Now Business Bank Account can be opened without a Trade License

Bangladesh Bank has directed all banks and MFS providers to open business accounts for small traders without trade licenses. Let’s know more.


Bangladesh Bank has directed the banking institutions to open business accounts for small traders without trade licenses.

There are many small traders whose business is so small that the fees of procuring and renewing trade licenses every year become a burden for them.

There are many traders who want to do bank transactions, but because of the requirement of a trade license, they hesitate to open a bank account. As a result, many small businesses are left out of banking and digital transactions in Bangladesh.


According to Bangladesh Bank’s new guidelines, traders can open business accounts without a trade license. Bangladesh Bank has given instructions to the related institutions in this regard. Banks have also been asked to introduce a loan scheme of up to one lakh rupees for small traders.

In this regard, the Payment Systems Department of the Central Bank has organized a workshop with the representatives of banks, MFS and PSPs of the country.

Business account without a trade license

This account will be in the name of the trader even if the account is a trading account without a trade license for small traders. Such accounts are called Personal Retail Accounts.


Micro entrepreneurs, small entrepreneurs who do business online and on social media sites can also open this account.

A personal retail account will be a type of current account in banks and agent banking accounts. Through this account, very small businessmen can get money by selling products. Other transactions can also be done.

Also read: How to get export import license in Bangladesh

As per the directive, banks, MFS and PSPs will now allow small traders to open bank accounts.


This account can be opened in Banks, Mobile Financial Services (MFS) and Transaction Service Providers (PSP). You don’t have to pay any cost to open an account, and you will get the loan on the transaction. If the account is in MFS, the withdrawal cost will be less.

In this bank account, the transaction limit is 10 lack per month. If the transactions in this account are satisfactory, the traders will also get loans from the bank based on it.

Total transactions in MFS can be 5 lakh taka per month. Personal retail accounts of PSP e-wallet can carry monthly transactions up to Tk 10 lakh.

After accepting the value of the product by managing this account, the businessmen will get the loan in consideration of their transaction on hassle-free and easy terms. Merchants will use the account to pay for wholesale purchases. All conventional banking facilities will be available as personal retail. It will reduce the use of cash.


Shah Ziaul Haque, Additional Director of the Payment Systems Department of Bangladesh Bank said in the workshop,

This account is for those who do not have a trade license. Again, it may not be that they will come to the bank or service provider to open an account. Rather, financial institutions should approach these micro-micro traders. They need to be made aware of digital payments and cashless society. While the task is difficult, there is no substitute for an inclusive financial system.

How to Open a Personal Retail Account

Micro traders, such as grocery stores, sellers of various products and services online and on Facebook, floating food vendors, inflatable vendors, bus-CNG-rickshaw drivers and local small businesses can open this account.

Required Documents to Open a Personal Retail Account

  • Photocopy of National Identity Card
  • Professional Certificate (valid document issued by the local public representative or relevant trade association)

Bottom Line

If small businessmen come to banking and digital transactions in this way, their transactions will be much easier and order and security will come in financial management.

Many traders have to take loans from other NGOs at high-interest rates as they do not deal with banks. If these traders are given loans based on their transactions, their business will expand.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *