MFS transaction cap likely during polls

The transaction limit for mobile financial services (MFS) may be reduced ahead of the upcoming national parliamentary election.

As a result, customers of mobile banking platforms such as bKash, Rocket, and Nagad may be allowed to transact up to Tk 10,000 per day, with a maximum per-transaction limit of Tk 1,000.

Arief Hossain Khan, executive director and spokesperson of Bangladesh Bank, said yesterday that the transaction limit for MFS may be lowered in view of the election.

“Before every election, we usually receive such instructions from the Election Commission. However, we have not received any directive yet this time. We will take initiatives once we receive an official letter,” he said.

He added that discussions are ongoing to allow a maximum of 10 transactions per day, with each transaction capped at Tk 1,000.

“No final decision has been made yet,” he said, adding that stricter measures may also be imposed on mobile banking services.

The limited cap will remain in effect for one week, covering both the period before and after the election, according to BB officials.

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.

There are allegations that some candidates are sending money to voters’ accounts ahead of the election. The next national parliamentary election is scheduled to be held on February 12.