The Bangladesh Bank (BB) has significantly increased the transaction limits of the mobile financial services (MFS) following growing use of the services across the country.
The central bank issued a circular in this regard on Sunday, enhancing daily cash-in limit of the MFS to Tk 30,000 from Tk 15,000 and daily cash-out limit to Tk 25,000 from Tk 10,000.
The MFS users, from now on, can enjoy the cash-in or cash-out facility with maximum five attempts a day.
In line with the adjustment, monthly cash-in and cash-out limits have been revised up to Tk 0.2 million and Tk 0.15 million respectively, while daily transaction limit through person to person (P2P) has been raised to Tk 25,000.
According to the circular, MFS users can keep maximum balance of Tk 0.3 million in their account.
The central bank also instructed the agent account holders to collect information, like - national identity card (NID) number and official card, of the people who will cash-in or cash-out Tk 5,000 or more.
The latest development has come as a welcome relief to many users, especially ahead of the Eid-ul-Fitr, when MFS transactions normally go up manifold.
However, the BB circular imposed an embargo on operating several accounts with a particular MFS provider. If several accounts are found against a single NID, the subscriber would have to choose one account and close others.
Besides, cash-in, cash-out and P2P have been restricted from one agent account to another.
The BB's circular came in the wake of demand from the private MFS providers due to higher transaction limit enjoyed by another MFS 'Nagad' belonging to the Bangladesh Post Office (BPO).
The 'Nagad' is operating in accordance with the BPO's own law.
'Nagad' users can make daily transactions worth Tk 0.25 million and single transaction limit is Tk 50,000.
When contacted, the country's MFS market leader bKash hailed the latest enhancement of transaction limit by the central bank, saying that it would also help expand further their business opportunities.
"We've been demanding such increase as the income and living standards of people have risen gradually," Shamsuddin Haider Dalim of bKash told the FE.
There are a total of 16 MFS operators and the daily transactions through the services are estimated at Tk 11.0 billion. bKash alone accounts for over 50 per cent or around Tk 6.0 billion out of the total.
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