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MFS transactions up 18% in Sept

Staff Correspondent
15 Nov 2022 19:35:19 | Update: 15 Nov 2022 21:53:42
MFS transactions up 18% in Sept

The volume of Mobile Financial Service (MFS) transactions rose 18 per cent to Tk 87,635 crore in September when compared year-on-year. However, when compared to August this year, such transactions rose only 0.22 per cent or around Tk 189 core.

The MFS sector recorded Tk 87,446 crore in transactions in August 2022, show latest data from the Bangladesh Bank.

Speaking to The Business Post, bKash Head of Corporate Communications Shamsuddin Haider Dalim said, “Mobile banking transactions usually increase a lot in the months before and after any festival, and at the beginning and end of a year.

“Since September was a regular month, the regular volume of transactions took place during that period. The central bank data reflects this.”

According to the report, cash-in volume declined by around Tk 157 crore to Tk 26,678 crore, while cash-out volume declined by Tk 201 crore to Tk 23,783 crore in September compared to August this year.

During that period, person-to-person transactions increased by Tk 400 crore to Tk 25,153 crore, while merchant payments by Tk 89 crore to Tk 3,124 crore.

Dalim explained, “The ecosystem of digital transactions is growing. There is now an opportunity to transfer money in any MFS account from a bank. E-wallets have been launched as well.

“Digital payments are being used increasingly for many services such as paying salaries and utility bills. That is why digital transactions are increasing, and it is the reason behind the declining volume of cash-in and cash-out in September compared to August.”

Salary disbursements through MFS increased by Tk 103.6 crore to Tk 2,752.5 crore and talk time purchase increased by Tk 15.4 crore to Tk 838.5. However, payment of utility bills declined by Tk 84 crore to Tk 2,178 crore in September, compared to this August.

The number of MFS accounts increased by 20.33 lakh to 18.52 crore in September. Of which accounts belonging to women increased by 9.36 lakh to 7.75 crore, while those belonging to men increased by 10.89 lakh to 10.73 crore during that period.

The number of MFS agents reached 15 lakh around the country at the end of September, the central bank report says.