Monday, 6 February, 2023
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BB allows MFS to bring remittance

BB allows MFS to bring remittance

Bangladesh Bank (BB) has allowed Mobile Financial Service Providers (MFSPs) to bring wage earners' remittances to Bangladesh.

 “To bring wider flexibility, licensed MFSPs will be allowed to repatriate wage earners' remittance in association with internationally recognized 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),” as per a BB circular issued on Tuesday, reports BSS.

In this context, BB said, MFSPs shall have standing arrangements with foreign PSPs to receive foreign currency in their account and equivalent Taka value will be credited to the wage earners' MFS accounts.