Meghna Bank Limited is going to introduce chip-based card for mobile financial services for the first time in Bangladesh by the end of October this year, the bank's top executive said.
"We're still working to launch new mobile financial services in Bangladesh by third week of October 2016 aiming to bring more unbanked people into the banking network," Mohammed Nurul Amin, Managing Director and Chief Executive Officer (CEO) of the fourth-generation bank, told the FE.
Mr. Amin also said, "We'll initially offer person-to-person (P2P) payments among our clients across the country."
Currently, Meghna Bank is running its business with 32 branches across the country.
The goal of this project is to launch different mobile financial services, including disbursement of inward remittance, person to business (P2B) payments, business to person (B2P) payments and person to government (P2G) payments and government to person (G2P) payments, which will be offered subject to approval from the Bangladesh Bank (BB) and all other relevant regulatory bodies, said the bank's top boss.
"These services will allow use of mobile phone technology to send and receive monetary value electronically through their own mobile handsets or NFC (Near Field Communications) Tag or Tap Card or through authorised outlets across the country," the senior banker explained.
Such mobile financial services-MEGHNA BANK TAP n PAY-will be more secure and cheaper, Mr. Amin added.
Mobility iTapPay (Bangladesh) Limited, a joint venture of MOBILITYONE of Malaysia, is providing technical support to run the latest mobile financial services in Bangladesh.
As a new private commercial bank (PCB), Meghna has already launched VISA-branded debit and credit cards (EMV enabled) in order to compete in the challenging digital world.
"We've already installed several ATMs (Automated Teller Machines) throughout the country for providing outreach services to our customers," Mr. Amin, also chairman of the BAFEDA (Bangladesh Foreign Exchange Dealers' Association), noted.
He also said the performance of Meghna Bank is improving gradually, despite tough competition in the banking sector.