Bangladesh Bank (BB) has planned introducing transfer of remittances through mobile financial services to fetch more foreign exchange by offering overseas Bangladeshis a handy and an absolute hassle-free official channel for sending home their hard-earned money.
"BB is working on virtual transfer of remittances through banking channel using mobile financial services under strict AML/CFT (Anti-Money Laundering/ Combating Financing of Terrorism) surveillance", Governor Dr Atiur Rahman said, reports BSS.
The governor was speaking on 'Leveraging Migration and Remittances for Post-2015 Development Financing: Bangladesh Context' at a sideline event of the IMF-World Bank Spring Meetings 2015 in Washington, DC on Saturday, said a BB press release, issued in Dhaka Sunday.
Dr Rahman said electronic fund transfers and mobile phone/smart card based delivery enabled by massive BB led modernisation of the payments system and financial sector IT infrastructure had already driven down remittance costs and delivery times drastically.
He said BB would also link banks and financial institutions with credible National ID system soon to ensure more transparency and accountability in the banking sector.
Participants at the programme focused on how migration and remittances could be leveraged to raise development financing given the discussions of the global deliberations on financing the implementation of the Post 2015 development goals.
Dr Rahman suggested introducing more innovative services for greater inflows of remittances and their productive uses for inclusive development.
BB plans remittance through mobile banking
FE Team | Published: April 20, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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