Tuesday 22 May 2018 ,
Tuesday 22 May 2018 ,
Latest News
  • British PSVI experts to train orgs working on Rohingyas: Report
  • Ecnec clears revised Padma Bridge Rail Link Project
  • Myanmar to sign deal with UN resolving Rohingya crisis
  • CNG stations to remain open for 24 hrs during Eid: Quader
  • 10 killed in separate ‘gunfights’ early Tuesday
27 October, 2017 00:00 00 AM
Print

Mannan for digital finance interoperability

BSS

Stressing the need for introducing interoperability of digital financial services (DFS), State Minister for Finance and Planning MA Mannan said it would increase client benefits and facilitate competition based on product innovation and diversification, reports BSS.

DFS will also boost the growth of digital finance ecosystem in the country, he added.

“It will accelerate digital financial inclusion and complement Bangladesh government’s actions for digital transformation of the key sectors of the economy to achieve the goals of ‘Vision 2021’ agenda,” the state minister said at a policy dialogue on ‘Interoperability of Digital Finance in Bangladesh: Challenges and Taking-Off Options’ at a hotel in the capital.

InM and United Nations Capital Development Fund organised the event which was also addressed by executive director of Bangladesh Bank (BB) Subhankar Saha, BB’s general manager of Payment Systems Department Dr Lila Rashid, additional secretary of the financial institutions division of the finance ministry Arijit Chowdhury, executive director of InM Dr Mustafa K Mujeri, programme manager of UNCDF Rajeev Kumar Gupta and country project coordinator of SHIFT in Bangladesh Md Ashraful Alam.

Chairman of InM Dr Qazi Kholiquzzaman Ahmad presided over the dialogue.

The speakers emphasised that Bangladesh has successfully promoted new innovations for promoting financial services to the low income groups, especially rural poor, women and small businesses. Rapid growth in adoption and active usage of digital financial services has taken place since 2012, they added.

Mobile financial inclusion has shown the promise of emerging as the most viable method of accessing financial services for the previously unbanked population, they said.

They said the regulators and private sectors need to respond to emerging issues related to DFS like interoperability, USSD pricing, e-KYC (electronic Know Your Customer), required regulatory reforms, innovation in product development targeting the low income groups.

Interoperability brings benefits to consumers, mobile money providers, and agents through increased convenience, cost savings, a greater choice of providers and better liquidity management for agents, the participants said.

They said interoperability is also relevant to several issues of competition e.g. reduction in network effects that restrict consumers’ freedom to switch based on quality of service and price; improved user experience and ease of account usage in across-provider transfers; reduction in agent exclusivity as agents can function for multiple mobile financial services (MFS) providers increasing diversity of MFS options for consumers; and access to MFS channels from third-parties such that MFS originating in one MFS network can land on another MFS network.

Comments

Poll
Today's Question »
Civil rights body Shujan claims that Khulna city elections were a questionable election, which was not completely free, fair and flawless. Do you agree?
 Yes
 No
 No Comment
Yes 0.0%
No 33.3%
No Comment 66.7%
Most Viewed
Digital Edition
Archive
SunMonTueWedThuFri Sat
0102030405
06070809101112
13141516171819
20212223242526
2728293031

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting