Concerns are growing among economists that temporary restrictions on mobile financial services (MFS) during the upcoming national election could disrupt everyday economic activity, despite authorities saying the measures are aimed at curbing illegal money flows and electoral malpractice.
Ahead of the 13th parliamentary election, the Election Commission, Bangladesh Bank and Bangladesh Financial Intelligence Unit (BFIU) are preparing to limit MFS transactions between 8 and 13 February.
Analysts warn that even though the curbs are short-term, they could place significant pressure on routine financial transactions relied upon by millions of people.
At present, MFS users can transfer up to Tk50,000 a day and Tk300,000 a month, with a daily limit of 50 transactions and a monthly cap of 100. Under the proposed election-time restrictions, the daily transaction limit could be reduced to Tk10,000, with no more than 10 transactions a day. This would sharply slow a digital system that routinely handles thousands of crore taka in daily transactions.
Data from Bangladesh Bank and Bangladesh Bureau of Statistics show that by January 2025, the number of registered MFS accounts stood at around 23 crore 93 lakh. As this exceeds the country’s population, it indicates that many individuals hold multiple accounts. Monthly average MFS transactions amount to roughly Tk1.2 lakh crore to Tk1.3 lakh crore, equivalent to about Tk4,000–4,500 crore per day. Over the six days likely to fall under election restrictions, normal transaction volumes would otherwise have reached an estimated Tk24,000–27,000 crore.
The wider digital transaction landscape highlights the scale of potential disruption. According to Bangladesh Bank, in November 2025 total digital transactions numbered about 66 crore 66 lakh 33 thousand 417, with a combined value of approximately Tk15.84 lakh crore. This translates to an average daily digital transaction value of around Tk52,000 crore, a substantial portion of which comes from MFS platforms.
Person-to-person (P2P) transfers are particularly significant. In November alone, P2P transactions amounted to around Tk4.81 lakh crore, or roughly Tk1,600 crore per day. These transfers support essential activities such as sending money from cities to villages, covering household expenses, purchasing raw materials for small businesses and paying daily wages.
Economists say these transactions are likely to face the most strain during the election period. A sudden reduction in the daily transfer limit from Tk50,000 to Tk10,000 would require larger payments to be broken into multiple smaller transactions, increasing both time and transaction costs.
Atonu Rabbani, professor of Dhaka University’s economics department told TIMES of Bangladesh that the restrictions could make sending or receiving money more difficult for people engaged in online businesses or families dependent on remittances. He warned that without sufficient cash on hand, everyday economic activity could slow, leaving people with little option but to postpone major expenses during that period.
Similar concerns were raised by Md Shahidul Islam Zahid, chairman of Dhaka University’s banking and insurance department, who said the move could cause hardship for ordinary people, particularly those needing to transfer larger sums of money.
Cash-in and cash-out flows through MFS platforms further underline the scale of potential impact. In November 2025, total cash-in transactions amounted to around Tk4.18 lakh crore, while cash-out stood at approximately Tk 3.74 lakh crore. On a daily basis, this equates to cash-in of about Tk1,400 crore and cash-out of around Tk1,250 crore. Analysts warn that lowering transaction limits would directly affect these cash flows.
Some fear that users may respond by postponing transactions or turning to informal channels, potentially undermining the stated objective of preventing illegal financial activity during the election.
Questions have also been raised about the effectiveness of the measure. Bangladesh Securities and Exchange Commission (BSEC) chairman M Masrur Reaz told TIMES that restricting MFS transaction volumes alone would not prevent the misuse of money during elections, noting that candidates could still rely on cash to influence voters. He said the decision could be reconsidered in light of the inconvenience faced by the general public.
Economist and CPD distinguished fellow Mustafizur Rahman echoed that view, saying the restriction was not the only solution. He pointed out that MFS systems allow the use of multiple numbers, making it difficult to control all financial activity by limiting a single channel. While acknowledging that the intention is to curb election-related financial crimes, he stressed the need for coordinated and multi-dimensional measures to address electoral malpractice more effectively.
