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Now even children can open mobile banking accounts

Taslima Jamal

Teenagers between 14 and 18 years of age in Bangladesh can open mobile bank accounts without National Identity Card (NID).

There is a huge demand for digital transactions among the people of the country. Teenagers between 14 and 18 years of age in Bangladesh can open mobile bank accounts without National Identity Card (NID). They can transact a maximum of 30,000 taka 10 times a month.

Bangladesh Bank’s Payment Systems Department issued a circular on Tuesday yesterday. The directive has been sent to the managing directors and chief executives of all mobile financial service providers in the country. Bangladesh Bank has given this opportunity to include all types of people in digital transactions.

It is said in the directive, “Cashless Bangladesh” initiative has been taken to build “Smart Bangladesh”. In line with this, new policies have been issued to open MFS accounts for adolescents aged 14 to 18 years to promote financial inclusion.

It is also said that during the opening of these MFS accounts, the birth certificate and national identity card number of the person and guardian must be entered to open the account. Parent’s MFS account shall be compulsorily used as linked MFS account for account opening. Therefore, the parent’s MFS account should be opened after verifying the authenticity of the account. Besides, this MFS account should be opened subject to the consent of parents or legal guardians. As part of the parental consent process for account opening, they will need to send OTP to their mobile phone. Besides, in case of transactions in these accounts, it should be ensured that the message is sent to the account holder’s mobile number. At the same time, the information of the transaction should be informed to the guardian and regular monitoring should be done.

According to Bangladesh Bank, these account holders can transact a maximum of 5 thousand taka per day and a maximum of 30 thousand taka 10 times a month. Cash out can be done with a maximum of five transactions per day up to Tk 5000 and up to Tk 25000 10 times a month.

Meanwhile, as a person to person (PTP), a maximum of five transactions per day can be made up to Tk 5 thousand and a maximum of Tk 15 thousand in 10 transactions per month. Service and education fee can be paid through a maximum of 3 transactions per day 5000 taka and a maximum of 20 thousand taka per transaction 10 times a month. Apart from this, the maximum limit will be 30 thousand taka.

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