The central bank plans to take measures to stop the unauthorised transfer of money using the mobile phone banking services across the country.
A Bangladesh Bank official said the rules for mobile phone financial services are being breached in through the over-the-counter money transfer.
As per the mobile banking regime, framed by the Bangladesh Bank, no one can transfer money without having an account in his/her own name.
The Currency Management and Payment Systems (Payment Systems Division) DCMPS (PSD) Circular, dated 20 December 2011, says no one can transfer money with the agents' assistance without having an account.
But many without having own account are rampantly transferring money taking the services of agents by paying charge sans documents, in what is seen as 'faith transaction'.
A central bank senior official in the mobile financial service department said transfer of money bypassing the law is dubbed over-the-counter (OTC) transaction. Such monetary dealings are against the law that was framed for mobile banking.
He said they provided licences to the banks on condition that only the account holders could transfer money from their mobile bank account.
"It has become a practice across the country that people who do not have their own mobile bank account are sending money through agents by paying charges," the official said, wishing anonymity, and pointed out the risks involved.
If there is any problem with the payment system, he added, no one can show any document or receipt that they have given money to agents or to whom who is transferring money by using one's account.
The FE correspondent, while talking to mobile banking agents, found in maximum transactions the senders do not have own accounts and even no documents do they have against the money they were handing over to the agents.
As per the central bank's statistics there are 26 million mobile account holders across the country under 19 commercial banks, but there are no records on the transactions being made sans bank accounts.
The agents maintain ledger books and they quote the recipients' numbers only and do not require the senders' numbers. The agents also do not provide any documents to the senders and so, in case of any missing, the senders cannot challenge that they have paid money.
One agent told the FE correspondent that except in the case of a private commercial bank (DBBL) the agents of other banking do not provide receipt to the senders in OTC transactions.
To facilitate people's money transaction by using information technology the central bank has given licences to 28 commercial banks for mobile banking, but, currently, only 19 banks are in operations.
As per the central bank's statistics in January 2015 there were 535,821 agents across the country. With a 1.42 per cent growth, the number increased to 543,420 in February.
The data also show till February this year, the number of registered clients was 26 million and the number of active accounts 11 million. Total transactions in February 2015 stood at Tk113.38 billion.
As per another source in the central bank, it is not possible to estimate how much money is being transacted over the counter and that it is still difficult to identify the amount for them.
He said one agent can open maximum six accounts using six SIMs, only one for each operator, but it is seen that one agent is using ten to fifteen accounts so that they may cash in and cash out money beyond the limits imposed by the Bangladesh Bank (BB).
"To stop such OTC transaction both the central bank and BTRC can work together," the banker suggested.
He said if extra mobile bank accounts by agents are stopped, it will help reduce unauthorized free flow of money through OTC transaction.
As per BB statistics, in February, average daily transaction was Tk 3.65 billion.
Some of the licensed mobile banks in operation are Bkash of BRAC Bank, M-Cash of Islami Bank Bangladesh Limited, U-Cash of United Commercial Bank, Dutch Bangla Bank Mobile Banking, IFIC mobile Bank and Telecash of Southeast Bank.
Asked about the matter, a central bank official in the payment systems division said to stop such OTC transactions they are already working on a plan.
He said they do not also have adequate manpower to monitor OTC transactions.
"A collective effort among the mobile operators, central bank and the Telecommunications Regulatory Commission is also needed," the official further said.
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