Bangladesh’s Mobile Financial Services Soar, Hits Tk120,596 Crore in October1 min read

Bangladesh experienced a substantial increase in transactions through Mobile Financial Services (MFS), reaching Tk120,596 crore in October, as reported by Bangladesh Bank data. This marks a significant rise from Tk108,000 crore recorded in September, showcasing the expanding influence of MFS in the country’s financial landscape. The surge in transactions is attributed to the operators’ expansion of service offerings, demonstrating a shift in consumer behavior towards digital transactions.

Reportedly, Breaking down the transactions for October, the data revealed Tk38,021 crore as cash-in, Tk33,883 crore as cash-out, Tk32,694 crore in person-to-person transfers, Tk5,426 crore in merchant payments, Tk1,737 crore in government-to-person transfers, Tk2,887 crore in salary disbursements, and Tk3,330 crore in utility bill payments. Additionally, customers utilized MFS for talk-time purchases, contributing Tk1,080 crore to the overall figure.

This growth trend extends across various service categories, driven by the introduction of new services by MFS operators and the increasing use of MFS for remittances, government stipends, contributions, and private-sector wages. Recognizing the widespread adoption of MFS, the central bank has responded by raising transaction limits. Moreover, operators are incentivizing users with discounts for shopping payments made through their MFS services.

As reported, over the past year, the number of MFS accounts has surged by 30 million, reaching 217.7 million in October 2023 from 187.5 million in the corresponding month last year. This substantial growth emphasizes the instrumental role of mobile financial services in shaping Bangladesh’s evolving digital economy, showcasing the continuous expansion of MFS offerings to cater to the evolving needs of consumers.

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