More PCBs set to go for mobile banking service

A large number of private commercial banks (PCBs) are now set to start mobile banking business with a view to bringing a vast segment of unbanked people under their coverage, sources said.
Besides, the grand success of others also lured the banks to introduce the services to their clients, they said.
Introduced by the Dutch-Bangla Bank Ltd (DBBL) in 2011, the total number of the PCBs operating mobile banking now stands at 17.  
According to the central Bangladesh Bank (BB) data, 26 PCBs have so far taken licences to conduct mobile banking services and some others are in the queue to obtain the same.
The data also said the number of transactions of mobile banking has reached around 450,000 per day, involving an amount of Tk 1.12 billion with an annual growth of more than 20 per cent.
"More unbanked people, especially in the rural areas, are joining formal banking activities through mobile phones," said Kamal Quadir, chief executive of bKash, which has over 58,000 agents across the country.
"A vast segment of people is still out of banking services that are now coming under mobile banking along with others,." He added.
The National Credit and Commerce (NCC) Bank Ltd recently inaugurated its mobile banking service under the banner of 'BSure Cash'. 'BSure Cash' is the newest member of the service.
"We have introduced mobile banking in our bank as people's trust on mobile banking both in urban and rural areas is growing gradually," Managing Director of the NCC Bank Ltd Nurul Amin told the FE.
With the NCCB SureCash, a customer can open new account, deposit money or withdraw cash at any authorised SureCash agent or a NCCB branch, said Mr Nurul Amin.
A customer can also send money to another customer, receive salary or pay bills from his account using mobile phone without visiting any bank branch or agent, Mr Amin said.
Deputy Managing Director of the DBBL Abul Kashem Md Shirin said a rising number of people is now taking to mobile banking as it gives them a hassle-free transaction at an affordable cost.
"The DBBL has mobile banking outlets even at the union parishad level. As a result, more people including poor farmers are also enjoying formal banking services," he added
"Each of the agents (booths) of mobile banking service is now acting like a mini bank across the country," Mr Shirin added.
AFM Asaduzzaman, general manager of the Governor's Secretariat at the BB, projected this banking sub-sector to grow further once all garment factories start providing their workers' salaries through this service.
As of August, the country had around 5.3 million mobile banking subscribers, up 13.24 per cent from the previous month. The total number of agents providing such services across the country stood at 87,518 on August, up 14.80 per cent from July.
Using a mobile phone and without visiting a bank branch, a customer can transfer money, receive salary or pay bills from his/her account.
However, the BB has recently tightened its policy on mobile financial services by limiting transactions made by a subscriber at a time to Tk 25,000.
The total transactions by an individual cannot exceed Tk 1,50,000 a month, according to a BB notice. Earlier, there was no ceiling.
The BB issued the notice after incidents of forgery and fraud that occurred in mobile money transfer.
According to the BB notice, money cannot be deposited or transferred from one agent's account to another. A customer can deposit highest five times a day into his account and 20 times a month. The customer can withdraw cash three times a day and 10 times a month.