Regulatory Alerts2020-04-06
Added · Updated
PSD Circular No. 03: Opening MFS Accounts for Workers of Export-Oriented Industries
The document mandates that all scheduled banks and mobile financial service (MFS) providers complete the opening of MFS accounts for workers of active export-oriented industries by April 20, 2020, to facilitate the direct payment of government financial incentives and salaries. Accounts must be opened based on National ID or birth registration certificates, with no charges or fees permitted for this process. Employers are required to conduct awareness campaigns and necessary programs to encourage and facilitate account opening for their employees.