BSS, Dhaka :
Bangladesh Bank (BB) has planned introducing transfer of remittances through mobile financial services to fetch more green bucks by offering overseas Bangladeshis a handy and an absolute hassle-free official channel for sending home their hard-earned money.
“BB is working on virtual transfer of remittances through banking channel using mobile financial services under strict AML/CFT (Anti-Money Laundering/Combating Financing of Terrorism) surveillance”, Governor Dr Atiur Rahman said.
The governor was speaking on ‘Leveraging Migration and Remittances for Post-2015 Development Financing: Bangladesh Context’ at a sideline event of the IMF-World Bank Spring Meetings 2015 in Washington, DC on Saturday, said a BB press release, issued here Sunday.
Dr Rahman said electronic fund transfers and mobile phone/smart card based delivery enabled by massive BB led modernisation of the payments system and financial sector IT infrastructure had already driven down remittance costs and delivery times drastically.
He said BB would also link banks and financial institutions with credible National ID system soon to ensure more transparency and accountability in the banking sector.
Participants at the programme focused on how migration and remittances could be leveraged to raise development financing given the discussions of the global deliberations on financing the implementation of the Post 2015 development goals.
Dr Rahman suggested introducing more innovative services for greater inflows of remittances and their productive uses for inclusive development.
He said sustaining post-2015 growth of financing option through remittance would require globally protecting and further fostering cross-border labor market openness and job market relevant education.
Skill upgrading initiatives, safe and efficient low-cost remittance channels free of ML-TF (Monday Laundering-Terrorism Financing) influences and fostering financial market infrastructure in the developing countries should also be addressed to expedite remittance inflows, the governor said.
He also mentioned that Bangladesh government launched massive countrywide job-market focused training and skill development programme for enhancing employability of job seekers in the local and foreign labor markets.
Accordingly, he said, the central bank has guided local banks in building up extensive networks of correspondent relationships with banks, and drawing arrangements with licensed non-bank remittance intermediaries in countries hosting non-resident Bangladeshis (NRBs).
He said that the government is proactive in channeling NRB remittances into growth promoting investments.
He called for multilateral initiatives for addressing new impediments to remittance flows arising from ‘de-risking’ (shedding of business lines involving remittance intermediaries, in disproportionate response to AML-CFT risks) tendencies of banks in advanced countries.
Bangladesh Bank (BB) has planned introducing transfer of remittances through mobile financial services to fetch more green bucks by offering overseas Bangladeshis a handy and an absolute hassle-free official channel for sending home their hard-earned money.
“BB is working on virtual transfer of remittances through banking channel using mobile financial services under strict AML/CFT (Anti-Money Laundering/Combating Financing of Terrorism) surveillance”, Governor Dr Atiur Rahman said.
The governor was speaking on ‘Leveraging Migration and Remittances for Post-2015 Development Financing: Bangladesh Context’ at a sideline event of the IMF-World Bank Spring Meetings 2015 in Washington, DC on Saturday, said a BB press release, issued here Sunday.
Dr Rahman said electronic fund transfers and mobile phone/smart card based delivery enabled by massive BB led modernisation of the payments system and financial sector IT infrastructure had already driven down remittance costs and delivery times drastically.
He said BB would also link banks and financial institutions with credible National ID system soon to ensure more transparency and accountability in the banking sector.
Participants at the programme focused on how migration and remittances could be leveraged to raise development financing given the discussions of the global deliberations on financing the implementation of the Post 2015 development goals.
Dr Rahman suggested introducing more innovative services for greater inflows of remittances and their productive uses for inclusive development.
He said sustaining post-2015 growth of financing option through remittance would require globally protecting and further fostering cross-border labor market openness and job market relevant education.
Skill upgrading initiatives, safe and efficient low-cost remittance channels free of ML-TF (Monday Laundering-Terrorism Financing) influences and fostering financial market infrastructure in the developing countries should also be addressed to expedite remittance inflows, the governor said.
He also mentioned that Bangladesh government launched massive countrywide job-market focused training and skill development programme for enhancing employability of job seekers in the local and foreign labor markets.
Accordingly, he said, the central bank has guided local banks in building up extensive networks of correspondent relationships with banks, and drawing arrangements with licensed non-bank remittance intermediaries in countries hosting non-resident Bangladeshis (NRBs).
He said that the government is proactive in channeling NRB remittances into growth promoting investments.
He called for multilateral initiatives for addressing new impediments to remittance flows arising from ‘de-risking’ (shedding of business lines involving remittance intermediaries, in disproportionate response to AML-CFT risks) tendencies of banks in advanced countries.
