Bank Negara Malaysia published a policy document setting requirements and supervisory expectations for financial service providers to ensure financial consumers, particularly unserved and underserved segments, can access essential banking services at low cost through Basic Banking Services (BBS). The policy mandates financial service providers to offer BBS to a specified list of eligible financial consumers and prescribes the minimum features and services that must be included in BBS products. It applies under the Financial Services Act, Islamic Financial Services Act and Development Financial Institutions Act, and takes effect on 1 April 2026.
Bank Negara Malaysia 2025-03-28
Bank Negara Malaysia sets mandatory Basic Banking Services requirements for low-cost access to essential banking for eligible consumers
Bank Negara Malaysia issued a policy document outlining requirements for financial service providers to offer Basic Banking Services (BBS) to unserved and underserved consumers at low cost. The policy specifies eligible consumers and minimum features for BBS products under the Financial Services Act, Islamic Financial Services Act, and Development Financial Institutions Act, effective 1 April 2026.