Flexible Application Process for Mobile Financial Service Providers and Payment Service Providers in the Repatriation of Wage Remittances

Per FE Circular No. 34 dated 29 November  2022 and FE Circular Letter No. 11 dated 19 September 2023, mobile financial service providers (“MFSPs”) and payment service providers (“PSPs”) are permitted to repatriate wage earners’ remittances. This is to be done in collaboration with internationally recognized online payment gateway service providers, banks, digital wallets, card schemes, and/or aggregators abroad, collectively referred to as approved or licensed foreign payment service providers.

To enhance flexibility, this circular removes the deadline for licensed MFSPs and PSPs to apply for offering wage remittance repatriation services. Those interested in providing such services can submit their applications to the Foreign Exchange Policy Department of Bangladesh Bank, Head Office, at any time.

All other instructions outlined in FE Circular No. 34 (for MFSPs) and FE Circular Letter No. 11 (for PSPs) remain unchanged.