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Design of a SHIFT SAARC program in Bangladesh on DFS
MSC assessed the regulatory framework for digital and mobile financial services in Bangladesh under the UNCDF-led ‘Shaping Inclusive Finance Transformations’ (SHIFT) SAARC project. Based on the assessment and subsequent policy brief, MSC created a number of recommendations. These included, among others, tiered Know Your Customer (KYC) regulations and the introduction of a regulatory sandbox. The review resulted in SHIFT and a2i working to introduce eKYC, updated mobile money and agent banking guidelines, discussions on the regulatory sandbox, and greater coordination of digital finance policy and regulation within the Bangladesh Bank.
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MSC carried out a comprehensive assessment of the regulatory framework for digital and mobile financial services in Bangladesh for ‘Shaping Inclusive Finance Transformations’ (SHIFT) SAARC, a UNCDF project.
MSC’s regulatory assessment and subsequent policy brief recommended the following:
- Tiered Know Your Customer (KYC) regulations;
- A DFS steering committee in the Bangladesh Bank;
- The introduction of a regulatory sandbox;
- Revisions to the mobile money and agent banking guidelines;
- Investments in the supervisory structures at the Bangladesh Bank.
Since the review, SHIFT and a2i have been working to introduce eKYC alongside a working committee. Meanwhile, the mobile money and agent banking guidelines have been updated, while there is greater coordination of digital finance policy and regulation within the Bangladesh Bank. At the time of writing, discussions on the regulatory sandbox continue.