Ease of use, essential services boost MFS transactions by Tk3.84 lakh crore YoY | The Business Standard
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WEDNESDAY, JULY 23, 2025
Ease of use, essential services boost MFS transactions by Tk3.84 lakh crore YoY

Banking

Sakhawat Prince
14 February, 2025, 12:10 am
Last modified: 14 February, 2025, 12:11 am

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Ease of use, essential services boost MFS transactions by Tk3.84 lakh crore YoY

In December alone, transactions hit Tk1.64 lakh crore, marking the highest-ever monthly total

Sakhawat Prince
14 February, 2025, 12:10 am
Last modified: 14 February, 2025, 12:11 am
TBS Illustration
TBS Illustration

Mobile Financial Services (MFS) are gaining substantial traction, with transactions soaring by Tk3.84 lakh crore in 2024, a 28.42% increase from the previous year, driven by the ease of use and new customer-focused offerings.

Latest Bangladesh Bank data shows that transactions via MFS reached Tk17.37 lakh crore in 2024, up from Tk13.52 lakh crore in 2023.

Also, by the end of December 2024, the number of MFS accounts in the country had reached 23.86 crore, up from 22.4 crore in December 2023.

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Sector insiders said user accounts, including those of agents, are growing significantly as MFS providers keep introducing new services in response to popular demand.

MFS has become popular mainly among low-income individuals who often find themselves in need of quick cash. For example, Zakir Hossain, a salesman at Fu-Wang Foods Limited who lives in Dhaka, receives his salary between the 10th and 15th of each month but frequently runs out of funds before the next paycheck. When that happens, he turns to bKash, the country's leading MFS provider, for a loan, avoiding the need to borrow from others.

"I do a meagre job with a low salary. bKash doesn't require collateral, and I can repay anytime. Besides, I can easily withdraw money, which is why I use this service often," Zakir told TBS.

Along with general customers, the number of MFS agents has also grown, reaching 18.28 lakh by December 2024, up from 17.24 lakh a year earlier.

Shamsuddin Haider Dalim, head of corporate communications and public relations at bKash Ltd, told TBS, "MFS is becoming a widely used transaction method across the country, from cities to villages. Its growth continues as customers develop trust and familiarity with digital transactions. MFS is no longer just about sending money and cashing out — it is evolving rapidly with new services tailored to customer needs."

According to central bank data, MFS transactions have been steadily rising since June 2024. The figures stood at Tk1.22 lakh crore in June, Tk1.37 lakh crore in August, Tk1.45 lakh crore in September, Tk1.54 lakh crore in October, Tk1.56 lakh crore in November, and Tk1.64 lakh crore in December — the highest monthly transaction to date.

"Last year, 33 lakh new customers joined the MFS sphere through bKash alone, many of whom are saving through small DPS. Additionally, bKash is gaining popularity for offering collateral-free loans," said Shamsuddin Haider.

"bKash customers alone transact around Tk2-3 crore daily, using the platform to purchase various products and pay both government and private bills," he added.

MFS in Bangladesh began in March 2011, with Dutch-Bangla Bank's Rocket being the first to launch. Soon after, bKash, a subsidiary of BRAC Bank, entered the market, followed by several other banks. 

Currently, 13 institutions offer MFS, including Rocket, bKash, MYCash, Islami Bank mCash, Trust Axiata Pay (tap), FirstCash, Upay, OK Wallet, Rupali Bank, TeleCash, Islamic Wallet, Meghna Pay, and Nagad.

Muhammad Badiuzzaman Didar, the Bangladesh Bank-appointed administrator of Nagad, told TBS, "Currently, around Tk5,000 crore is transacted through MFS daily, and I believe this will rise to Tk10,000 crore within the next two years."

"The nature of MFS transactions has evolved significantly, with more banks and merchants joining the system. If grocery stores, fish markets, and small food vendors fully integrate with MFS, transaction volumes will grow even further," he added.

Didar also highlighted Nagad's increasing popularity, stating that since last August, when the central bank appointed him as the administrator, both transactions and customer trust have surged.

"MFS now offers a range of essential services, from utility bill payments and shopping transactions to salary disbursements and remittance transfers," he added.

Bangladesh / Top News

Bangladesh / MFS

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