“Decision to tighten regulations on bKash and Nagad transactions”

Transactions via bKash, Nagad to Be Restricted Ahead of National Election. Ahead of the upcoming national parliamentary election, authorities have decided to impose restrictions on transactions through mobile financial services (MFS), including bKash, Nagad and Rocket. The move aims to prevent the misuse of money during the election period and curb allegations of influencing voters through financial incentives, according to officials familiar with the decision.

Sources at Bangladesh Bank and the Bangladesh Financial Intelligence Unit (BFIU) said the decision was taken following a request from the Election Commission. The restrictions are intended to stop the illegal distribution of money, vote-buying, and undue influence through digital transactions before and during polling.

Under the decision, from February 8 to February 13, customers will be allowed to transact a maximum of Tk 10,000 per day through all mobile banking platforms, including bKash, Nagad and Rocket. Each transaction will be capped at Tk 1,000, and users will be permitted to make a maximum of 10 transactions per day.

During the same period, person-to-person fund transfers through banks’ internet and app-based banking services will also remain temporarily suspended. Officials believe this will significantly reduce the ability to quickly move large sums of money during the election period.

Bangladesh Bank officials noted that in previous elections there were allegations of money distribution using digital channels. Due to the ease and speed of mobile banking, large amounts of money can be transferred in a short time, increasing the risk of violations of the electoral code of conduct. The current measures are being taken as a precaution to mitigate those risks.

Bangladesh Bank Executive Director and spokesperson Arif Hossain Khan said work is underway to limit financial transactions in line with the Election Commission’s request, adding that a formal circular on the matter will be issued within the week.

Meanwhile, monitoring of cash deposits and withdrawals has also been tightened ahead of the election. Any cash transaction of Tk 1 million or more in a single day must be reported to the BFIU as a Cash Transaction Report (CTR).

BFIU officials said banks will be required to take immediate action if any suspicious transactions are detected. Violations of the prescribed rules may result in action under the Money Laundering Prevention Act.

Officials believe the temporary restrictions on mobile and digital banking during the election period will help reduce illegal financial activities and contribute to a more transparent and credible election process.