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29 March 2024


Business Insider Bangladesh

MFS transaction nears Tk 1 lakh crore in Feb

BI Report || BusinessInsider

Published: 15:16, 27 April 2023  
MFS transaction nears Tk 1 lakh crore in Feb

Photo: Collected

The monthly transactions through mobile financing services like bKash, Nagad, and Rocket drew up to Tk one lakh crore in February this year, according to the latest data of Bangladesh Bank.

The transactions amounted to Tk 97,308 crore and on average around Tk 3,475 crore were transacted every day during the period.

With the growth, the financial transaction through the MFS increased by 24 percent within a span of one year, said the BB data.

The total customers in the MFS sector were 19.68 crore and 11.37 crore out of the total were male, 8.26 crore were female and 4.68 lakh were institutional customers.

all, at least 2.5 crore customers increased in the MFS sector within the span of a year thanks to the expansion of digital services in the country’s many sectors.

Eminent Economist Dr. Ahsan H Mansur said the MFS system was introduced in the country in 2011 and at that time no one thought that the transaction through the channels would reach 1 lakh crore.

“It was unimaginable at that time. There should be a curriculum on how one can be able to open a bank account from school life,” stressed the need.

Of the total, around 55.64 percent of customers in the MFS sector are villagers while the rest 44.36 percent of customers live in urban areas.

The scope and nature of the MFS sector will increase following the pace of the country’s transformation to a smart Bangladesh, said the economist.

The MFS sector also witnessed the highest transactions, 46.30 crore in number, in January 2023. The number is 3.5 crore higher than the previous month.

The country saw the first record of suppressing the Tk 1 lakh crore mark in MFS transactions in April 2022, centring the Muslim’s biggest religious festival Eid-ul-Fitr.

Nagad
Walton