The Financial Express

Freelancers allowed to bring earnings through MFSs

| Updated: February 16, 2021 10:13:30

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The IT freelancers will now be able to bring home their small-value earnings through mobile financial services (MFSs).

Previously, they had to bring the money through banks.

Local people, especially the young people who are involved in data entry/processing, off-shore IT service and BPO (business process outsourcing), will now be able to bring the proceeds of their services export more easily and quickly.

Bangladesh has now 15 MFS providers.

The central bank has, however, set a number of criteria for the MFS providers to roll out the service which would ensure benefits for the freelancers, software exporters and other services under the IT sector, according to a circular issued by Bangladesh Bank on Wednesday.

The MFS providers will have to ink agreements with the internationally recognised foreign payment service providers (PSPs) like online payment gateway service providers (OPGSPs) and digital wallet providers.

A PSP offers online services for accepting electronic payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking.

The circular said that the MFSs maintain electronic records of transaction in details and make available to Bangladesh Bank as and when required.

The MFSs also make fund available to digital wallet of eligible exporters upon credit of the fund in settlement accounts.

In another circular issued on the day, the BB allowed banks to extend transaction facilities to incoming tourists or passengers who bring money in their digital wallets.

Under the policy, banks will have to make an agreement with the foreign PSPs engaged with digital wallet services.

The banks will purchase the foreign currency from digital wallets of incoming tourists and passengers by making payments in equivalent taka in cash or issuance of one time prepaid cards in taka during their stay in Bangladesh.

The foreigners will be allowed to use the prepaid cards at the point of sale or POS to purchase products from shops in Bangladesh.

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