Transactions via Mobile Financial Services indicate Bangladesh is heading towards a cashless society. The amount of money transacted via mobile financial services (MFS) in September increased by BDT 2,911 crore compared with the previous month. Bangladesh Bank reported the amount transacted through MFS and banks combined in September was BDT 65,141 crore, compared to BDT 62,230 crore in August.
Approximately 10.64 crore MFS accounts were registered in the country as of September, without data from Nagad. Moreover, according to authorities, 21 lac new accounts were opened in just 30 days.
According to data from the central bank, the amount of MFS “cash-in” in September reached BDT 19,777 crore, while the amount of “cash-out” was BDT 16,794 crore, and users purchased products or services worth BDT 2,936 crore.
Furthermore, September saw an increase in debit, credit, and prepaid card usage. These cards were used for transactions worth BDT 24,560 crore – up BDT 2,408 crore (2.44%) from August. Meanwhile, Transactions via debit cards reached BDT 22,522 crore in September, up from BDT 20,934 crore in August.
Credit card transactions in September hit BDT 1,839 crore. This was up from BDT 1,678 crore in August. Furthermore, prepaid card transactions grew by BDT 20 crore in September compared to that of the previous month.