Mobile Financial Services (MFS) providers will lose the card-to-MFS “Add Money” facility if they fail to implement a system verifying that the MFS account and the card used for adding money belong to the same individual, according to a Bangladesh Bank directive.
The regulation will take effect from 1 August.
In a circular issued on Tuesday, Bangladesh Bank said users adding money from bank cards to MFS wallets will face new verification steps and system-level changes across banks and MFS providers.
The central bank directed that the beneficiary MFS wallet number must also be visible to the card-issuing bank during each transaction. This ensures traceability and accountability, helping prevent fraud.
Sector insiders said the move is aimed at reducing misuse and strengthening oversight of digital financial flows. A key policy shift in the instruction is the classification of card-to-MFS add-money flows as fund transfers rather than merchant payments.
According to Bangladesh Bank officials, this change is intended to block scammers, improve monitoring, and ensure better governance of electronic fund transfers.
Under a temporary arrangement, first-time users linking a card to an MFS account must complete a token transaction of up to Tk500. The card will be activated for full MFS use 24 hours after this verification step. Once verified, normal add-money transactions can continue.
The directive has been issued to managing directors and CEOs of all MFS providers and scheduled banks operating in Bangladesh.
