Mobile banking transactions hit second-highest in June
Mobile Financial Services (MFS) providers such as bKash and Nagad hit the second-highest ever transactions of Tk94,294 crore in June.
The highest transactions of Tk107,460 crore took place in April riding on the back of financial dealings centring Eid-ul-Fitr.
According to data from the Bangladesh Bank, mobile banking transactions stood at Tk76,312 crore in May, which is less than other normal periods.
Officials at several MFS providers said as Eid-ul-Fitr fell at the very beginning of May, most transactions centring on the festival including bonuses and shopping took place in the previous month.
Transactions in the month after Eid are naturally less than the previous month, according to sector insiders.
Shamsuddin Haider Dalim, head of Corporate Communications at bKash, said, "According to Bangladesh Bank recent data, transactions through MFS saw reasonably better growth in April due to the Eid festival. In May, the transactions dropped for the obvious reason of Eid vacation and returned to normal growth again in June."
He said the convenience of digital transactions, customer-centric diversified services and products, and consistent investment in technology by MFS providers like bKash has been strengthening the digital payment ecosystem of the country.
"Moreover, the government itself is utilising MFS platforms for disbursing social safety net allowances, stipends and financial aid as well as collecting fees, taxes, etc. Owing to these, customers are getting accustomed to digital transactions every day," he added.
According to the central bank data, customers of MFS providers made transactions more than 46 crore times in June – the highest ever monthly transactions.
Customers cashed in Tk27,420 crore and cashed out Tk26,692 crore. Also, the MFS users have transferred person-to-person balances amounting to Tk24,521 crore. Each of these is higher than the previous month.
Also, the MFS sector is becoming increasingly popular for paying utility bills. Last June, for the first time, bills of more than Tk2,000 crore were paid using this digital service.
In addition, for the second time, the balance of MFS accounts has crossed Tk10,000 crore. At the end of June, the balance stood at Tk10,870 crore.
According to the central bank data, the total transactions through MFS providers in the 12 months towards the end of June 2021 were Tk759,556 crore. That is, the average transaction per month stood at Tk63,296 crore.
From July 2021 to June this year, the total transaction was Tk990,004 crore. An average of Tk82,500 crore was transacted every month. That is, the average transaction per month has increased by 30.34% in the last one year.
The number of MFS accounts has increased by 29 lakh in the last month. At the end of June, the number of accounts increased to over 17.86 crore. Among them, over 10.35 crore accounts are held by male users and more than 7.46 crore by female customers.
The number of other accounts such as institutional is 3.94 lakh. The central bank said that the number of MFS accounts has increased by more than 2.26 crore in the last one year.
The Bangladesh Bank launched mobile banking activities in 2010. Mobile Financial Services started its journey in the country on 31 March 2011 with the launch of Dutch-Bangla Bank's mobile banking services.
Later, Brac Bank launched a mobile banking service as a subsidiary. At present, bKash dominates the mobile banking services in the country, followed by Nagad.
According to the latest data from the central bank, there are currently 13 banks offering mobile banking services in the country under various names such as bKash, Rocket, UKash, MyCash and SureCash. They are providing services like sending money, cash-in, cash-out, salary disbursement, donation for the poor, stipend disbursement, remittance, payments for different government services, toll payment, credit card bill payments and insurance premiums.
