Business

Binimoy - A breakthrough platform for ending illegal transactions


Published : 27 Nov 2022 12:57 AM | Updated : 27 Nov 2022 12:57 AM

Equipped with cutting edge technology, the newly launched platform for digital financial transactions – Binimoy— can put an end to any illegal transactions, currently reported frequently to rob common people who rely on mobile financial services (MFS), said a spokesperson of the platform.

In reference to the recent arrest of three fraudsters by law enforcers in Bogura, the official, on condition of anonymity, said Binimoy authority was the first one who identified location and tipped off the law enforcers to track these swindlers, admitting that “such malpractices are commonplace complaint in Bangladesh and some fraud groups are doing their transactions using MFS gateways”.

He requested Binimoy users to get in contact with prior monetary service providing organisations / institutions in case they encounter any kind of issue during registration or transactions.

“Binimoy ensures clarity by providing uninterrupted and secure transactions between different payment system providers, at a cost-effective rate”, added the official.

Days back, a team of Criminal Investigation Department (CID) arrested three people from Bogura, including a bKash agent while stealing money of general MFS users also appeared in media reports.

 Addressing to the concern, the official said  “there is an active existence of a fraud circle, adding that “they are using CellFin platform of MFS to access their bKash personal accounts, and then send requests for illegal money deposits”.

Citing the prompt identification of all three perpetrators as an example of this efficiency, he added “Binimoy is such a platform, where the central bank has taken initiatives to inter-operable all the banks, MFS, all the accounts of payment service providers”.

However, “the prompt action by Binimoy has not been taken positively by of a group who charges a pretty high amount against providing certain services. Other competitors present in the market, cannot tolerate a safety insured cost-effective rate and dynamic service's arrival”, he added.

“On the other hand, a sick practice of attacking each other is common among the MFS providers in Bangladesh, both in real life and social media platforms”, alleged the official. 

Launched weeks back, Binimoy, the first such platform, is a bridge among customers, businessmen, payment service providers, e-wallets, banks, monetary organizations, payment system operators, government and private institutions.

People will be able to do all kinds of financial transactions securely, such as: giving salary to workers, VAT / Tax, e-commerce transactions with clarity, by using Binimoy and this app is highly secured, because Two Factor Authentication is mandatory to do each single transaction, according to the statement by organisners.