Mobile Banking Facility from Islami Bank mCash
Islami Bank Bangladesh Limited (IBBL) launched Mobile Banking service “Islami Bank mCash”, under which any telecom operator customers can get banking services anytime anywhere in Bangladesh. IBBL is the third bank that launched the mobile banking service in the country,
Islami Bank mCash offers different services that include free opening of customer account quickly, deposition and withdrawal of cash money, fund transfer from one account to another, sending remittance from abroad, knowing account balance and mini-statement, giving and receiving salary, mobile top-up (recharge), payment of utility bill and fund transaction among IBBL accounts.
Country’s 24 per cent people have access to the banking service while 60 per cent people use mobile phone. BB is working to cover all the 160 million people of the country under banking service; hence, the central bank took initiatives to spread the Mobile Banking service. Islami Bank included to central bank’s guidelines in the mobile banking business. IBBL wanted to bring all the people under its banking services. Through mCash, the bank can provide banking service easily to the people, who are yet to receive the service.
What is IBBL mCash Mobile Banking?
mCash Mobile Banking is a Banking process without bank branch which provides financial services to unbanked communities efficiently and at affordable cost. To provide banking and financial services through mobile technology devices i.e. mobile phone called Mobile Banking. Islami bank Mobile Banking is called mCash Mobile Banking.
Benefits of IBBL mCash Mobile Banking:
• Real time on-line banking
• Available anytime, anywhere throughout the country
• It is convenient, affordable and secure
• It is much more effective in developing savings habits
• It will make access to banking and advanced payment transactions at affordable cost
• It is much safer, speedy and safeguard against fraudulent transactions
• Exclusive system for all to take Mobile Banking Services of Islami Bank Bangladesh Limited.
• Profit will be given to the customer’s mobile account based on the Mudaraba Principles of Islamic Shari’ah.
• Obtainable 24 hours services of a day
Mobile Banking Facility from Islami Bank
What does IBBL mCash Mobile Banking offer?
• Customer Registration
• Cash-i n (cash deposit)
• Cash-out (cash withdrawal)
• Foreign Remittance
• Salary Disbursement
• Person to Person Transfer (P2P)
• Mobile Top-up
• Balance Inquiry
• Send and receive of salary/allowances
• Business Payment
• This facility can be found by using any mobile phone
• Deposit account is opened only by 20 Tk.
Where to register IBBL mCash account?
• Any branch of Islami Bank Bangladesh Limited,
• Any ‘Islami Bank mCash’ agent approved by Islami Bank Bangladesh Limited, and
• Any agent of approved mobile network operator with Islami Bank mCash signboard,
• Customer can register at any authorized agent point of Islami Bank Bangladesh Limited who can display Islami Bank Bangladesh Limited Mobile Banking Banner’.
Open an account for IBBL mCash needs the Documents:
• One copy of passport size photograph
• Photocopy of National ID Card / Nationality Certificate / Driving License / Passport
• The Agent / Officer will open an account based upon the information provided by the customer and the customer will receive an SMS which will confirm the opening of the account.
• The mobile account number will be the combination of his mobile number with a check digit which will be placed at the last of his mobile number. So the mobile account number will be a combination of 12 digit number.
• Then the customer needs to call *16259# to get the mCash
• Account Activation Confirmation menu and submit a four digit PIN number which will be used for each transaction performed by him/her. This PIN must not be disclosed to anyone to ensure security and confidentiality.
• At this stage, customer will only be able deposit money to his account but will not be able to withdraw money or perform other transactions. After the activation of his/her mobile account by the branch employee of IBBL, he will get a confirmation SMS. After that, he/she will be able to enjoy all the services of Islami Bank mCash.
PIN number for IBBL mCash:
PIN is the key for transaction of Mobile Banking mCash. Only correct match of PIN & Mobile Number can access the Mobile Account. PIN is needed to verify the A/C owner by the system. If a PIN is disclosed, respective account is at risk; therefore, PIN should be handled very carefully.
Transaction Limits for Mobile Account of IBBL mCash:
Daily Deposit : 5 times (maximum)
Daily Withdraw : 5 times (maximum)
Daily Fund Transfer : 10 times (maximum)
Daily Deposit Amount : 50 – 25,000 Tk.
Daily Withdraw Amount : 50 – 25,000 Tk.
Daily Transfer Amount : 10 – 5,000 Tk.
Monthly Deposit : 30 times (maximum)
Monthly Withdraw : 15 times (maximum)
Monthly Transfer : 100 times (maximum)
Monthly Deposit Amount : 3, 00,000 Tk.
Monthly Withdraw Amount : 1, 50,000 Tk.
Monthly Transfer Amount : 1, 00,000 Tk.
Mobile Banking Facility from Islami Bank
Transaction Fees & Service Charge of IBBL mCash:
Account Opening : Free
Foreign Remittance Deposit : Free
Receive Salary & Allowance : Free
Mobile Recharge (Top-Up) : Free
Account Balance Check : Free
Receive Mini Statement : Free
Merchant Payment : Free
Cash In (Deposit) : Free
Fund Transfer : Tk. 2 per transaction
Cash Out (Withdraw):
10 Taka for 10-1000 Tk. and 1% of Tk. for 1001-25000 Taka
Deposit and withdraw money from IBBL Mobile Banking mCash:
You can deposit money immediately after registration. However, you can withdraw after your account is fully registered. Bank officer verifies the information on the registration form (KYC form) and authorizes the account for full registration. Normally 1-2 working days are required for full registration. After your
How is IBBL Mobile Banking mCash secured?
IBBL Mobile Banking mCash is highly secured as it uses USSD or SMS+IVR as its communication channel. In case of USSD, both the instructions and PIN are communicated using USSD while in case of SMS+IVR, instructions are sent via SMS and PIN via IVR (voice channel), both the USSD and IVR are secured for transmission of PIN.
Customer’s money is safe as none can withdraw his/her money without taking possession of Mobile set, PIN and Check digit together. None will be able to deposit unwanted money into a Mobile Account without knowing the check digit (although the mobile number is publicly known).account is fully registered; you will get an SMS notification.
How beneficiary will withdraw money from the Mobile Account of IBBL mCash?
Now a day, a beneficiary of remote area has to come to the district town to withdraw money from Banks where cost and money involvement is high. To avoid this difficulty, a beneficiary can easily withdraw money from the nearest IBBL agent points. IBBL has enormous agent points all over the country like:
• Retailer of any Phone operator
• Own agent of IBBL ( Islami Bank Selected the agent name)
• Customers with Telcos authorized by mCash will dial *259# whereas Customers of other Telcos will call 16259 from his/her mobile to get the Cash Out (withdraw) menu.
• Union Information Service Centre (UISC) located at each of the Unions of Bangladesh.
• Then the cash out transaction will be complete and both the customer and the agent will receive confirmation SMS from the System.
One can now withdraw remitted money from any of these agent points. Apart from above, one can withdraw remitted money from any branch of IBBL
How the Foreign Remittance can be received in mCash Mobile Account:
Now, anyone living abroad can send foreign remittance directly to mCash mobile account from IBBL foreign liaison offices, approved agents and exchange houses. Within 24-72 hours the fund will be credited directly to the mobile account and confirmation SMS will be sent to both the remitter and the beneficiary. This money can be withdrawn from any branch of Islami Bank Bangladesh Limited, any approved mCash agent or mCash approved mobile network operators’ agent bearing Islami Bank mCash signboard.
To remit the foreign remittance, the remitter needs to provide the following information:
1. Amount of Money
2. Name of the beneficiary
3. Account Number (mCash Mobile Account)
4. Bank Name: Islami Bank Bangladesh Limited
How to Process Mobile Top-up from IBBL mCash?
• Customer initiates Mobile Top-up from his/her mobile
• Customer will select “Self” or “Other” sub-Menu from “Top-up” Menu
• Customer will provide amount and PIN in case of “Self” Top-up; OR mobile number, amount and PIN in case of “Other” Top-up
• Mobile balance will be Top-up and customer will receive a confirmation SMS
How to check your account balance of IBBL?
• Customers with Telcos authorized by mCash will dial *259# whereas Customers of other Telcos will call 16259 from his/her mobile to get the My Wallet menu.
• Customer will get a USSD Flash Menu on his/her mobile
• Customer will press “Reply” button and insert the corresponding serial number of “Balance” as mentioned in the Menu. Then s/he will press “Send” button
• Customer will get a call from the system and he will type the PIN number according to
Mini Statement of IBBL mCash:
• Customers with Telcos authorized by mCash will dial *259# whereas Customers of other Telcos will call 16259 from his/her mobile and get the My Wallet menu.
• Then customer will select the Mini Statement menu and submit the PIN number
• In reply, either thru SMS or thru USSD flash message, he will get the Mini Statement (last 5 transactions) of his mobile account.
PIN Number Change of IBL mCash:
• Customers with Telcos authorized by mCash will dial *259# whereas Customers of other Telcos will call 16259 and get the My Wallet menu.
• Then customer will select the Change PIN menu and submit the current PIN number and twice the new PIN number.
• In the reply SMS, either thru SMS or thru USSD flash message he/she will get the confirmation about the change of his PIN number.
How will you send money to another Mobile Account from IBBL mCash?
• Customer initiates the transaction from his mobile.
• Customer selects the send money option from the main menu and insert the receivers Mobile account number and amount.
• Customer enters his/her PIN
• Money will be transferred and both sender & receiver will get SMS notification.
mCash is likely to add a new dimension to Islami Bank’s service. mCash clients can enjoy Mobile Banking facility any time and from any place. It facilitates to money deposit, cash withdrawal, fund transfer to other accounts and remit money from overseas to mobile accounts in shortest time. Besides it accommodates mobile top-up, commodity buying and selling and salary/wage transfer facility. The service will be available in any operator’s mobile phone. Account opening is free of cost with a primary balance of 20 taka only. The client himself/herself can accomplish all the operations except cash transaction.