Regulatory Alerts2020-10-15
Added · Updated
PSD Circular Letter No. 12: Properly Informing Customers about Type and Charges of Mobile Financial Services (MFS)
The document mandates Mobile Financial Service (MFS) providers to properly inform customers about service types and charges in compliance with Section 5.0 of the Payment and Settlement Systems Act, 2018. Providers must display service details, applicable charges, fee schedules, and the Consumer Protection Guidelines on their websites and applications prior to service delivery. Additionally, providers must notify customers in advance of any changes to service types or charge rates and explicitly mention VAT-inclusive charges in all advertising across media and social platforms.
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 Payment and Settlement Systems Act, 2018, you are advised to duly 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 (Fee Schedule) and Consumer Protection Guidelines (CPG), such information must be displayed on their own website and application before providing any service;
(2) In the case of change in service type or service charge/fee rate, customers must be informed by sending prior notification;
(3) To avoid confusion regarding service charge/fee rates, VAT-inclusive service charge/fee rates must be mentioned in all cases, including publicity and promotion through various communication media (newspapers, magazines, radio, television, YouTube channels, etc.) and social media platforms (Facebook, Instagram, LinkedIn, etc.).
Thanking you,
Yours faithfully,
(Md. Majibur Rahman) Deputy General Manager Phone: 02-9530174
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