MFS providers asked to ink MoU with banks

The Bangladesh Bank has directed mobile financial services (MFS) providers involved in the refinance scheme of digital nano loan to sign a memorandum of understanding (MoU) with banks.

The banks participating in the scheme would also have to sign an agreement with the central bank’s Financial Inclusion Department (FID), the FID said in a circular on Monday.

The Bangladesh Bank on June 2 introduced a Tk 100 crore refinance scheme for disbursing digital nano loan to expand financial inclusion of the marginalised people.

The participating banks will be able to disburse loans of Tk 500 to Tk 50,000 among individual clients with up to 9 per cent interest under the scheme.