UNB, Dhaka :
The emphasis on inclusiveness in finance means that not only are the days gone when you had to go to the bank for certain transactions like paying bills, withdrawals, etc. The advent of digital innovations in the field heralded a new era of paperless money transactions in the world during the Nineties. Appearing on the scene as the handmaiden of Fintech (Financial Technology) is the innovative approach to managing money called Mobile Financial Services (MFS).
MFS refers to branchless banking whereby financial services are offered to both banked and unbanked people efficiently under reasonable charge-rates. MFS offers advanced-level financial services combining traditional banking system with the wireless telecommunication technology to assure instant and secured money transaction process.
What are the benefits of MFS? Like the formal banking system, you can do savings, send and withdraw money via MFS. You can also pay your utility bills using this platform. Nowadays, MFS platforms through their ‘mobile wallets’ are offering wide ranging facilities like remittance, purchasing goods and services, etc. MFS have speeded up the process of making deposits, withdrawing cash, sending or receiving funds using a registered mobile account. In simple words, MFS provide easy access to formal banking system.
In Bangladesh, MFS got popularity in the name of Mobile Banking. Generally, the agents of respective banks enable these services after registering the mobile account. Under this platform, a mobile account owner can withdraw cash, and send/receive money via the independent agent locations without visiting any bank. By virtue of MFS, people living in the remote locations of the country can save money to their mobile accounts at nominal amounts without going through the hassle of moving to banks physically.
The emphasis on inclusiveness in finance means that not only are the days gone when you had to go to the bank for certain transactions like paying bills, withdrawals, etc. The advent of digital innovations in the field heralded a new era of paperless money transactions in the world during the Nineties. Appearing on the scene as the handmaiden of Fintech (Financial Technology) is the innovative approach to managing money called Mobile Financial Services (MFS).
MFS refers to branchless banking whereby financial services are offered to both banked and unbanked people efficiently under reasonable charge-rates. MFS offers advanced-level financial services combining traditional banking system with the wireless telecommunication technology to assure instant and secured money transaction process.
What are the benefits of MFS? Like the formal banking system, you can do savings, send and withdraw money via MFS. You can also pay your utility bills using this platform. Nowadays, MFS platforms through their ‘mobile wallets’ are offering wide ranging facilities like remittance, purchasing goods and services, etc. MFS have speeded up the process of making deposits, withdrawing cash, sending or receiving funds using a registered mobile account. In simple words, MFS provide easy access to formal banking system.
In Bangladesh, MFS got popularity in the name of Mobile Banking. Generally, the agents of respective banks enable these services after registering the mobile account. Under this platform, a mobile account owner can withdraw cash, and send/receive money via the independent agent locations without visiting any bank. By virtue of MFS, people living in the remote locations of the country can save money to their mobile accounts at nominal amounts without going through the hassle of moving to banks physically.
