The Bangladesh Bank (BB) has introduced new limits on person-to-person transactions via mobile financial services (MFS) in anticipation of the upcoming parliamentary election on February 12. To prevent potential misuse of these platforms during this period, the central bank has set a daily transfer cap of Tk 10,000.
In a recent circular, the BB announced that effective from midnight tonight, the maximum limit for person-to-person transactions through popular MFS platforms including bKash, Rocket, and Nagad will be Tk 1,000 per transaction. Account holders will be allowed a maximum of 10 such transactions per day, totaling up to Tk 10,000 daily.
These restrictions are slated to remain in place until 11:59 pm on February 12, the day of the election, to safeguard against any misuse of the platforms. The BB emphasized that this measure aims to prevent any illicit activities during this critical period.
This decision comes amidst concerns that political candidates might exploit MFS platforms to influence voters by transferring money. Notably, the central bank has not imposed any limits on merchant payments or utility bill transactions conducted through MFS channels.
Presently, MFS account holders can deposit up to Tk 50,000 daily through authorized agents, while the daily withdrawal limit for cash transactions stands at Tk 30,000. Regarding person-to-person transfers, users are allowed to transfer up to Tk 50,000 per day.
Moreover, users can engage in transactions totaling up to Tk 300,000 per month, with a maximum of 50 transactions in a single day and 100 transactions throughout the month.