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Transactions through mobile financial services (MFS) rose 30.34 per cent year-on-year to Tk 9,90,004 crore in the fiscal FY22 thanks to the easier and faster services.
The figure was Tk 7,59,556 crore in FY21 and Tk 4,89,559 crore in FY20, according to the latest data from Bangladesh Bank.
The mobile banking service has been gaining rapid popularity in Bangladesh due to its faster and easier services, according to industry people and economists.
“People can withdraw and send money home through the mobile from anywhere in the country without any hassle,” Nagad Managing Director Tanvir A Mishuk told The Business Post.
Research Director of Bangladesh Institute of International and Strategic Studies (BIISS) Mohammad Mahfuz Kabir said, “People’s confidence has increased a lot in MFS.”
“On the other hand, the MFS operators have continued the services they provided during the pandemic period. This also increases the trust among people, resulting in rising transactions.”
The MFS transactions stood at Tk 94,294 in June, up 23.56 per cent from the month of May.
All the transaction patterns like cash in, cash out, person to person, merchant payment, government to person, salary distribution and utility bill payment significantly increased in June.
Kabir said inward remittance through MFS is also gaining momentum. “This will also increase MFS transactions in days to come.”
But the higher transaction cost of mobile banking has been seen as one of the biggest problems. In mobile banking, the maximum cash out charge is Tk 18.5 per thousand including VAT.
The BIISS research director has suggested that the government should reduce the transaction charges. In addition, companies may offer some discounts. Besides, the charges can be classified in line with the type of services, he added.
According to the BB, the number of registered mobile accounts stood at 17.86 crore, including 9.94 crore in rural and 7.92 crore in urban areas in June, while active accounts numbered 11.26 crore.
Of the figure, the number of male accounts was 10.35 crore and female accounts 7.47 crore.
