Bangladesh Bank (BB) has introduced stricter security measures for card-to-mobile financial service (MFS) transactions amid growing concerns over digital financial fraud, making same-name verification mandatory and tightening onboarding procedures for “add money” and cash-out services.
Under the new rules, customers will only be able to transfer funds from bank cards to MFS accounts if both the card and the mobile wallet are registered under the same name. The central bank said the move is intended to prevent unauthorised transactions and strengthen identity-based financial controls.
The decision comes in the wake of a reported fraud incident involving a foreign bank operating in Bangladesh, where cybercriminals allegedly siphoned money from customer cards into MFS wallets through unauthorised transfers.
In a circular issued by the Payment Systems Department on 19 May 2026, the BB also introduced a mandatory verification requirement. Customers must complete a card transaction of up to Tk500 before linking their card to an MFS account, and the linkage will become active only after 24 hours.
From 1 August, card-linked MFS cash withdrawals will be permitted only when both accounts are verified under identical ownership details. Any transaction involving mismatched identities will be blocked across all mobile financial service providers and scheduled banks.
The central bank further instructed service providers to clearly distinguish between card-based transfers and merchant payments, while ensuring that beneficiary account details are not left incomplete during processing.
The BB warned that institutions failing to comply with the new rules by 31 July will lose eligibility to offer card-to-MFS cash withdrawal services from the following day.
The directive also reaffirmed that earlier instructions issued on 27 March last year regarding MFS transactions will remain in force, with the latest measures taking immediate effect across the financial sector.
