PSD Circular No. 07: Guidelines on Mobile Financial Services for the Banks

Bangladesh Bank
(Central Bank of Bangladesh)
Head Office
Motijheel, Dhaka-1000
Ref No: PSD/MPD/PSD/07
Payment Systems Department
PSD Circular No. 07/2014 Date: 27 November, 2014 11 Agrahayan, 1421

Managing Director / Executive Director
All Scheduled Banks operating in Bangladesh.

Dear Sir,

Reference is made to the letter issued via DCMP (PSD) Circular Letter No. 11 dated 20/12/2011 titled "Guidelines for Mobile Financial Services" and PSD Circular Letter No. 01/2013 dated 01/09/2013.

PSD Circular Letter No. 1/2013 has established daily and monthly transaction limits for customer accounts to ensure the proper use of Mobile Financial Services and to prevent fraud in Mobile Financial Services. However, there is no defined limit on the number of customer accounts. Recently, complaints have arisen that an agent is opening multiple customer accounts in their own name and conducting transactions on behalf of unregistered customers; this is contrary to the "Guidelines for Mobile Financial Services" and facilitates various types of crimes. If such transactions are conducted through unregistered customers, it becomes impossible to identify the persons involved.

In this context, you are advised to follow the following instructions:

1. A customer shall not open multiple accounts with a single Mobile Financial Service providing bank/subsidiary.
2. For those customers who have already opened multiple accounts with a single Mobile Financial Service providing bank/subsidiary, they must keep one account active and immediately close the remaining accounts.

Yours faithfully,

(K. M. Abdul Wadud)
General Manager
Phone: 88-02-9530174