Bangladesh Bank on Sunday issued a public warning notice identifying 22 unlicensed online payment platforms operating in the country and urging the public to refrain from using or participating in their activities.
According to the central bank's Payment Systems Supervision Department, providing payment services or operating a payment system without a valid license from Bangladesh Bank violates Section 4(2) of the Payment and Settlement Systems Act, 2024, and is punishable under Section 37(1) of the same act.
The department identified the following 22 platforms providing payment aggregator services without statutory approval: BohudurPay, ZiniPay, PayTiller, BengaliPay, Payora BD, SohojPay BD, EasyPayWay, AK Pay, BD PAY, ShajgarPay, AsthaPay/CPay, UddoktaPay, Walletmix, BttPay, Easy Pay Automation, UniquePay BD, BD AUTO PAY, RH Pay BD, EzePay, AutoPay Ltd, Biswasto, and PipraPay.
The central bank advised all individuals, institutions, and businesses to refrain from conducting transactions with or engaging in the operations of these unlicensed payment aggregators to avoid legal penalties and financial risks.
Regulatory actions leading up to this notice have targeted unauthorized digital apps and platforms involved in high-interest online micro-lending, illegal gambling, and financial fraud.
The Bangladesh Financial Intelligence Unit (BFIU) and Bangladesh Bank routinely instruct commercial banks and mobile financial services (MFS) to suspend transaction channels for unauthorized platforms that bypass central bank supervision, endanger consumer data, or engage in predatory lending practices.
In July 2024, the Parliament passed the Payment and Settlement Systems Act, 2024, significantly strengthening Bangladesh Bank's statutory authority to oversee non-bank digital financial services.
Under Section 4(2) and Section 15(2) of the Act, operating any payment platform, digital wallet, or online transaction gateway without explicit authorization from Bangladesh Bank is illegal.
The law introduced strict penalties under Section 37(1), declaring unlicensed financial operations a cognizable, non-bailable offense punishable by imprisonment, steep fines, or both.
Certain platforms listed in the notice had previously faced regulatory action. For instance, Bangladesh Bank officially canceled the Payment System Operator (PSO) license of Walletmix Limited in November 2023 after detecting unauthorized and illegal financial transactions that violated regulatory terms.
Despite losing its license, platforms attempting to operate or offer payment aggregator tools without authorization remain subject to enforcement.
The Payment Systems Supervision Department launched these sweeps to mitigate systemic risks in the digital ecosystem.
Unregistered payment aggregators and gateways often lack mandatory Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) safeguards, exposing consumers and merchants to risk of financial loss, delayed settlements, data breaches, and illegal fund diversion.