For six days ahead of Bangladesh’s national election, the country’s most common political “campaign tool” may not be a rally or a poster, but a throttled digital wallet.
Bangladesh Bank is preparing to cap mobile financial service (MFS) transfers at 10,000 taka (about $82) per account per day from Feb. 8 to Feb. 13, with each transaction limited to 1,000 taka, according to local media reports and officials familiar with the plan.
The restrictions would apply to major MFS operators including bKash, Nagad and Rocket, effectively preventing large-value transfers during the period.
Banking channels are also set to face tighter controls over the same window, with preparations underway to suspend person-to-person fund transfers through internet banking platforms, the reports said.
The potential restrictions could cover popular banking apps such as Brac Bank’s Astha, City Bank’s Citytouch and Dutch-Bangla Bank’s NexusPay.
Officials at Bangladesh Bank and the Bangladesh Financial Intelligence Unit (BFIU) said the measures were requested by the Election Commission and are aimed at preventing the misuse of money to influence voters.
Bangladesh is due to hold parliamentary elections on Feb. 12, its first national vote since a 2024 uprising that toppled the previous government, with campaigning already underway.
In parallel, cash movements are being monitored more closely. Any account recording cash deposits or withdrawals of 1 million taka (10 lakh) or more in a single day must be reported to the BFIU, and banks may face punitive action if inconsistencies are found in filings, the reports said.
A Bangladesh Bank spokesperson said a formal circular on the restrictions would be issued soon in line with the Election Commission’s requirements, and that limits could be adjusted further if needed.
The clampdown marks a sharp tightening from typical MFS limits that allow much higher daily transfers, raising concerns among customers and small businesses that rely on digital payments for routine commerce.
Bangladesh’s move highlights how election authorities across emerging markets are increasingly focused on the “last-mile” channels of political financing, not only cash couriers, but also the high-velocity rails of mobile wallets and app-based transfers.
By lowering per-transaction ceilings and monitoring large cash activity simultaneously, regulators appear to be trying to reduce both digital vote-buying and the ability to quickly replace restricted digital flows with bulk cash withdrawals.
