Mobile Financial Services in need

Sound investment stressed to make MFS competitive

Mobile Financial Services (MFS) have already started a while back in Bangladesh and largest operators bKash, with 85% market share and Dutch Bangla Bank Ltd, with 10% have invested huge sums for platform, network and training. Still it is seen that these businesses are not making good enough revenue, operating on loss or marginal profit. With over 2.86 crore mobile banking clients in June 2015, the transactions are 85% of the time being done Over The Counter (OTC). This makes accountability and records very untrustworthy and unmanageable.

A more sustainable country

Dhaka ready to face new challenges

Bangladesh has met many Millennium Development Goals already and are on course to meet more, which are to be set by the current general assembly. The primary target for the country is Eradicating extreme poverty by 2030. Extreme poverty and hunger (currently 24.8%), achieving universal primary education (98.7%), reducing child mortality (46 per thousand), and improving maternal health (170 deaths per 1 lakh births) are set on being improved by the end of this year.

Headlines, Sept 13 - Sept 17

Blog posts from last week are listed here. You can take a quick peek at your desired update from last week.

Sept 13 :  No VAT says Students, VAT legal says government VAT is 7.5% 
Sept 14 :  Female entrepreneurship in Bangladesh Prospects of Bangladeshi Women
Setp 15 :  Staple food highlights Rice production record; market price variations
Sept 16 :  Mascot for Business Japanese mascot for promoting Bangladesh
Sept 17 :  Income Tax Fair National fair, e-TIN and tax deposits

Income Tax Fair

Off to a good start: tax fair pulls in crowds

We finish the week with a short post about Income tax, fitting since it started off with taxes as well, although on the wrong side of the public agenda.

The annual national income tax fair is being held in Officer’s club in Bailey road, Dhaka and also at Agrabad in Chittagong, aiming for rasiing awareness and motivating people for paying tax and widening the tax net. Of 16 crore people, only 17 lakh Tax identification Number (TIN) is present, from which even only 12 lakh filed tax returns last year. This was admittedly short of the goals of bringing 50% of public revenues through income tax by 2022.

Mascot for Business

Bantora Kun launched in capital to bolster Japan-Bangla trade, cultural ties

A different kind of positive step has been taken by Japan to brighten the image of Bangladesh in Japanese people’s perceptions. A bright yellow Royal Bengal Tiger mascot has been launched by the Japanese business community, to promote Bangladesh and trade relationship with Japan. Naming the mascot with their own style of language, but with some Bangladeshi touch, it is called “Bantora”: ‘Ban’ referring to us and ‘tora’ meaning tiger.

Staple food highlights

Rice output hits record, farmers not so happy

Cropping 1.91 crore tones of borro rice in last season’s production, farmers helped Bangladesh attain highest yield and self-sufficiency in staple food. Total rice output was 3.47 crore tones in fiscal 2014-15. Farmers however, were not satisfied, since market glut from India increased supply and decreased prices, below production costs. Rice import rose almost 4 times last year, which led the government to put a 10 pc duty on rice. However, Indians decreased their own prices. Rice prices although fell, but are affected now due to recent flooding.

Female entrepreneurship in Bangladesh

Female labour force could drive economy further: WB

If Bangladesh could boost its female participation from the current to 34% to 82%, then it is possible to achieve 1.8% point annual GDP growth, the World Bank believes for Bangladesh. In it’s two yearly report on Women, Business and Law, it disseminates acknowledgement of women’s economic environment, in 173 countries, recently expanding from 5, to 8 countries in South Asia.

With seven indicators: accessing institutions, using property, getting a job, providing incentives to work, building credit, going to court and protecting women from violence, previously it found 90% of the economies consisted of at least one law unfavorable to women. It said that Bangladesh and a few neighbors have handicapped inheritance for