Due to their ease of use and innovative customer-focused features, mobile financial service(MFS) are gaining a lot of popularity. In 2024, transactions increased by Tk 3,84 lakh crore, a 28.42% rise from the previous year.
A recent update of Bangladesh Bank data shows that the exchanges via MFS arrived at Tk 17.37 lakh crore in 2024, up from Tk 13.52 lakh crore in 2023.
By the end of December 2024, MF accounts in the country had reached 23.86 crore, up from 22.4 crore in December 2023.
A sector insider said, as MFS providers hold, introducing new services in response to people’s demand, user accounts, including those of agents, are increasing significantly.
MFS has become famous mainly because of low-income people who frequently get themselves in need of fast cash.
Beside with general customers, accessing 18.28 lakh by December 2024, up from 17.24 lakh a year ago, the number of MFS agents has also increased.
MFS in Bangladesh started in March 2011, with Dutch-Bangla Bank’s Rocket being the first to launch. Right after, bKash, a subordinate of BRAC Bank, arrived at the market, followed by numerous other banks.
At that moment, 13 institutions propose MFS, such as Rocket, bKash, MYCash, Islami Bank mCash, Trust Axiata Pay (tap), FirstCash, Upay, OK Wallet, Rupali Bank, TeleCash, Islamic Wallet, Meghna Pay, and Nagad.
Source: The Business Standard
