Bangladesh Bank (BB) has recently implemented a significant policy change by reducing the age limit for opening mobile financial services (MFS) accounts, such as those offered by bKash and Nagad, from 18 years to 14 years. The relaxation in age restrictions specifically applies to individuals between the ages of 14 and 18 who hold Bangladeshi nationality and have parents or legal guardians who are also Bangladeshi citizens. This decision was communicated through a circular issued by BB.
To open an MFS account under this new provision, applicants are required to provide their birth certificate along with the National Identity Card number of their legal guardian. The account will be linked to the legal guardian’s MFS account, and the legal guardian must authenticate the applicant’s account.
It’s worth noting that under this revised policy, transfers or cash-ins into these accounts must be made through the legal guardian’s bank account, MFS account, card, or e-wallet, with agents or other MFS accounts not being allowed for this purpose, unlike the previous practice.
These accounts, designed for individuals aged 14 to 18, can be used for various financial transactions, including cash withdrawals, person-to-person transfers, mobile balance top-ups, utility bill payments, education fee payments, and merchant transactions. However, BB has imposed certain transaction limits to ensure responsible usage. For cash-ins, the daily limit is Tk 5,000, with a monthly limit of Tk 30,000. Cash-ins can be performed a maximum of five times a day and ten times a month.
For cash-outs, the daily limit is Tk 5,000, with a monthly limit of Tk 25,000. Similar to cash-ins, cash-outs can be conducted a maximum of five times a day and ten times a month. Person-to-person transfers have a daily limit of Tk 5,000 and a monthly limit of Tk 15,000, maintaining the same frequency restrictions.
For various payments, including utility bills and merchant transactions, the daily limit is Tk 5,000, and the monthly limit is Tk 20,000. These transactions can be performed three times a day and ten times a month.
It’s essential to note that the maximum balance allowed in these accounts for individuals aged 14 to 18 is Tk 30,000.
