MFS can now offer e-money transactions on holidays

The Bangladesh Bank has asked Mobile financial service providers to launch an inter-distributor cash management system to facilitate e-money and cash fund transfer during weekends and public holidays.

The central bank issued a notice in this regard on Sunday, mentioning that distributors of MFS providers face difficulties in cases of e-money lifting and e-money refund during holidays.

If cash funds and e-money transfers to MFS agent points face disruption, the end users might face difficulties in receiving uninterrupted services, the notice said.

To remedy the issue, MFS providers can now roll out an inter-distributor cash management system.

Each distributor would be able to carry out transactions worth a maximum of Tk 50 lakh every day through the system. This includes both securing e-money and cash funds.

Transactions related to this cash management system may only be completed during weekends and government holidays when banking service remains unavailable, the notice added.

The trust-cum-settlement account (TCSA) of MFS providers can’t be involved in the cash management process.