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Bangladesh Bank has ordered banks, mobile financial service (MFS) providers and other payment service providers to immediately suspend payment services for entities offering loans through unauthorised mobile apps, online platforms and other digital channels.
The central bank has also requested the Bangladesh Telecommunication Regulatory Commission (BTRC) to take steps to remove the identified illegal loan apps and online platforms, particularly from the Google Play Store.
The directives were issued in separate letters recently sent to the relevant institutions.
The apps identified by Bangladesh Bank include Sathi Loan, Popcash, Fincash, Quick Loan, Quick Taka, Dhaka Fin, LoanVibe, Dost Loan, Taka Cash Loan, Kewanza Loan, SSH Money, LoanBuddy, Sathi Loan, CashHora, Alo Cash, Fast Loan, Easy Taka, Dhoirjo Loan, Fin.do, BongoCash, Asha Loan, Subidha Loan, Smart Loan BD, Online Loan BD, City Online Loan, BD Sohoj Loan, Cash Loan, Sonali, LoanHat and TakaNao.
The central bank has asked the concerned authorities to take effective measures to raise public awareness about the apps and report details of actions taken against them to its Payment Systems Supervision Department.
Bangladesh Bank said Section 15(2) of the Payment and Settlement Systems Act, 2024 prohibits the operation of online or offline platforms involved in collecting investments, providing loans, holding funds or conducting financial transactions without approval from the central bank.
The identified apps have been providing loans without such approval, making their activities illegal and punishable under Section 37(1) of the law.
The central bank said banks, MFS providers, digital financial service providers and other payment service providers facilitating transactions related to such illegal loans could also be considered involved in the offence.
It therefore instructed payment service providers to immediately suspend services for the identified app operators and the individuals and entities associated with them.
Earlier, the Bangladesh Financial Intelligence Unit (BFIU) warned the public against taking loans through unauthorised mobile apps and digital platforms and published a list of 31 illegal apps.