BB warns against Sohozcash dealings

NN ONLINE:

Bangladesh Bank (BB) today issued a public caution regarding engagement in recruitment or financial transactions involving Sohozcash Limited.

The BB, which holds the sole authority to approve institutions authorised to conduct financial transactions, has issued a notification in this regard. The central bank stated that the entity is neither secured for necessary regulatory authorization nor formally submitted any application to the Bangladesh Bank for approval to conduct financial activities.

According to the notification, a job advertisement, recently published in several national newspapers in the name of Sohozcash Limited, came to the attention of the Bangladesh Bank. The advertisement claimed that Sohozcash Limited was in a pre-operational stage and in the process of obtaining central bank approval to launch mobile financial service (MFS).

However, the central bank clarified that no application to launch MFS under the name Sohozcash Limited has been submitted or accepted, and the banking regulator is not in the process of approving any such institution. The BB has, therefore, urged all concerned to exercise caution and refrain from making any financial transactions or commitments with the said organisation.