Saturday, September 25, 2021

Logo
Logo

Demand for speedy restoration of discipline in the mobile banking sector

Online Desk

Update: Saturday, September 25, 2021

15

Demand for speedy restoration of discipline in the mobile banking sector

It is time to restore order in the mobile banking sector. SM Nazir Hossain, vice-president of the Consumers Association of Bangladesh, said that if discipline was not restored, the sector would suffer the same fate as e-commerce.

He was speaking at a discussion on “What to do to create market competition in mobile banking services” organized by the Bangladesh Mobile Phone Consumers Association at the Dhaka Reporters’ Unity Sagar-Runi auditorium on Saturday (September 25).

SM Nazir Hossain said the Competition Commission has a role to play in bringing competition to the market by reducing service charges and keeping other small companies in competition.

Chairman of the Bangladesh Competition Commission in the speech of the chief guest. Mofizul Islam said that in the mobile banking sector, only one company has occupied 80 percent of the total market. The Bangladesh Competition Commission will work to bring back competition in this sector.

He said, although the Competition Commission Act was in 2012, we have started working from 2020. It is true that we still have a huge shortage of manpower and manpower. In mobile banking services we knew there was competition between ten companies. But later we surveyed the field and found that a single company occupies 80 percent of the total market. The Commission will work on this matter expeditiously. We will also look into the issue of service charge within the reach of the people. However, as Bangladesh Bank and the Ministry of Finance are regulators in this sector, they need to play a leading role in this regard.

The chairman of Bangladesh Competition Commission further said, we do a lot of good work. But things do not come to everyone’s attention. For example, we have filed a case against Evali on our own initiative 6 months ago. We will give the verdict in a short time. Customers and stakeholders are requested to come to us and complain.

As a special guest on the occasion, BTRC Vice Chairman Subrata Roy Maitra said, “We only provide network transmission services in the mobile banking sector.” There is still some insecurity due to one person using ID and another using SIM while doing biometric procedure. We have been working on the issue since we took charge. He urged the Competition Commission, Bangladesh Bank and all concerned to consider how to further reduce the service charges in mobile banking services to protect the interests of the customers.

Barrister Dr. “I have been involved in the commission’s legislation since 2006,” said Turin Afroz. But the commissions themselves have become toothless, nailless commissions because they are not strong. The Competition Commission needs to play a stronger role in curbing the dominance of the Chitia market.

He added that if the price of any commodity in India goes up from 25 paise to 50 paise, the citizens of India immediately jump into the movement. But due to lack of customer coordination in Bangladesh, various companies and monopolies in the market are pursuing their own interests.

Khaled Mahmud, a professor of IB at Dhaka University, said the role of the Bangladesh Bank and the Ministry of Finance should also be considered in how a company has long dominated and levied high service charges.

Journalist Abdur Rahim Harmachi said it was important to bring more new investments in the mobile banking sector, including the operators who could not compete in order to restore order in the sector.

For example, he said that at one time a mobile operator in Bangladesh used to charge a service charge of 10 rupees. It has been reduced to 45 paise now. This is only possible because of the competition among other operators. So even if competition can be brought in the mobile banking sector, its service charge will come down quickly.

Mohiuddin Ahmed, president of the organizing body, said, “We have been demanding for a long time that there is no alternative to creating market competition by reducing service charges to benefit marginalized people.”

He further said that in order to implement the plan of Hon’ble Information Technology Adviser to build Cashless Bangladesh, there is no alternative but to reduce the service charge in mobile banking services and create market competition.

Advocate Abu Bakkar Siddique, General Secretary of the organization presented the keynote address at the event. Besides, telecom related people including marginal customers also spoke on the occasion.

Follow us on Facebook