A workshop has been organized with participation of bKash officials on the “guidelines for trust fund management in payment and settlement services”.
The workshop reiterated awareness on keeping the sanctity of ‘Trust Cum Settlement Account’ and focused on how to ensure security of customers’ money and retain their trust in mobile financial services.
This workshop made the participants aware about the obligation to open a Trust Cum Settlement Account (TCSA) in a scheduled bank and deposit the liability/customers’ money as a Trust Fund against equal amount or more than the e-money provided to the customers. This session emphasized the guidelines as well as all the relevant instructions of Bangladesh Bank that are applicable for the service providers.
Yesterday, the workshop was organized at a training institute in the capital and conducted by Anwar Ullah, Deputy Director of Payment Systems Department of Bangladesh Bank. More than 60 officials from various departments of bKash participated in this workshop.
‘Guidelines for Trust Fund Management in Payment and Settlement Service’ policy was presented in detail in the workshop. The DOs and DON’Ts of this policy were discussed elaborately.
MFS institutions are mandated to manage the process of conversion from cash to e-money through a special type of Trust Cum Settlement Account to ensure the safety of the customers’ money. Even, service providers have instructions for managing these accounts differently from institutional accounts. Before opening such account, the concerned institution must take approval from Bangladesh Bank.
According to the policy introduced by Bangladesh Bank, there is no opportunity to take loans by keeping any money in this account as collateral. The concerned institution cannot withdraw any cash from this account as well.
Attending the session, Major General Sheikh Md Monirul Islam (retd), Chief External and Corporate Affairs Officer of bKash said, “It is our solemn duty to protect the fund of our customers.”
