Bangladesh Bank warns public over unlicensed ‘Shohoz Cash’ platform

Business Desk :

Bangladesh’s central bank has warned the public against dealing with a company called “Shohoz Cash Ltd”, saying it has not issued any mobile financial services (MFS) licence to the firm.
In a statement on Tuesday, the central bank said Shohoz Cash was not authorised to provide mobile banking or digital payment services and urged people to avoid all financial transactions with the company, reports bdnews24.com.

The regulator said it took notice of the issue after job advertisements appeared in several national newspapers, claiming that the company was in a “pre-operational stage” and was in the process of obtaining approval to operate MFS in Bangladesh.

“In fact, no application has been received by Bangladesh Bank under the name Shohoz Cash Ltd, and no approval process is under way,” the bank said.
The central bank warned the public to remain vigilant and refrain from any financial commitments involving the company.

In a separate statement, the online ticketing platform Shohoz clarified that it has no connection with the entity using the name Shohoz Cash.
“Imitating the name of a popular and established brand is never a good practice. It only causes confusion and unnecessary complications,” said Shohoz’s Chief Human Resources and Operations Officer Md Aminul Haque.