MFS and P2P Transactions Restricted Ahead of National Elections
Summary
Bangladesh Bank has announced temporary restrictions on mobile financial services and person-to-person transactions ahead of the 13th National Parliament elections. The 96-hour restriction period will begin at midnight on February 9 and continue until 11:59 am on February 12, aiming to prevent misuse of financial transactions during the election period.
AI-assisted summary
Bangladesh Bank has imposed temporary restrictions on mobile financial services (MFS) and person-to-person (P2P) transactions in view of the upcoming 13th National Parliament elections.
According to a circular issued by the central bank’s Payment Systems Department-1 (PSD-1) on Sunday (February 8), the restrictions will remain in effect for 96 hours, starting from midnight on February 9 until 11:59 am on February 12. The move aims to prevent the misuse of financial transactions during the election period.
As per the circular, the maximum transaction limit for P2P transfers from MFS personal accounts has been set at Tk 1,000 per transaction during the specified period. In addition, customers will be allowed to conduct a maximum of 10 P2P transactions per day.
However, merchant payments and utility bill payments will continue as usual under existing regulations. All other types of MFS transactions will remain temporarily suspended during the restriction period.
The circular also instructed all mobile financial service providers and scheduled banks to strictly follow the guidelines. Each MFS provider has been directed to form a dedicated “Quick Response Cell” to promptly receive and resolve customer complaints related to MFS during the election period.
Bangladesh Bank further stated that all MFS transactions will be closely monitored. In case of any suspicious or unusual activity, providers have been instructed to immediately inform the concerned police station.
Additionally, P2P transactions through internet banking using the Inter-Bank Fund Transfer (IBFT) system under the National Payment Switch Bangladesh (NPSB) will remain completely suspended during the specified period.
The central bank said MFS providers and banks must extend full cooperation to the Election Commission and law enforcement agencies as required. Normal MFS and banking transactions will resume after the restriction period ends.