Bangladesh Bank postpones MFS interoperable transaction

Thursday 29 October 2020 09:33 CET | News

Bangladesh Bank has decided to postpone the launching of interoperable transaction among mobile financial service (MFS) providers and banks, citing unresolved technical issues.

The four MFS providers, including bKash of Brac Bank, MCash of Islami Bank, U-cash and Al Arafa Islami Bank’s Islamic Wallet, were notified by the central bank about the decision. Bangladesh Bank officials said attempts to connect mobile banking and bank accounts were not successful yet.

The main reason for the postponement, they said, was that some technical works such as debugging, could not be completed, as there were still errors in some places.

As per directives issued by the Bangladesh Bank’s Payment System Department on 22 October 2020, all MFS providers and banks must introduce such interoperable transactions by 31 March 2021. The central bank also directed the MFS and banks not to introduce any new charges on their customers for the new service.

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Keywords: Bangladesh Bank, MFS, mobile financial service, mobile banking, Bangladesh
Categories: Banking & Fintech
Countries: Bangladesh
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Banking & Fintech

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