The Bangladesh Bank has ordered the mobile financial service providers to inform their customers about their fees properly.
The central bank has asked these financial service providers to create lists of "Frequently Asked Questions (FAQs)" and service charges and display them on their websites and apps for this purpose.
The Payment Systems Department of the central bank sent a circular in this regard to the chief executives of the mobile financial service providers on Thursday.
In the circular, the Bangladesh Bank directed the mobile financial service providers to inform the customers about any changes in the nature of their services and fees with advance notifications.
As per the circular, these companies have to mention their service charges including value added taxes or VATs in their campaigns in newspapers, televisions, radios, Youtube, Facebook, Instagram, and LinkedIn to clear up any confusion regarding the fees.