Limits Imposed on P2P Transactions via MFS Ahead of Election

Staff Report | PNN

Ahead of the 13th National Parliamentary Election, Bangladesh Bank has imposed temporary restrictions on person-to-person (P2P) transactions through mobile financial services (MFS). The restrictions will take effect from midnight on Monday (February 9) and remain in force until midnight on polling day.

Under the central bank’s directive, users of bKash, Nagad, Rocket and other MFS platforms will be allowed to transfer a maximum of Tk 1,000 per transaction. Although up to 10 transactions per day are permitted, the total daily amount cannot exceed Tk 10,000.

The instructions were issued through a circular sent to all MFS providers and scheduled banks operating in Bangladesh. The circular stated that the decision aims to prevent misuse of P2P transactions via MFS and NPSB-supported IBFT systems during the election period.

According to the circular, from midnight on February 9 to 11:59 p.m. on February 12—a total of 96 hours—P2P transactions through internet banking or IBFT will remain completely suspended.

However, merchant payments and utility bill payments will continue as per existing rules. All other types of MFS transactions will remain suspended for the specified period.

To ensure prompt resolution of any MFS-related complaints during the election period, each mobile financial service provider has been instructed to form a dedicated quick response cell. Providers must also maintain round-the-clock monitoring and immediately report any suspicious or unusual transactions to the respective police stations.

Banks and MFS providers have also been instructed to fully cooperate with the Election Commission and law enforcement agencies as required. Normal MFS operations will resume after the restriction period ends.