Pragati Systems gets licence to provide e-wallet services

The Bangladesh Bank has given Pragati Systems Limited a licence to provide e-wallet technology services within the country.

The Payment Systems Department of the central bank in a circular on Wednesday said Pragati Systems was given the payment service provider licence in accordance with Bangladesh Payment and Settlement System Regulation 2014.

The Bangladesh Bank sent the circular to all scheduled banks, Mobile Financial Service (MFS) providers, Payment System Operators (PSOs) and Payment Service Providers (PSPs) operating in Bangladesh.

The Bangladesh Bank said many companies were providing e-wallet services without licence from the central bank. For this reason, it has instructed banks not to provide any services to PSPs and PSOs without a licence from the central bank. At the same time, it has instructed these organisations not to hold any bank account.

Earlier on 5 March 2020, the central bank issued the instructions in this regard.

The central bank issued PSP and PSO licences to six companies earlier. It issued PSP licences to IP System, D Money Bangladesh Ltd, and Recursion FinTech Ltd; and PSO licences to IT Consultant, SSL Commerce, and shurjoMukhi Ltd.

The companies offering mobile financial services also offer shopping, bill payment and transaction facilities.

About 18 banks are providing the following services with the approval of Bangladesh Bank: Brac Bank's bKash, Dutch-Bangla's Rocket, Islami Bank's M Cash, United Commercial Bank's Way, Southeast Bank's TeleCash, One Bank's OK, Mercantile Bank's My Cash, Prime Bank's Prime Cash, Standard Bank's Spot Cash, Trust Bank's Mobile Money, Meghna Bank's Tap N Pay.

Besides, Rupali, First Security, Bangladesh Commerce, NCC and Jamuna Bank provide Sure Cash service.