Market Digest

Nagad asked to disburse stipend money thru Sonali Bank

Staff Correspondent

18 April, 2021 12:00 AM printer

The government has asked the state-run mobile financial service – Nagad – to disburse stipend money through Sonali Bank treasury.

The move came at an inter-ministerial meeting held recently on backdrop of 12000 fraud incidents in stipend fund disbursement through mobile banking, sources said.

Telecommunications Minister Mustafa Jabbar, Secondary and Higher Secondary Division Secretary Mahbub Hossain, Sonali Bank Managing Director Ataur Rahman Prodhan and Nagad Managing Director Tanvir Mishuk were present at the meeting. During the meeting, stipend project director, additional secretary  Abu Yousuf Ali said that the decision will

reduce risk of exploiting poor parents of students and maligned the image of the government’s good initiative to help students.

The MFS operator bKash began disbursement of stipend of primary schools though transaction channels of state-run Agrani Bank. According to the latest decision, the disbursed stipend money will remain idle for 15 days in Nagad accounts to avoid any fraud incidents.