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Published : 23 Mar 2025, 08:52 PM
The number of mobile financial service (MFS) accounts in platforms like bKash, Nagad, and Rocket soared by 20.18 million, or 9.21 percent, in January compared with the same period last year.
As of January 2025, the total number of MFS accounts stood at 239.3 million, up from 219.12 million in January 2024, according to Bangladesh Bank data.
The total transaction volume through MFS platforms in January 2025 reached nearly Tk 1.72 trillion, marking a 32.56 percent rise from Tk 1.30 trillion in the same month of the previous year.
Mobile banking has brought revolutionary changes to the banking sector, enabling not only money transfers but also playing a crucial role in accelerating economic activities across the country.
The service is now a preferred method for paying utility bills, disbursing salary, and transferring remittance. Additionally, new services are being introduced regularly to enhance financial inclusion.
Mobile financial services in Bangladesh began on Mar 31, 2011, with Dutch-Bangla Bank pioneering the sector under a service now known as Rocket.
Later, bKash was introduced as an MFS subsidiary of BRAC Bank.
Over the years, several other banks joined the sector, but only a few managed to thrive.
Currently, 15 banks, including MyCash, mCash, Upay, and SureCash, provide MFS in addition to bKash and Rocket.
Md Shamsuddin Haider Dalim, head of corporate communications at bKash, said: “People have gained trust in digital payments and developed a habit of using them. New services are being added regularly, and nearly one million businesses now accept payments via bKash.”
He added, “A digital payment ecosystem has been established, making transactions more convenient. This has led to a rise in customer numbers.”
Nagad Head of Media and Communications Muhammad Zahidul Islam said they had recently been focusing on ensuring “trust and security” in digital transactions.
As a testament of customer confidence, he pointed out that more people had been choosing Nagad for transferring money.
He said, "About Tk 1.74 billion is now being transferred over all MFSs per month. We believe this is just the beginning. In future, this milestone will go beyond Tk 2 trillion.
“We also dream that in the future, most of the transactions in Bangladesh will be conducted digitally and MFS companies will play a key role in that."
