSTI global standard: Minister
The council discussed the ongoing trend of industrialization, an increase in institutional manpower, and skill development training.
The industries minister highlighted the huge potential for the export of halal products in the world market, adding that BSTI should take initiative to determine the quality of halal products and issue quality certificates.
Though Bangladesh is a Muslim-majority country, the contribution of halal products is nominal so far.
According to sources of the commerce ministry, most of the top 10 halal products exporting countries are non-Muslim.
Read: BSTI adds 43 new products under mandatory quality certificate
The top five countries exporting halal meat to the Organization of Islamic Cooperation (OIC) countries are Brazil at $16.2 billion; India at $14.4 billion; the USA at $13.8 billion; Russia at $11.9 billion; and Argentina at $10.2 billion, according to the State of the Global Islamic Economy Report 2020-2021.
The study was produced by the US-based research organization Dinar Standard and supported by Dubai Islamic Economy Development Centre.
State Minister for Industries Kamal Ahmed Mojumder, Industries Secretary Zakia Sultana, and Director General of BSTI Md Abdus Sattar were also members of the BSTI council and attended the meeting.
Read More: ACC to submit report after drive at BSTI
Nagad offers 16% cashback on payment on Daraz
Mobile financial services (MFS) Nagad provider has teamed up with e-commerce platform Daraz to offer cashback of 16 percent instant cashback on bill payments through the online marketplace's app.
On the occasion of the Daraz 12.12 Sale Campaign, Customers can get cashback of up to Tk300 – maximum Tk100 for each transaction – on bill payments through Nagad using Daraz App, said the MFS.
Starting Monday, the offer will remain valid till December 31.
Read: FY22: Nagad 3rd highest VAT-paying company in service category, says NBR
A partnership deal was signed between Nagad and Daraz in Dhaka recently.
Nagad Managing Tanvir A Mishuk, Chief Business Officer Sheikh Aminur Rahman, Chief Sales Officer Shihab Uddin Chowdhury, Head of Public Communications Muhammad Zahidul Islam and Head of Payment Mohammad Mahbub Sobhan were present.
Daraz Bangladesh Managing Director Syed Mostahidal Hoq, Chief Operating Officer Khondoker Tasfin Alam, Chief Corporate Affairs Officer AHM Hasinul Quddus, Chief Commercial Officer Sabbir Hossain, Director of Growth Marketing Mashrur Hasan Mim, and Director of Technology and Digital Payments and Strategy Monjuri Mallik also joined the ceremony.
Read More: FY23: DPE to sign new deal with Nagad for stipend disbursement
Drinkwell Bangladesh receives US Award for Corporate Excellence 2022
Drinkwell Bangladesh, a US company providing safe and affordable water directly to residents of densely packed neighbourhoods in Dhaka, has received the Secretary of State's Award for Corporate Excellence (ACE) 2022 in the climate resilience category.
"Drinkwell is building resilience to climate change in Bangladesh, where only about a third of the population has access to safe drinking water. That's critical for avoiding serious waterborne illnesses like cholera and typhoid fever," Under Secretary of State for Economic Growth, Energy, and the Environment Jose W Fernandez said at the award ceremony in Washington DC early Saturday.
"As climate change warms our planet, droughts and rising sea levels are making clean water even scarcer, drying up some sources and contaminating other sources with seawater. So one of Drinkwell's founders developed a water purification system that's cheaper and that's more efficient. And it's easier to operate than other models."
Read: Drinkwell, Bangladesh among winners of 2022 US Award for Corporate Excellence
"The company has also created a new delivery method, ATM – ATM-style machines – that sell and dispense clean water in Bangladesh and are more accessible for people whose homes aren't connected to water pipes," the under secretary of state said.
"For about eight years, since 2015, Drinkwell has created hundreds of jobs for people in Bangladesh and brought almost 200 million gallons of clean water to low-income communities in Dhaka, enough drinking water for hundreds of thousands of people a year."
"Drinkwell is also a testament to the power of international exchanges. And one of the company's founders is a Bangladeshi American whose grandfather died of a waterborne illness," Fernandez said.
Read More: BAT Bangladesh scoops up ‘ICMAB Best Corporate Award’ for sixth time
"He – so he got a Fulbright – he got a Fulbright to study the problem and potential solutions to Bangladesh, and there he met a chemical engineering professor from an American university, and together the two of them went on to found Drinkwell."
Earlier, the US Department of State's Bureau of Economic and Business Affairs announced four winners for this year's edition of the ACE award in the responsible business operations, climate resilience, and inclusive economic growth categories. The other winners of the award are Anova Indonesia, Gap India, and Intel Costa Rica.
Established in 1999, the ACE recognises the crucial role US companies are playing in elevating higher standards of business conduct. Together, these companies are leading the way in addressing some of the greatest global challenges.
Read more: Walton wins ICMAB Best Corporate Award
ADB delegation visits Pran-RFL Industrial Park
An eight-member delegation of the Asian Development Bank (ADB), led by its Vice-President Ashok Lavasa, visited Pran-RFL Industrial Park in Narsingdi on Friday.
Ashok is in-charge of private-sector operations and public-private partnerships. The delegation also included ADB Country Director Edimon Ginting.
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Ahsan Khan Chowdhury, chairman and CEO at Pran-RFL Group, and Uzma Chowdhury, director (corporate finance), informed the delegation about different aspects of the production process.
The ADB has financed Pran to increase farmers' income and efficiency through expanding the agro-processing business, sustainable development in the agriculture sector and job creation.
"The bank has financed Pran Group around $49 million in three phases from 2012. The fund has been given as a long-term loan of buying capital machinery and job creation," according to a media statement.
READ: FY22: Walton Plaza scoops up highest VAT payer award in business category
Ahsan said: "The ADB's funding always plays an important role in diversifying export items of the nation. We are hopeful to receive further technical assistance in diversifying agriculture produce and agro-processing industry in Bangladesh."
FY22: Walton Plaza scoops up highest VAT payer award in business category
The National Board of Revenue (NBR) has declared Walton Plaza the highest value added tax (VAT)-paying company in 2021-2022 fiscal in the business category.
Walton Plaza and eight other businesses at the national level and 120 enterprises at the district level were honoured with the best VAT payer award at a National VAT Day programme at a city hotel Saturday.
Finance Minister AHM Mustafa Kamal attended the programme as the chief guest. Federation of Bangladesh Chambers of Commerce and Industries President Md Jasim Uddin was also present as a special guest. NBR Chairman Abu Hena Md. Rahmatul Munim presided over the function.
At the event, Walton Plaza's Chief Executive Officer (CEO) Mohammad Rayhan received the highest VAT payer crest and certificate from Mustafa Kamal.
Read more: Prizes of Walton Int’l Rating Chess distributed
Every year, the NBR awards the highest VAT-paying companies to encourage them.
Walton Plaza has received the highest VAT payer award either at the national or district level every year, said the company.
FBCCI seeks partnership with UK in technology transfer, supply chain development
The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) has sought a partnership with the UK in technology transfer and supply chain development to face the challenges of Bangladesh's LDC graduation and the fourth industrial revolution.
The leaders of the FBCCI made the call at the discussion "Bangladesh-UK Trade and Investment 2022" in London on Wednesday.
The government is doing everything to create new opportunities for businesses and investors, Jashim Uddin said.
Read: FBCCI partners with CNN to promote trade, investment opportunities in Bangladesh globally
But to face the challenges of Bangladesh's graduation from the least developed country (LDC) category and its integration into the fourth industrial revolution, the country urgently needs technology transfer and joint venture partnership in the global supply chain, he added.
Innovative knowledge should be applied in agricultural and industrial production and services sectors and the FBCCI wants a partnership with the UK in these areas, Jashim said.
"We are manufacturers of diversified pharmaceuticals products, leather goods, plastic, frozen seafood, ceramics, jute products, and home appliances," he added.
Read: FBCCI signs MoU with Greater New York Chamber of Commerce and Industry
"The UK could invest in Bangladesh in energy, agro-processing, pharmaceuticals, plastic and petrochemical, engineering, logistics sector, financial services, and support skills development programme for upgrading Bangladesh's middle managers and workers."
Also, the FBCCI president invited the UK government and business leaders to join the "Bangladesh Business Summit," which will showcase the competitiveness of Bangladesh in the above-mentioned areas.