MFS Transactions to Be Capped at Tk 10,000 a Day Ahead of Polls

Ahead of the upcoming national election, Bangladesh Bank is set to impose a daily transaction cap of Tk 10,000 on mobile financial service (MFS) platforms from 8 to 13 February, as part of efforts to prevent misuse of money to influence voters. Alongside limiting transactions via MFS and internet banking, the central bank is also planning to temporarily suspend person-to-person fund transfers through bank apps and internet banking during the same period.

According to sources, the move is aimed at curbing financial irregularities during the election period. At the request of the Election Commission, Bangladesh Bank is preparing to implement the initiative based on proposals from the Bangladesh Financial Intelligence Unit (BFIU).

A senior Bangladesh Bank official, speaking on condition of anonymity, said work is underway to restrict financial transactions in line with the Election Commission’s request. A circular may be issued within this week, he added. He also noted that if any unusual transactions are detected through Cash Transaction Reports (CTR), the concerned bank will be required to take immediate action. Failure to do so may result in punitive measures against the bank.

During the election period, BFIU has proposed that each customer will be allowed to send a maximum of Tk 10,000 per day between 8 and 13 February. Each transaction will be capped at Tk 1,000, with a maximum of 10 transactions per day.

At present, customers of MFS providers such as bKash, Nagad, SureCash, and Rocket can transact up to Tk 50,000 per day and Tk 300,000 per month, with a daily limit of 50 transactions and a monthly limit of 100 transactions. Additionally, through bank apps and internet banking, individual customers can currently transfer up to Tk 1 million per day, with a per-transaction limit of Tk 300,000 and a maximum of 10 transactions per day. Popular platforms offering these services include Brac Bank’s Astha, City Bank’s Citytouch, Islami Bank’s Selfin, Dutch-Bangla Bank’s NexusPay, and Pubali Bank’s Pi app.

DBTech/JNO/MEM/OR