Mobile financial services (MFS) provider has installed a large service booth at this year's Bishwa Ijtema, billed as the second largest congregation of Muslims after Hajj. Anyone can open Nagad Islamic accounts, and avail of cash-in, cash-out and other services at the booth. Islamic accounts of Nagad are fully managed under the supervision of a shariah supervisory committee. Read more: Nagad to feature in Philip Kotler's book 'Essentials of Modern Marketing' "Through Nagad Islamic MFS accounts, customers can easily manage their funds in an interest-free and Shariah-compliant manner, maintaining their religious values and principles," Nagad said Thursday. "Customers can easily convert their regular Nagad accounts into Islamic accounts. For that, they need to go to the My Nagad option in the Nagad app and click Account Type and then the running app will be changed to an Islamic account," it added. A customer will know that his account has been successfully converted to an Islamic account only when his or her Nagad app turns green. Read More: GMP issues traffic directives to reduce sufferings of Ijtema devotees The first phase of the three-day Biswa Ijtema is set to begin Friday (January 13, 2023) morning on the bank of the River Turag in Gazipur's Tongi.

The government of Bangladesh will distribute stipends to primary school students through mobile financial services (MFS) provider Nagad for 2022-23 fiscal. The Directorate of Primary Education (DPE) will sign an agreement with Nagad soon, according to a media statement. In the last fiscal year, the government paid stipends for education materials to over 1.3 crore primary school children through the MFS provider. Read more: Nagad upgrades system to offer better services The government will bring students at PTI Experimental Schools and Shishu Kallyan Trust-run primary schools under stipends in this fiscal year. For this, the DPE will make necessary reforms to primary education stipend distribution-related guidelines. Muhammad Zahidul Islam, head of public communications of Nagad, said: "We successfully disbursed education stipends and other social safety allowances in the 2021-2022 fiscal at a nominal charge." "We will continue our services in the current fiscal year as well if we are entrusted with the job." Read more: BURO partners with Nagad for easier savings, instalment payments Students are registered on Nagad's digital platform with information from their birth certificates and mobile phone numbers alongside the NIDs of their guardians. So, the students' guardians instantly receive the funds along with cash-out charges in their Nagad wallets once the stipend is disbursed.

Mobile financial services (MFS) provider Trust Axiata Pay (Tap) and Mutual Trust Bank (MTB) have brought a DPS facility for their customers to facilitate general and Shariah-based Islamic savings. Tap and MTB launched the service in Dhaka's Gulshan Wednesday (December 22, 2022). Tap customers will not have to stand in a queue or visit a bank to make payment for their DPS service. Anyone can open and operate an account through the tap app. Through tap, a certain amount of money every month would be deposited automatically into the designated bank account. For savings, both general and Islamic DPS can be opened. By accessing the tap app, anyone can avail of the DPS facility by opening an account and providing information about how much money they will pay per month and certain months. Read more: Towards a cashless society: MFS monthly transactions cross Tk 1.11 lakh crore The user will also have to provide information about which date of the month the money will be deducted from their tap account. Dewan Nazmul Hasan, chief executive officer of tap, and Syed Mahbubur Rahman, managing director and chief executive officer of MTB, were present at the launching ceremony. Nazmul said: "There is no substitute for savings services for future financial benefits. We are hopeful that, as a result of this joint venture of Mutual Trust Bank and tap, customers will be interested in saving." Mahbubur said: "There is no alternative to savings considering the financial security and planning for the future. Mutual Trust Bank and tap have taken the initiative of DPS to encourage customers to save." Read more: MTB launches co-branded credit cards for GP customers

Mobile financial services provider Nagad has come up with a cashback or discount of up to 22 percent on purchases of goods from around 6,000 outlets of 300 different brands to celebrate Bangladesh's Victory Day. Customers can enjoy this offer on the purchase of groceries, lifestyle products, furniture and accessories, electronics and food from restaurants from physical stores and online. The campaign "Utshober Khushi Nagad-e Beshi," launched on December 15, will continue till December 31. Read More: Nagad is a Digital Bangladesh success story: Mustafa Jabbar Nagad users can also avail of this cashback on purchases of electronics products and gadgets from brands such as Walton, Rangs, Rayans, Jamuna Electronics, Samsung, Xiaomi, Star Tech, Vision Electronics, and Transcom Digital. There is also a cashback of up to 22 percent on the purchase of lifestyle products from brands such as Bata, Apex, Bay Emporium, Lotto, Top Ten, Bishwo Rang, Gentle Park, Sailor, Artisan and SaRa Lifestyle. Besides, customers will also get cashback on Nagad payments for food items bought from specific restaurants, including KFC, BFC, Burger King, Tasty Treat, Madchef, Cheese, Pagla Baburchi, Pizza Hut and Star Kabab. Read More: Nagad offers up to Tk200 bonus on 'add money' from Mastercard There is also a Tk 100 cashback offer for Nagad users while making a minimum grocery purchase of Tk 1,500 from selected super shops, including Shwapno and Meena Bazar. Also, Nagad customers can enjoy up to 16 percent instant cashback on purchases from selected Bangladeshi pharmacies, such as Lazz Pharma, Tamanna Pharmacy and Arogga.

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 

Equipped with cutting edge technology, the newly launched platform for digital financial transactions, Binimoy, can put an end to any illegal transaction, currently used frequently to rob people who rely on mobile financial services (MFS), a spokesperson of the platform has said. In reference to the recent arrest of three fraudsters by law enforcers in Bogura, the official, on condition of anonymity, said Binimoy authority was the first to identify the location and tipped off law enforcers to track these swindlers. Such malpractices are common in Bangladesh and some fraud groups are doing their transactions using MFS gateways, he said, requesting Binimoy users to get in contact with prior monetary service providing organizations in case they encounter any kind of issue during registration or transaction. Binimoy ensures clarity by providing uninterrupted and secure transactions between different payment system providers, at a cost-effective rate, added the official. Read: Interoperable digital transaction platform Binimoy to be inaugurated Sunday Days back, a team of Criminal Investigation Department (CID) arrested three people from Bogura while stealing money of general MFS users, and several media outlets reported the incident. According to CID, the frauds used the Islami Bank CellFin app to infiltrate Binimoy and managed to steal Tk96.74 lakh from bKash. However, the prompt action by Binimoy has not been taken positively by a group who charges a pretty high amount against providing certain services. Other competitors present in the market cannot tolerate a safety insured cost-effective rate and dynamic service's arrival, the official added. Attacking each other is common among the MFS providers in Bangladesh, both in real life and social media platforms, alleged the official. Launched weeks back, Binimoy, the first such platform, is a bridge among customers, businessmen, payment service providers, e-wallets, banks, monetary organizations, payment system operators, government and private institutions. Read: Binimoy: Interoperable Digital Transaction Platform could open a new horizon in money transfer People will be able to do all kinds of financial transactions securely, such as giving salary to workers, VAT / Tax, e-commerce transactions with clarity, by using Binimoy and this app is highly secured, because two factor authentication is mandatory to do each single transaction, according to a statement from Binimoy.

Bangladesh Financial Intelligence Unit (BFIU) has suspended cash out from 230 accounts of Mobile Financial Service (MFS) for their involvement in the transfer of remittances through hundi, an unauthorised channel. The BFIU has taken the initiative to prevent transfer of remittances through hundi and increase remittances through legal channel. According to BFIU, the customers concerned will not be able to withdraw money from these accounts until further instructions, but money can be sent to these accounts. Read: BFIU launched standalone website to strengthen awareness against money laundering The suspended accounts are with bKash, Nagad, upay, and Rocket.

Bangladesh Bank has allowed mobile financial service (MFS) providers to repatriate (conversion of foreign currency into local currency) export income and inward remittance. All authorised dealers will provide encashment certificate to MFS providers against inward remittance, on account of information technology enabled services (ITES) exports.  In order to make it easier to receive foreign exchange, Bangladesh Bank issued a circular stating that all authorised dealers in foreign exchange and all licensed MFS providers are allowed to receive export income on account of ITES exports in association with internationally recognised OPGSPs/digital wallets and/or aggregators having operation in multiple countries. The Foreign Exchange Policy Department of the central bank issued the notification on Wednesday and sent it to authorised dealers and MFS providers for immediate implementation. Read more: Towards a cashless society: MFS monthly transactions cross Tk 1.11 lakh crore The notification said that authorised dealers maintaining settlement accounts will issue encashment certificates in support of inward remittances on request from MFS providers electronically. In this case, the request needs to be supported by auto-generated information – beneficiary’s name, wallet account number, the amount in taka, date of credit – from a remittance service provider abroad. Based on their own screening parameters regarding the information, designated authorised dealers shall generate an electronic encashment certificate (as per enclosure A) with QR code accessible to beneficiaries through MFS providers. Read more: MFS sector led financial transactions during Covid-19 pandemic: Nagad MD The certificate is intended to be used for income tax purpose only.

The government of Bangladesh is optimistic about expanding digital banking in the country to accelerate financial inclusion with an aim to create more jobs for young jobseekers. According to an official document seen by UNB, the government has stepped in to examine the possibility of “establishing digital banks.” It says if digital banking, which involves high levels of process automation and web-based services, could be expanded new jobs will be created for graduates in information technology. Digital banking provides services mostly through non-physical means such as app-based requesting systems and without printed paperwork, without filling out forms and making transactions through e-wallets. Read more: Towards a cashless society: MFS monthly transactions cross Tk 1.11 lakh crore The government is also considering if Bangladesh Bank can introduce digital currency. Introduction of Central Bank Digital Currency (CDBC) will facilitate currency in virtual transactions and encourage startups and e-commerce businesses, the document says. It is to be noted that establishing digital banks is under either initial implementation or experimental stage in various developed countries and some developing countries in Asia including Singapore, Malaysia and India. It also says that introduction of services like Mobile Financial Services (MFS) and Agent Banking in the country has facilitated financial inclusion. Read more: MFS transforming money transactions in Bangladesh, soon to cross Tk. 1 trillion But, it says, due to lack of interoperability of transactions between MFS service providers, the users of the service did not have the opportunity to perform direct inter-transactions. “To make financial inclusion more dynamic, the government has introduced financial interoperability in the country and fixed nominal fee and charge for inter-transactions,” it says. The government has also formulated the National Financial Inclusion Strategy-Bangladesh (NFIS-B) to establish social cohesion and economic stability by ensuring access to quality financial services for people from all walks of life. Read Bangladesh Bank to flirt with digital currency en route to cashless society Its main objective is to provide a comprehensive framework through which cooperation may be enhanced by coordinating and prioritising the work of all stakeholders involved in financial inclusion activities. The NFIS National Council (NNC) has been formed to implement various programmes under the said strategy. “All these steps will further strengthen the foundation of the financial inclusion process in Bangladesh,” it says. Read HSBC introduces domestic foreign currency transaction through RTGS As the risky use of virtual currencies such as Crypto Currencies continues to grow worldwide, many central banks around the world are working to launch digital versions of their currencies as an alternative to Crypto Currencies. The main purpose of launching Central Bank Digital Currency (CDBC) is to facilitate currency in virtual transactions and to encourage startups and e-commerce businesses. As a result of the time-befitting steps of the present government, the coverage of the internet and e-commerce in the country has increased tremendously. Read World's 7th largest data centre eyes foreign currency In this context, Bangladesh Bank will conduct a feasibility study on the possibility of introducing digital currency in Bangladesh. The Bangladesh Systemic Risk Dashboard is being made to identify the systemic risks and present the assessment of Bangladesh Bank to the stakeholders on a half-yearly basis. The financial projection model is being implemented to identify potential risks and weaknesses in the financial system. Read Digital Currency: Benefits and Risks of the Cashless Economy in Bangladesh Moreover, an interbank transaction matrix is being implemented to determine the nature, risk, and contagion effect of interbank transactions. Bangladesh Bank has formulated a recovery plan to prepare the banks for digital banking to adapt automatically and efficiently to the situation of severe stress in advance.

Mobile financial services (MFS) provider Nagad has brought a cashback offer of Tk50 on "add money" from banks. The offer will be valid till October 31 for the users of Nagad app and the online banking or mobile app of the partner banks, according to a media statement. Nagad customers will get Tk50 cashback for adding Tk3,000 to their accounts from banks. However, the customers of Nagad Islamic will get Tk70 cashback for adding the same amount from the Islamic Bank Bangladesh. Read Mastercard credit card bill payment: Nagad offers up to Tk 400 cashback When adding money to their wallet, Nagad customers will receive instant cashback from Trust Bank, City Bank, Community Bank, First Security Islamic Bank, Mutual Trust Bank, Prime Bank, Premier Bank, AB Bank, NRBC Bank, Dhaka Bank, Social Islamic Bank, IFIC Bank, National Bank, Exim Bank, Midland Bank, Standard Bank, Union Bank, Shahjalal Islamic Bank, NRB Bank, Rajshahi Krisish Unnyan Bank, Meghna Bank, Bangladesh Development Bank, Bengal Commercial Bank, South Bangla Agriculture Bank, Islamic Bank Bangladesh, Southeast Bank, and Mercantile Bank. A customer can avail of Nagad's Tk50 cashback offer on 'add money' from banks only once during the campaign. Read Mobile recharge: Nagad offers up to Tk1,000 cashback