BIN made mandatory for business banking, digital payments

The government is set to tighten digital and formal economy compliance by making Business Identification Number (BIN) mandatory for opening business bank accounts and mobile financial service (MFS) merchant accounts under the proposed national budget for the fiscal 2026-27.

According to the Finance Bill, businesses will be required to submit either a valid BIN or proof of BIN enrolment to open merchant accounts that facilitate digital payments through platforms such as bKash, Nagad, Rocket and Upay.

The move effectively positions BIN as a key gateway for accessing core financial services, marking a significant step towards expanding VAT compliance and improving oversight of digital transactions.

Officials said the measure is aimed at widening the tax net, reducing informal economic activity and strengthening monitoring of business transactions taking place through fast-growing digital payment channels.

Beyond MFS merchant accounts, BIN requirements will cover a wider range of business services. These include opening and operating current and short-term deposit accounts with banks and non-bank financial institutions, obtaining loans, renewing trade licences and securing trade body memberships. 

It will also be required for accessing utility connections such as electricity and gas for commercial use. Vehicle registration under business ownership may also come under the same framework.

Industry estimates suggest there are currently nearly 10 lakh merchant account holders across the country, highlighting the scale of the digital payments ecosystem now being brought under tighter regulatory scrutiny.

A finance ministry official said the broader reform aims to bring more businesses into the formal economy and improve the government’s ability to track commercial activity that often remains outside the tax system.