Bangladesh Bank has increased the transaction limit of mobile financial service providers (MFS). Now customers of financial services like bKash, Rocket, Nagad can deposit 30 thousand taka daily through Agent Point and 2 lakh taka per month. And from bank account or card, 50 thousand taka per day and 3 lakh taka per month can be deposited. Customers will be able to withdraw 25,000 taka daily and a maximum of 1.5 lakh taka per month. However, the balance of MFS account cannot be kept more than 3 lakh taka.
On Monday (April 25), the Central Bank’s Payment Systems Department (PSD) issued a directive in this regard. The instruction has already been sent to the Managing Director or CEO of all the banks and to all the Mobile Financial Services (MFS) providers operating in Bangladesh by the Payment Systems Division of Bangladesh Bank.
“Currently, MFS is playing an important role in the overall payment system of the country,” the central bank said in a statement. In the wake of the emergence of Covid-19, the scope of MFS and the scope of transactions have been expanded, and the use of this medium to provide financial assistance under various government incentives, education and social security has greatly increased. At the same time, the use of MFS among low-income people has increased significantly. As a result, in view of the growing demand for MFS and in order to encourage digital transactions, it is necessary to redefine the MFS personal transaction limit.
According to the new guidelines, customers of this service will be able to deposit Tk 30,000 daily and Tk 2 lakh per month through Agent Point. And from bank account or card 50 thousand taka per day and 3 lakh taka per month can be deposited.
Customers will be able to withdraw Taka 25,000 daily and a maximum of 1.5 lakh taka per month. However, the balance of MFS account cannot be kept more than Tk3 lakh.
MFS customers can send each other Tk. 25,000 daily and Tk 2 lakh per month. Earlier, a MFS customer could send a maximum of Tk. 75,000 per month to another customer.
However, within this limit, MFS organizations will be able to determine the limit by reviewing the risks, the central bank said in a circular.
