Mobile financial services transactions increased by 29.13% every year; in March the amount reached BDT 77,022 crore derived from diversified services offered by the operators. According to Bangladesh Bank, the transaction volume is up 13% over the previous month of February. Simultaneously, the number of people availing the service rose to 10.91 crore and agents to 11.51 lakh.
According to central bank data, in March users deposited around BDT23,707 crore to their accounts, withdrew BDT20,791 crore, transferred (person to person) BDT22,288 crore, and paid multiple bills worth BDT1,232 crores, disbursed salaries and stipends BDT2,877 crore.
Along with MFS, internet banking is also receiving popularity gradually due to technological advancement. In March, Around BDT24,141 crore was handled via the internet banking service, which rose by 81% annually, amounting to BDT10,371 crore.
The MFS started its journey in 2011 with the launch of Dutch-Bangla Bank’s mobile financial service, Rocket. 13 banks currently provide mobile financial services, including bKash, Nagad, and uPay.
The COVID-19 outbreak increased online purchasing tendencies that led to the growing popularity of MFS. Apart from that, remittance inflows and disbursals of various government stipends, contributions, and private-sector industrial wages through MFS are the prominent factors of booming the sector.
According to MFS operators, the month of March experienced a significant increase in puja and Eid-ul-Fitr. They continually introduce new services to make non-traditional bank transactions and digital payments for utility bills, shopping, and others more convenient for the users.