Home ›› 26 Apr 2022 ›› Front
The central bank has set fund transfer ceilings for personal mobile financial service (MFS) accounts from bank accounts and cards.
The new limit was set by the Bangladesh Bank’s (BB) Payment Systems Department (PSD) through a circular on Monday.
According to the circular, MFS personal account holders can now cash in up to Tk50,000 daily and Tk3,00,000 monthly from bank account and cards.
Earlier, there was no limit on fund transfer from bank accounts and cards to MFS account.
The circular also stated that cash in limit for MFS agents will remain at Tk30,000 daily and up to Tk2 lakh monthly.
Maximum cash out limit amount is at Tk25,000 for daily and Tk1.5 lakh for monthly from MFS personal account, while person-to-person daily transaction limit will be up to Tk25,000 and monthly Tk3 lakh.
It has been mentioned in the circular that the maximum balance of each MFS account can be Tk3 lakh.
According to the central bank data, Bangladesh has 11.61 crore registered MFS accounts, of which 4.5 crore are active accounts as of February 2022.
Total monthly transaction from MFS accounts was at Tk68,163 crore in February. The circular also stated that, MFS is playing an important role in the overall transactions of the country and its demand has increased during the time of pandemic.
Besides government pandemic incentives for the poor people, education stipends, social security allowances also increase in recent time, as the demand of MFS increased. In such a scenario, considering the growing demand for MFS and encourage electronic payments the central bank redefining transaction limits, mentioned the circular.
However, MFS providers will be able to set separate transaction limits for their respective organizations without exceeding the prescribed limits.
