Financial: The Bank of Bhutan (BoB) launched its agency banking service under BoB Connect in Genekha, Thimphu yesterday.
Royal Monitory Authority governor Dasho Penjore launched the service by awarding a BoB Connect authorised agent certificate to Aum Leki Pem, the first agent to be appointed under the new service.
The agent will provide basic banking services such as deposits and withdrawals, fund transfers, BoB and NPPF loan repayments, NPPF house rent payment, B-Mobile/TashiCell recharges and top-ups, electricity bill payment and loan applications.
BoB Connect agents will provide the services using the M-BoB mobile banking platform. The client and the BoB Connect agent will also receive an instant SMS confirmation of all financial transactions conducted through the service.
The BoB Connect agency banking service can be availed by anyone owning any kind of mobile phone. Funds can also be transferred to someone without a bank account through the cash-out facility.
While using this facility, a One-Time Password (OTP) is sent to the mobile phone of the recipient who can withdraw the cash from the nearest agent. The agent will pay the cash after authenticating the transaction by entering the OTP, amount and the recipient’s mobile number into the agency-banking app on a phone.
According to BoB CEO, Pema N Nadik, the service further underlines the company’s commitment to provide banking services to the entire nation and move closer towards achieving the national goal of greater financial inclusion.