Bangladesh Bank Permits Mobile Banking Accounts for 14-18 Year Olds Without NID

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Bangladesh Bank Allows 14-18 Year Olds to Open Mobile Banking Accounts Without NID or mobile banking accounts without a national identity card (NID). This opportunity has been given to promote financial inclusion and build a “Smart Bangladesh”. On Tuesday (October 3, 2023), Bangladesh Bank’s Payment Systems Department issued a circular on this matter. In the instructions sent to the managing directors and chief executive officers of MFS operators, it was said that the “Cashless Bangladesh” initiative has been taken to build a “Smart Bangladesh“.

According to the instructions of Bangladesh Bank, novices aged 14-18 can open MFS accounts. However, both the person interested in opening an account aged 14-18 and the guardian must be Bangladeshi citizens.

Transaction limits

14-18 year olds are allowed to transact up to Tk 5,000 per day through a maximum of five transactions and up to Tk 30,000 per month (maximum of 10 transactions).
Cash can be withdrawn up to Tk 5,000 per day through a maximum of five transactions and up to Tk 25,000 per month (maximum of 10 transactions).
Up to Tk 5,000 per day through a maximum of five transactions and up to Tk 15,000 per month (maximum of 10 transactions) can be transferred to a person-to-person (P2P) account.
Up to Tk 5,000 per day through a maximum of three transactions and up to Tk 20,000 per month (maximum of 10 transactions) can be paid for services and education fees. In addition, the balance in these accounts will be a maximum of Tk 30,000.
The accounts of 14-18 year olds must be monitored regularly and a report must be submitted to the relevant department of the central bank by the 10th of every month.

Account opening procedure

When opening an MFS account for novices aged 14-18, the birth certificate and national identity number of the guardian must be entered respectively. The guardian’s MFS account will be used as a linked MFS account for account opening. Therefore, this account must be opened by verifying the authenticity of the guardian’s MFS account.

The MFS account must be opened with the consent of the parents or legal guardian. As part of the process of obtaining consent from the guardian for account opening, consent must be obtained by sending an OTP to their mobile. In addition, the issue of sending messages to the account holder’s mobile number in the case of these accounts must be ensured. At the same time, the information of the transaction must be informed to the guardian and arrangements must be made for regular monitoring.

Money can be deposited in the MFS account of novices aged 14-18 only from the guardian’s linked MFS account, bank account, card or e-wallet. However, money cannot be added from agent points or any other MFS account, bank account, card or e-wallet to these accounts.

Authorized services

Adolescents can make cash-in or add money, cash-out, P2P, mobile recharge, utility bill payment, education fees, and merchant payments.

Additional information

The following are some additional information about the new policy:

The new policy will allow 14-18 year olds to open MFS accounts without a NID.
The accounts will have a maximum balance of Tk 30,000.
The accounts will be subject to a number of transaction limits.
The accounts will be opened with the consent of the guardian.