DHAKA, Feb 15, 2022 (BSS) - Bangladesh Bank (BB) has issued Bangladesh 
Mobile Financial Services (MFS), 2022 replacing the Bangladesh MFS 
Regulations, 2018 issued in July 2018 and its subsequent amendments.

  "As per Section 7A(e) and section 82 of the Bangladesh Bank Order, 1972 and 
Section 26 (cha) of the Bank Companies Act, 1991 Bangladesh Bank has issued a 
revised regulations titled 'Bangladesh Mobile Financial Services (MFS) 
Regulations, 2022'," as per a BB circular issued today. 

  As per the circular, the new regulations will replace the previously issued 
regulations and shall come into effect immediately.

  Bangladesh Mobile Financial Services (MFS) Regulations, 2022 will be in 
effect along with the Bangladesh Payment and Settlement Systems Regulations, 
2014, Guidelines for Trust Fund Management for Payment and Settlement 
Services or any other law(s) shall come into effect regarding these 
regulations.

  As per the regulations, the financial sector in Bangladesh is continuously 
growing in response to the evolving needs of the growing economy. 

  Rapid expansion of mobile phone users, modernization of payments and 
financial systems based on IT infrastructure, country-wide reach of mobile 
network and internet have boost up the opportunities for enhancing MFS to 
offer convenient payment mode which is cost efficient and prompt for the 
underserved, un-banked or under-banked and low income group of population of 
our country.

  Since the inception of MFS in 2011, Bangladesh experienced a robust growth 
in number of account holders, volume and amount of transactions in MFS. In 
order to fulfill the goal of financial inclusion and growing market demand 
with a view to ensuring customer interest and strengthening the payment 
ecosystem, initiative has been taken to amend the existing Bangladesh Mobile 
Financial Services (MFS) Regulations, 2018.