Economic Reporter :
Mobile banking is likely to play pivotal role in the economic growth of Bangladesh in the running year (2017) as it can help reduce poverty significantly.
Quoting some study reports, economists and bankers say bKash will lead the peak in Bangladesh with its innovations and low cost secured service.
In a study published Friday in the journal Science, economists at MIT and Georgetown said: a service allowing users to send and receive money on their mobile phones has significantly reduced poverty in Kenya. In Bangladesh, bKash lead the financial inclusion to reduce poverty through its unique mobile financial services.
The report published last month covered many countries of low income across the globe including Kenya, South Africa and Bangladesh where financial inclusion has been proved as an effective tool to reduce poverty through financial inclusion.
“Technology is going to help us end global poverty. The rapid proliferation of mobile platforms and the digital services that move across them are transforming the world in countless ways”.
In Kenya, according to the long-term surveys, M-Pesa helped 194,000 families, or 2 percent of Kenyan households, out of poverty between 2008 and 2014. In Bangladesh, bKash quoting this study report, a central bank official said the 2017 will be the year of financial inclusion for Bangladesh and bKash will drive it with latest innovations targeting poverty reduction.
“I think, currently bKash has occupied nearly 80 per cent of market share and in the coming days it will continue to hold its market share as it maintains corporate ethics, business integrity and customers’ rights”, the BB official said quoting a recent study report.
While this study focused on Kenya, similar mobile banking services are now available in 93 countries, with a total of 134 million active accounts. In nearly half of these markets, mobile services are vastly more accessible than traditional banking. It seems safe to assume, then, that the services are having similar effects in poverty reduction and economic development around the world, the report said.
Globally, Bangladesh is the leader of the Mobile Financial Service (MFS) platform as here mobile money pricing is the lowest in the world that makes significant contribution to the financial inclusion. Before the birth of bKash, digital financial inclusion was low among the poor, especially among the extreme poor.
More than 40 percent of the users of DBBL mobile money (recently rebranded as Rocket) have their own accounts. For bKash, it is only 24 per cent. Of the total transactions, 82 per cent was occupied by bKash. Nearly 70 per cent of bKash users deal with agents’ accounts, compared to 48 per cent with DBBL.
President of World Bank Group Dr Jim Yong Kim, during his recent Dhaka visit termed the bKash as the most successful service for its “low fee based business model” and “enabling the millions of unbanked to access financial services” and lauded for its overwhelming success in advancing the financial inclusion vision into a reality.
A report published Monday by Finextra, a leading independent newswire and information source for the worldwide financial technology community said the 2015 year can be written down as the year of awareness & noticing payment methods other then cash. The year 2016 was the year of financial services with greater technology with too much of innovations there after trials and adoptions.
Mobile banking is likely to play pivotal role in the economic growth of Bangladesh in the running year (2017) as it can help reduce poverty significantly.
Quoting some study reports, economists and bankers say bKash will lead the peak in Bangladesh with its innovations and low cost secured service.
In a study published Friday in the journal Science, economists at MIT and Georgetown said: a service allowing users to send and receive money on their mobile phones has significantly reduced poverty in Kenya. In Bangladesh, bKash lead the financial inclusion to reduce poverty through its unique mobile financial services.
The report published last month covered many countries of low income across the globe including Kenya, South Africa and Bangladesh where financial inclusion has been proved as an effective tool to reduce poverty through financial inclusion.
“Technology is going to help us end global poverty. The rapid proliferation of mobile platforms and the digital services that move across them are transforming the world in countless ways”.
In Kenya, according to the long-term surveys, M-Pesa helped 194,000 families, or 2 percent of Kenyan households, out of poverty between 2008 and 2014. In Bangladesh, bKash quoting this study report, a central bank official said the 2017 will be the year of financial inclusion for Bangladesh and bKash will drive it with latest innovations targeting poverty reduction.
“I think, currently bKash has occupied nearly 80 per cent of market share and in the coming days it will continue to hold its market share as it maintains corporate ethics, business integrity and customers’ rights”, the BB official said quoting a recent study report.
While this study focused on Kenya, similar mobile banking services are now available in 93 countries, with a total of 134 million active accounts. In nearly half of these markets, mobile services are vastly more accessible than traditional banking. It seems safe to assume, then, that the services are having similar effects in poverty reduction and economic development around the world, the report said.
Globally, Bangladesh is the leader of the Mobile Financial Service (MFS) platform as here mobile money pricing is the lowest in the world that makes significant contribution to the financial inclusion. Before the birth of bKash, digital financial inclusion was low among the poor, especially among the extreme poor.
More than 40 percent of the users of DBBL mobile money (recently rebranded as Rocket) have their own accounts. For bKash, it is only 24 per cent. Of the total transactions, 82 per cent was occupied by bKash. Nearly 70 per cent of bKash users deal with agents’ accounts, compared to 48 per cent with DBBL.
President of World Bank Group Dr Jim Yong Kim, during his recent Dhaka visit termed the bKash as the most successful service for its “low fee based business model” and “enabling the millions of unbanked to access financial services” and lauded for its overwhelming success in advancing the financial inclusion vision into a reality.
A report published Monday by Finextra, a leading independent newswire and information source for the worldwide financial technology community said the 2015 year can be written down as the year of awareness & noticing payment methods other then cash. The year 2016 was the year of financial services with greater technology with too much of innovations there after trials and adoptions.
