Bangladesh Bank has issued a firm warning advising merchants, e-commerce entities, and members of the public to avoid conducting financial transactions through 22 unlicenced payment aggregator platforms currently operating in the country.
The circular, released on Sunday (27 September) by the central bank’s Payment Systems Supervision Department, followed extensive monitoring of digital payment channels. Regulators identified nearly two dozen platforms offering online payment collection and aggregation services despite failing to secure required statutory approval from the central bank.
Payment aggregators occupy a critical juncture in modern digital commerce, serving as intermediaries that connect e-commerce merchants, financial institutions, and consumers to process electronic payments seamlessly. However, because these intermediaries routinely handle sensitive financial credentials and hold customer funds, operating under regulatory oversight is mandatory to preserve monetary stability and prevent financial crimes.
Under Section 4(2) of the Payment and Settlement Systems Act, 2024, no individual, corporate body, or firm is permitted to operate a payment system or render payment services within Bangladesh without obtaining an explicit licence from Bangladesh Bank. Section 37(1) of the same legislation explicitly classifies any unlicenced payment activity as a punishable criminal offence.
Licenced payment service providers are subjected to rigorous capital adequacy requirements, stringent data privacy protocols, regular financial audits, and anti-money laundering controls. In contrast, unapproved intermediaries operate completely outside state oversight. Whilst the central bank noted that its public notification was grounded in legal compliance rather than specific allegations of fraud, embezzlement, or cybercrime, conducting business via unlicenced aggregators presents severe operational risks, leaving consumers with no regulatory protections or legal recourse if funds are lost.
To safeguard financial interests and uphold confidence in the expanding national e-commerce ecosystem, the central bank urged business owners and general consumers to verify the licencing status of any digital service provider prior to initiating transactions.
The 22 unauthorised platforms identified by Bangladesh Bank are 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.
Central bank officials reiterated that operating or participating in illegal payment services