Bangladesh Bank has increased transaction limits for customers of mobile financial services (MFS) such as bKash, Nagad, and Rocket, allowing users to deposit, withdraw, and transfer more money daily and monthly.

Additionally, the maximum account balance has been raised to Tk5 lakh from the previous limit of Tk3 lakh. The limit on the number of transactions has also been removed.

A notification regarding these changes was issued on Thursday, with the central bank citing increased customer transactions ahead of Eid as a key reason for the decision.

However, MFS providers retain the flexibility to impose their own transaction limits if they choose, according to the notification. The new directive is expected to be implemented swiftly.

Revised transaction limits

The maximum deposit amount at an agent point has been increased from Tk30,000 to Tk50,000 per day. The monthly deposit limit has been raised from Tk2 lakh to Tk3 lakh.

The daily withdrawal limit at an agent point has been increased from Tk25,000 to Tk30,000. The monthly withdrawal limit has been raised from Tk1.5 lakh to Tk2 lakh.

The daily transaction limit for peer-to-peer (P2P) transfers has doubled from Tk25,000 to Tk50,000. The monthly transfer limit has increased from Tk2 lakh to Tk3 lakh.

The maximum balance an MFS account holder can maintain has been increased from Tk3 lakh to Tk5 lakh.

Rapid growth in mobile financial transactions

Mobile financial services have become a dominant mode of financial transactions in Bangladesh, expanding beyond communication to enable payments, fund transfers, and purchases.

In January 2024, MFS platforms processed transactions worth more than Tk1.75 lakh crore—an increase from Tk1.65 lakh crore in December 2023. The daily transaction volume now averages around Tk5,537 crore.

MFS services facilitate a range of transactions, including mobile recharges, shopping, bill payments, ticket purchases, and business transactions.

They also play a crucial role in money transfers, remittance receipt, government allowance distribution, salary payments, and scholarship disbursements.

Bangladesh Bank data shows that as of January 2024 the number of registered MFS customers stood at 23.93 crore, with 8.85 crore active users.

Due to multiple service usage by individuals, the number of unique account holders remains unknown.

There are over 18.42 lakh agents nationwide providing MFS services. bKash leads the market with nearly eight crore registered customers, processing approximately Tk4,000 crore in daily transactions. Nagad follows, handling nearly Tk2,000 crore daily.

With the increased transaction limits, mobile financial services are expected to further strengthen their role in Bangladesh’s digital economy.