MFS transfers capped at Tk 1,000 ahead of parliamentary election

Bangladesh Bank has imposed strict limits on mobile financial services (MFS) and cash transactions ahead of the parliamentary election scheduled for February 12, aiming to prevent misuse of financial platforms during the sensitive election period.

In a circular issued on Sunday, the central bank said that from 12:00 am on Sunday, person-to-person transfers through MFS platforms such as bKash, Rocket and Nagad will be capped at Tk 1,000 per transaction. Users will be allowed to make a maximum of 10 such transfers per day, setting a daily limit of Tk 10,000.

The restrictions will remain in force until 11:59 pm on the election day.

Previously, MFS users could transfer up to Tk 50,000 per day through person-to-person transactions, with a monthly ceiling of Tk 300,000 and a maximum of 50 transactions per day.

The new measures significantly tighten these limits amid concerns that candidates could use digital platforms to distribute money to voters to influence electoral outcomes.

Bangladesh Bank has clarified that the restrictions, however, will not apply to merchant payments or utility bill payments made through MFS platforms.

Existing limits on cash deposits and withdrawals through agents will also remain unchanged, allowing users to deposit up to Tk 50,000 and withdraw up to Tk 30,000 per day.

In addition to MFS controls, the central bank has instructed commercial banks to restrict cash transactions. According to internal directives, daily cash transactions per customer must not exceed Tk 100,000 until the end of the voting day.

The measures are intended to enhance financial security and maintain stability during the election period, it said.

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