MICROCAPITAL BRIEF: Bangladesh Bank (BB) to Introduce Agent Banking

Bangladesh Bank (BB), the central bank of Bangladesh, reportedly will allow agent banking for services such as deposits, cash withdrawal, fund transfers, bill payment, remittances and receiving salary and government payments. Banking agents are individuals authorized to provide these services outside of bank branches, such as at customers’ doorsteps. Mr Atiur Rahman, the bank’s governor, reportedly said that this initiative is intended to build on the mobile banking services already provided by eight banks in the country, expanding options for the rural population by expanding the provision of financial services at a faster pace and at a lower cost than it would be possible through the traditional banking network.

By Mihaela Grindeanu, Research Associate

About Bangladesh Bank: Bangladesh Bank (BB) is the chief regulator of the country’s monetary and financial system. Established in 1972, BB’s mission is to regulate reserves, to manage country’s monetary and credit system and to foster development of the country’s economy. Atiur Rahman was appointed as Bank Governor in 2009 and still serves in that capacity as of 2012.

Sources and Additional Resources:

The Financial Express Story: “BB plans agent banking to spur financial inclusion”, http://www.thefinancialexpress-bd.com/more.php?news_id=140899&date=2012-08-24

MicroCapital Story, August 3, 2012: “MICROCAPITAL BRIEF: Bangladesh to Establish Deposit Insurance Fund for Microfinance Institutions”, https://www.microcapital.org/microcapital-brief-bangladesh-to-establish-deposit-insurance-fund-for-microfinance-institutions/

MicroCapital Story, May 21, 2012: “MICROCAPITAL BRIEF: Microcredit Regulatory Authority (MRA) of Bangladesh Orders Microfinance Institutions to Obtain Permission to Offer Services Other Than Microcredit”, https://www.microcapital.org/microcapital-brief-microcredit-regulatory-authority-mra-of-bangladesh-orders-microfinance-institutions-to-obtain-permission-to-offer-services-other-than-microcredit/

MicroCapital Story, July 18, 2011: “MICROCAPITAL BRIEF: Costs Decrease, Account Openings Increase via India’s Branchless Banking Model, Microfinance Institutions Remain Excluded”, https://www.microcapital.org/microcapital-brief-costs-decrease-account-openings-increase-via-india%E2%80%99s-branchless-banking-model-microfinance-institutions-remain-excluded/

MicroCapital Universe Profile: Bangladesh Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bangladesh+Bank+%28BB%29

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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