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BB considers allowing mobile banking

Sajjadur Rahman
People will soon be allowed to transfer funds through their mobile phones as Bangladesh Bank (BB) is in the process to finalise guidelines on mobile banking.
"Already we have finalised the draft policy and it will be placed before the executive committee meeting next month for its approval," a senior BB official told The Daily Star yesterday.
Now phone and online banking in Bangladesh only offer services such as balance check and request for statement. But the mobile banking allows fund transfer, paving the way for money transaction through cell phones across the country, the central bank sources said.
The draft policy is titled "Bangladesh Mobile Payments Directive 2008”. Once the policy is approved, banks will also be allowed to seek licence to offer the services, they said.
The central bank has taken the initiative following Grameenphone's application in December last for a license to introduce mobile banking.
On receipt of GP's application, the BB held several meetings with the government agencies and departments concerned, undertook research and studies and visited Thailand and the Philippines where the system exists.
In many countries, banks and non-bank companies, especially the telecom operators, are providing mobile banking services and gradually its demand is increasing.
A survey released this week by Aite Group, a financial services analysis firm, found that 23 of the 80 largest US financial institutions expect online and mobile banking will be top priorities for product development in the next two years, says CNNMoney.com.
The survey, conducted in the first quarter of 2008, covered 22 banks and one credit union, and 11 of the top 15 banks in the US.
The survey found that in the next two years, banks intend to
invest heavily in new feebased payment services, mobile banking innovations and online marketing efforts. It is a service that multitasking consumers are demanding, banks say.
Another study finds 80 percent banks in Latin America will offer some mobile-banking services in the next 12-18 months.
Even neighbouring India and Pakistan have also adopted the system, BB sources said.
Using the mobile phone as a medium to reach out to the persons who were out of the banking facilities is an idea that is being actively promoted by the central bank, they said.
“The country is sure to see a lot of action in this area in the months to come," a BB official said.
A BB study found that only 13 percent of the country's population, mostly urban, has bank accounts. 30 percent of the population uses mobile phone in the country.
"Mobile banking may enable banks to have their presence in rural areas,” the proposed BB policy for mobile banking viewed.
Initially, the central bank will allow mobile banking services for transfer of domestic remittances.
There will be prescribed service providers who have to get licenses from the BB and registered with the Joint Stock Companies office for rendering the services. These service providers will act as quasifiscal organisations to send money to the authorised retail agents (outlets) for its delivery to the recipients.
"We are very much interested in mobile banking. That is the next generation of our payment systems and we are very serious about it,” said a senior GrameenPhone official.
According to him, the service will be made available to customers across the country. The platform wall be based on existing technologies, and it will use SMS and GPRS.
sajjad@thedailystar.net