Special Correspondent :
The subscriber base of mobile banking crossed over 7.0 crore, as the service is increasingly getting popular in Bangladesh.
According to Bangladesh Bank (BB) data, at present, 18 banks are providing mobile financial services (MFS) and their registered subscribers reached 7.59 crore as of September this year.
The transactions through the number of active mobile money accounts reached Tk 35,433 crore in September, with average daily transaction of Tk 70.78 lakh.
The number of MFS agents stood at 9,51,778 in September, according to Bangladesh Bank.
“Mobile financial service has become a viable option of serving the un-banked, especially in rural areas. The rise in its subscriber base is indicating that the service is getting popular in the country,” former Bangladesh Bank governor Dr Salehuddin Ahmed told The New Nation on Saturday.
He said the private commercial banks have already made their foray into the country’s mobile financial service scene finding it’s huge potential.
“But the central bank should keep a close watch on the service providers so that none can manipulate the service,” he added.
According to BB’s report on MFS, the total volume of transactions conducted through MFS platform was Tk 378,885 crore in 2018, which is 20 per cent higher than 2017. Moreover, the number of active customers has also increased to 3.73 crore in 2018 from 2.1 crore in 2017.
Brac Bank’s bKash and Dutch Bangla Bank’s Rocket are currently controlling above 90 per cent of the MFS market, according to BB data.
At present, the banks are providing services including cash-in, cash-out, send money, mobile top-up, bank deposit, deposit scheme, fund collection, salary disbursement and merchant payment using the MFS.
Shamsuddin Haider Dalim, head of corporate communications of bKash, said the wallet-to-wallet fund transfer is still the most popular segment in MFS transactions.
He also said there is tremendous growth potential
in some other segments too, including bill payment, merchant payment, salary disbursement and international remittances. US-based Global Market Insights, in its recent report said the mobile wallet market is expected to grow from over USD 100 billion in 2017 to USD 250 billion by 2024. It suggests that the growth is influenced by attractive discounts and cashback offers by mobile wallet providers.
The subscriber base of mobile banking crossed over 7.0 crore, as the service is increasingly getting popular in Bangladesh.
According to Bangladesh Bank (BB) data, at present, 18 banks are providing mobile financial services (MFS) and their registered subscribers reached 7.59 crore as of September this year.
The transactions through the number of active mobile money accounts reached Tk 35,433 crore in September, with average daily transaction of Tk 70.78 lakh.
The number of MFS agents stood at 9,51,778 in September, according to Bangladesh Bank.
“Mobile financial service has become a viable option of serving the un-banked, especially in rural areas. The rise in its subscriber base is indicating that the service is getting popular in the country,” former Bangladesh Bank governor Dr Salehuddin Ahmed told The New Nation on Saturday.
He said the private commercial banks have already made their foray into the country’s mobile financial service scene finding it’s huge potential.
“But the central bank should keep a close watch on the service providers so that none can manipulate the service,” he added.
According to BB’s report on MFS, the total volume of transactions conducted through MFS platform was Tk 378,885 crore in 2018, which is 20 per cent higher than 2017. Moreover, the number of active customers has also increased to 3.73 crore in 2018 from 2.1 crore in 2017.
Brac Bank’s bKash and Dutch Bangla Bank’s Rocket are currently controlling above 90 per cent of the MFS market, according to BB data.
At present, the banks are providing services including cash-in, cash-out, send money, mobile top-up, bank deposit, deposit scheme, fund collection, salary disbursement and merchant payment using the MFS.
Shamsuddin Haider Dalim, head of corporate communications of bKash, said the wallet-to-wallet fund transfer is still the most popular segment in MFS transactions.
He also said there is tremendous growth potential
in some other segments too, including bill payment, merchant payment, salary disbursement and international remittances. US-based Global Market Insights, in its recent report said the mobile wallet market is expected to grow from over USD 100 billion in 2017 to USD 250 billion by 2024. It suggests that the growth is influenced by attractive discounts and cashback offers by mobile wallet providers.
