As mobile banking continues to gain traction, it is transforming the landscape of Bangladesh’s financial ecosystem. With further investments in mobile infrastructure and services, the country is on track to become a leader in digital financial inclusion, paving the way for more people to access banking services in the years to come.
Explosive Growth in User Base
In the past year, Bangladesh’s mobile financial services (MFS) sector has witnessed an incredible surge, adding nearly 20 million new accounts. As of September 2024, the total number of active MFS accounts reached a staggering 233.7 million — an 8.71% year-on-year increase. This growth highlights the widespread adoption of mobile banking across the country.
Transactions Skyrocket:
It’s not just account numbers that are growing; the value of MFS transactions has soared. In September 2024, transactions reached Tk 1.45 trillion, marking a remarkable 33.85% jump from the previous year. This surge signals a shift towards digital financial solutions, making mobile platforms an integral part of daily transactions for millions of Bangladeshis.
Why the Rapid Growth?
The expansion of MFS in Bangladesh is being driven by the increasing convenience mobile banking offers. With the ability to perform transactions, pay bills, and manage finances on-the-go, mobile banking has become a preferred choice. More importantly, growing consumer trust in mobile financial services has solidified their place as a reliable and secure alternative to traditional banking.
