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Bangladesh To Allow Electronic Fund Transfers By 2010

Wednesday, 05 May 2010 11:08

Source: All Headline News
By Siddique Islam

The central bank of Bangladesh will allow electronic fund transfers on a trial basis by 2010 the central bank governor said.

“We’re planning to introduce electronic fund transfer process on a trial basis by the end of this calendar year,” Bangladesh Bank (BB), the country’s central bank, Governor Atiur Rahman told AHN Media in an exclusive interview on Thursday, adding that the BB would also work for e-payment gateway in the near future.

 

"We'll commence a web based e-tendering process, which will cover announcement of tender, distribution of schedules and bidding to ensure simplicity and transparency of tendering process," Mr. Rahman added.

"The central bank of Bangladesh, being the monetary authority of the country, is at the forefront of the government’s firm commitment to be digitized," he said, adding that the BB has achieved a historical milestone in trade and business arena, departing conventional banking with the introduction of e-commerce recently, a giant stride toward in digital Bangladesh.

“Banks have been allowed to make online money transactions, payment of utility bills through internet, transfer of funds (account to account), payment for good and services, and facilitate online credit card payments in local currency,” the BB boss noted.

About mobile banking, he said it has opened up windows of opportunity for creative partnerships of banks and mobile phone companies in devising cost effective arrangements for delivery of remittances through the countrywide area agent networks mobile operators covering rural areas distant from bank branches.

“The central bank has now been encouraging such partnerships between banks and mobile phone networks, a number of such BB approved partnerships are already active,” Mr. Rahman added.