Crack Down on Illegal MFS Agents

Dear Sir,

Mobile Financial Services (MFS) have become an indispensable part of the country’s financial system. Millions of people rely on platforms such as bKash, Nagad, Rocket and Upay for their daily transactions. However, the growing number of illegal MFS agents is posing serious risks to financial security and public confidence.

Although regulations require valid trade licences, proper documentation and physical verification before issuing agent SIMs, these requirements are often overlooked. As a result, some fraudsters reportedly obtain agent SIMs using forged documents or fake business identities. Such accounts are allegedly being used for online gambling, money laundering, cyber fraud and other criminal activities.

The authorities therefore should strengthen the verification process before issuing agent SIMs and regularly re-verify existing agents. Bangladesh Bank, MFS operators and law enforcement agencies must work together to identify illegal agents and take strict action against those involved in such irregularities.