Bangladesh Bank (BB) has issued a series of directives to restrict Mobile Financial Services (MFS) and Peer-to-Peer (P2P) transactions for 96 hours starting from midnight tonight.
These measures have been implemented to prevent potential misuse of digital payment systems during the upcoming 13th National Parliamentary Election, said a BB circular issued on Sunday, February 8.
According to the circular issued by the Payment Systems Department, the restrictions will be in effect from 12:00 AM on February 9 until 11:59 PM on February 12.
During this window, P2P transactions via MFS will be capped at a maximum of Tk 1,000 per transaction, with a limit of 10 transactions per day.
Furthermore, P2P transactions through Internet Banking Fund Transfers (IBFT) will be completely suspended for the duration of 96 hours.
The central bank clarified that regular payment rules will remain unchanged for merchant payments and utility bill settlements.
However, all other types of MFS transactions that are not specifically exempted will be temporarily suspended during this period.
To ensure compliance and security, the central bank has directed all Mobile Financial Service Providers (MFSPs) to establish dedicated Quick Response Cells to handle complaints and take necessary actions.
Providers are also required to maintain 24/7 close monitoring of all transactions. Any suspicious or abnormal transaction patterns must be reported immediately to the respective local police stations.
The circular also mandates that MFS providers and banks provide all necessary assistance to the Election Commission and law enforcement agencies as requested. Normal transaction services are expected to resume fully once the 96-hour restriction period concludes.
Source: BSS