MFS transaction hit all-time high in March

The Mobile Financial Services (MFS) transaction hit record high of Tk1.08 lakh crore in March of this year, as per the central bank data.

Previously, the MFS transaction crossed the Tk1 lakh crore in April of last year. MFS transaction surpassed Tk1 lakh crore again in January of this year.

In March of this year, total transaction stood at Tk108467.3 crore, of them cash in transaction was at Tk34308.1 crore, cash out transaction was at Tk30939.9 crore.

Industry insider said that the MFS transaction has increased in March due to Ramadan. People were buying their essential needs and Eid shopping through MFS, they added.

Regarding the increase in transactions during festivals, former chairman of the National Board of Revenue Muhammad Abdul Mazid said people give Zakat and Fitra through mobile banking during Eid-ul-Fitar due to the introduction of digital transactions.

“On the other hand, digital payments are also made while buying and selling sacrificial animals during Eid-ul-Azha.

In addition, household spending increases during festivals, resulting in higher transaction volumes compared to other times,” he added.

MFS started its journey in Bangladesh on 31 March 2011 with the launch of Rocket. Currently, 13 banks offer mobile banking services.