• Saturday, Feb 04, 2023
  • Last Update : 10:24 am

An unwise cap on mobile wallets

  • Published at 11:12 am November 10th, 2017
  • Last updated at 11:27 am November 10th, 2017
An unwise cap on mobile wallets

Mobile banking has been a great boon for Bangladesh ever since its inception.

It has made banking safer, and exponentially more efficient.

Technology has also made banking highly inclusive, as it brought into the fold previously unbanked people in remote areas and the poor, who are often overlooked by traditional banks.

However, the Bangladesh Bank’s new restrictive measures for mobile wallets will stand as an obstacle to all this progress and eventually hurt our economy.

BB has limited total deposits to Tk300,000 only; also, users can only make deposits up to Tk30,000 per day and Tk1 lakh per month. As for withdrawals, the limit per day is Tk10,000, and per month Tk50,000.

People use mobile banking for business purposes, and for personal purchases and emergencies. And realistically, in today’s economy, Tk300,000 is not that great an amount in the world of business.

Regulation and oversight are indeed necessary, but there are better ways to do that -- criminals and terror financiers would hardly be deterred by the cap, but law abiding citizens would be hurt.

What we need is proper monitoring -- in September, Bangladesh Bank suspended the accounts of 2,887 bKash agents after monitoring their activity and deeming it suspicious. The agents were found to be involved in what is called digital hundi.

Deposits were made in all 2,887 accounts from a foreign source in just one night. A Tk30,000 cap on deposits per day would not have helped in that situation, and neither will it help in any other.

50
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail