Consumers demand single-digit charge for mobile financial service

The Bangladesh Mobile Phone Consumer Association has demanded that mobile financial service (MFS) providers cut cash-out charges to a single-digit.

They made the call at a meeting of the association at the Dhaka Reporters Unity on Saturday.  

The association also demanded that the VAT imposed on mobile financial service (MFS) be reduced to 5 percent so that the single-digit charge can be achieved.

“Mobile banking service Nagad opened our eyes by reducing the charges. We couldn’t realise till then that reducing the charge was possible,” said Subrata Ray Mitra, vice chairman of the Bangladesh Telecommunication Regulatory Commission, while speaking at the programme as the chief guest.

“Since Nagad was able to do it, others can also do it if they want,” he said, adding that the Bangladesh Bank should step in by imposing a ceiling on the MFS charge.

While most of the mobile banking services charge Tk 18.5 for each Tk 1000 cash-out, Nagad recently reduced it to Tk 9.99. With the VAT added, it becomes Tk 11.49.

While others charge Tk 5 for transferring money between users of the same mobile banking services, Nagad lets its users transfer money to other Nagad users free of cost.