Daily MFS transfers capped at Tk 10,000 until February 12

The Bangladesh Bank (BB) has imposed strict limits on person-to-person transactions through mobile financial services (MFS) ahead of the parliamentary election on February 12, capping daily transfers at Tk 10,000 to prevent misuse of the platforms during the period.

In a circular issued yesterday, the central bank said starting from 12:00am tonight, the maximum limit per person-to-person transaction through MFS platforms such as bKash, Rocket and Nagad will be Tk 1,000.

Account holders can make a maximum of 10 such transactions per day, bringing the daily ceiling to Tk 10,000.

The restrictions will remain in effect until 11:59pm on February 12, voting day, the BB said, adding that the measure has been taken to prevent misuse of the platforms.

The move comes amid concerns that candidates may use MFS platforms to transfer money to voters in attempts to influence their ballots. The central bank has not imposed any restrictions on merchant payments or utility bill payments through MFS.

Currently, MFS account holders can deposit up to Tk 50,000 daily through agents. For cash withdrawals through agents, the daily transaction limit is Tk 30,000.

For person-to-person transactions, users can transfer up to Tk 50,000 per day.

They can conduct transactions of up to Tk 300,000 per month, with a maximum of 50 transactions in a single day and 100 transactions over the entire month.