Courier services want formal recognition as a service industry
The Bangladesh Bank has expressed concern about unauthorized courier services.
The central bank ordered financial institutions not to use unauthorized courier services in a circular.
The circular said that the use of unregistered courier services is prohibited under the Postal Act of 1898 and the Courier Operators and Courier Services Rules of 2013.
He said: “The directive is to refrain from using any service from unregistered courier organizations.”
The Bangladesh Bank‘s Financial Institutions and Markets Department released the circular on Tuesday, signed by its Managing Director, Md Julker Nayen.
In this regard, Bangladesh Bank officials said that the courier service industry is growing in Bangladesh, but it is an unchecked industry with very little oversight.
âMost of them are not registered, few of them work with expired licenses. Thus, the central bank has asked all financial institutions in the country to refrain from taking the services of unregistered postal operators and courier services, âofficials said.
Meanwhile, courier service providers want to be recognized as a service industry with the aim of increasing their contribution to commerce and the economy.
The Bangladesh Courier Services Association (CSAB) recently wrote a letter to the Ministry of Commerce, requesting recognition as a service industry.
According to the CSAB, there are around 480 courier companies in the country. Among them, 139 are members of the CSAB. 72 of the 139 CSAB members are registered with the relevant licensing authorities.
The sector’s market size is around Tk 7,000 crore, according to the letter. It is estimated that 2 lakh people are directly involved in the sector. In addition, around 6 lakh people earn their living from the sector.
It has also made the central bank more concerned with their services recently.
The CSAB, in its letter, called on the ministry to take the necessary measures for its recognition as a service industry.