MFS transactions on the rise

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Transactions through mobile financial services in Bangladesh increased 5.4% year-on-year to Tk 66,387 crore in July, as people’s habit of using cashless payment method persists despite the reopening of the economy and the easing of restrictions on coronaviruses.

Transactions amounted to Tk 63,000 crore in the same month a year ago and Tk 62,993 crore in June of this year, according to data from the Bangladesh Bank.

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On average, 2,141 Tk crores were traded each day in July.

There are 15 banks that operate MFS services in Bangladesh. In addition, Nagad Ltd, the digital finance department of Bangladesh Post Office, also offers mobile banking service.

Inbound remittances routed by MFS providers increased 67% year-on-year to Tk 282 crore in July, according to BB data.

Salary disbursement amounted to Tk 3,403 crore, up from Tk 4,586 crore a year ago, while users paid utility bills worth Tk 992 crore, up from Tk 878 crore in July of Last year.

Invoices paid through the system for purchases tripled to Tk 3,096 crore from Tk 1,134 crore.

However, government payment through the channel decreased to Tk 541 crore in July from Tk 1,076 crore the same month in 2020.

The number of registered mobile bank accounts stood at 10.27 crore at the end of July, while active accounts stood at 4.12 crore.

There are 11.42 lakh agents across the country.


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