PSD Circular Letter No. 12: Properly Informing Customers about Type and Charges of Mobile Financial Services (MFS)

Payment Systems Department
Bangladesh Bank
Head Office
Dhaka.
PSD Circular Letter No. 12 Date: 15 October, 2020 30 Ashwin, 1427 Managing Director/Chief Executive Officer All Mobile Financial Services (MFS) providers operating in Bangladesh Head Office Dhaka. Dear Sir, Regarding the proper informing of customers about the type and service charges/fees of Mobile Financial Services (MFS). In order to properly inform customers about various matters concerning the service charges/fees applicable for services provided under Section 5.0 of the Consumer Rights Protection Act, 2018, you are advised to comply with the following instructions:

(1) To properly inform customers about the type of service, the amount of service charges/fees applicable for the service, and in applicable cases, the list of service charges (Price List) and Tax-Inclusive Rates (TIR), the relevant information must be displayed on their own website and application prior to providing any service;

(2) Customers must be informed by sending advance notification in case of changes to the type of service or service charge/fee rates;

(3) To avoid confusion regarding service charge/fee rates, VAT-inclusive service charge/fee rates must be mentioned in all cases, including advertisements and promotions through various communication media (newspapers, magazines, radio, television, YouTube channels, etc.) and social media platforms (Facebook, Instagram, LinkedIn, etc.).

Thanking you,
Yours faithfully,
(Md. Mezbaul Haque)
General Manager
Phone: 02-9530174