Bangladesh Bank (BB) has allowed Mobile Financial Service Providers (MFSPs) to bring wage earners' remittances to Bangladesh, reports BSS.
"To bring wider flexibility, licensed MFSPs will be allowed to repatriate wage earners' remittance in association with internationally recognised Online Payment Gateway Service Providers (OPGSPs) or banks or digital wallets or card schemes and/or aggregators abroad (hereinafter referred to as approved or licensed foreign payment service providers, foreign PSPs)," said a BB circular issued on Tuesday.
According to the circular, MFSPs shall have standing arrangements with foreign PSPs to receive foreign currency in their account and equivalent Tk value will be credited to the wage earners' MFS accounts.
Subsequently, foreign PSPs shall provide credit to the designated AD's Nostro account. After receiving the amount in Taka, wage earners' can use the MFS account from abroad to do all transactions in Taka.
Wage earners' can open an MFS account in Taka through proper e-KYC along with validated proof of departure from Bangladesh (arrival or departure date stamped page of the passport). On return to Bangladesh, such an account can be converted to a local MFS account. This account may be converted again to wage earners' MFS account with the proof of departure. It is important that wage earners' MFS accounts can only be credited against foreign currency, it said.
Bd-pratidin English/Golam Rosul
