Guidelines on Mobile Financial Services for the Banks (consumer protection related)

Bangladesh

(enacted in 2011)

The Guidelines on Mobile Financial Services for the Banks, issued by Bangladesh Bank via Circular 08/2011, are the first regulatory instrument to include significant consumer protection provisions applicable to the financial sector. According to the Guidelines, commercial banks or their subsidiaries that are approved to engage in mobile financial services are held responsible for protection of consumer rights and dispute resolution. More specifically, such banks shall take steps to educate customers, make certain disclosures about rights and obligations, and provide information about grievance procedures. In addition, the Guidelines provide that customers dissatisfied with a bank’s response may register a complaint with Bangladesh Bank, which will mediate.