MFS transactions exceed Tk1 lakh crore for 3rd consecutive month | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Friday
July 25, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
FRIDAY, JULY 25, 2025
MFS transactions exceed Tk1 lakh crore for 3rd consecutive month

Economy

Tonmoy Modak
12 July, 2023, 10:50 pm
Last modified: 12 July, 2023, 10:58 pm

Related News

  • MFS transaction limit refixed: Daily maximum cash in Tk50,000, cash out Tk30,000
  • Ease of use, essential services boost MFS transactions by Tk3.84 lakh crore YoY
  • Hasina’s ex-press secy Nayeemul, his family transacted Tk386cr in 163 bank accounts: BFIU report
  • Police request all not to share MFS, bank PIN numbers
  • ACC seeks transaction details of Hasina, Joy, Rehana, Tulip over Tk21,000cr embezzlement

MFS transactions exceed Tk1 lakh crore for 3rd consecutive month

Tonmoy Modak
12 July, 2023, 10:50 pm
Last modified: 12 July, 2023, 10:58 pm
Infographic: TBS
Infographic: TBS

For the first time since mobile financial services (MFS) were launched in the country in 2011, monthly transactions through these services have crossed Tk1 Lakh crore for three consecutive months – from March to May this year.

Currently, there are 13 banks offering mobile financial services in the country such as bKash, Rocket, UKash, MyCash and SureCash.

According to the central bank data, transactions involving Tk1.08 lakh crore were made using mobile financial services in May this year. Around Tk76,000 crore were traded through these service providers in May last year, around 42% lower compared to the same month of this year.

Around Tk1.08 lakh crore was transacted in March, and a record amount of Tk1.25 lakh crore in April 2023 through mobile financial services.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Shamsuddin Haider Dalim, head of corporate communications of bKash, said, "The biggest change that will come in the mobile financial services sector is digital payments. As we have reviewed, people are gradually getting used to making digital payments. They are now making payments through mobile financial services like bKash instead of paying in cash. We can see a big jump here in a year."

Mentioning that transactions are increasing due to an increasing faith in the mobile financial service providers, he said, "Among many bKash account holders, we are seeing an increasing trend of using the digital services to pay fees for schools and colleges, purchase bus and train tickets, and pay utility bills.

"Besides, we are also introducing many new products as per the customers' demand, which is also boosting the transactions."

According to the central bank, payments made using mobile financial services at super shops and businesses crossed Tk6,000 crore for the first time in May this year, which was Tk2,747 crore in the same month of 2022. That means merchant payments through these services increased by 124% in one year.

Around Tk1,022 crore worth of talk-time was purchased in May 2023 using mobile financial services, which was a record. Apart from that, utility bills amounting to Tk2,962 crore have also been paid through these services in that month, which is also a record.

Zahidul Islam Sajal, head of communications of Nagad Limited, told TBS, "At least 25% of our 4 crore customers make transactions using the app. Cash-in and cash-out trends are high among analogue users.

"Moreover, people are using mobile financial services to make digital payments, recharge phones, and pay utility bills in addition to the above two services." 

According to the central bank data, the total number of mobile financial service subscribers stood at 20.4 crore at the end of May 2023. The number of subscribers has grown by 2.5 crores in the last year. These customers made over 50 crore transactions in May.

Stakeholders said the total number of accounts in the mobile financial services has crossed 20 crores, but the number of unique customers is not so high. The reason for this, they say, is that a customer uses multiple mobile financial services, which makes the number appear larger.

The Bangladesh Bank launched mobile banking activities in 2010. The first mobile financial service in the country – Rocket – started its journey on 31 March 2011.

Top News

MFS / Transactions

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Infographics: TBS
    Inflated rents, ghost floors, Tk220cr advance: How Premier Bank funds lined Iqbal family’s pocket
  • File photo of a new NBR office in Agargaon, Dhaka. Photo: UNB
    NBR chief directs customs officials to clear consignments within a day
  • Ahsan H Mansur. TBS sketch
    True ownership of S Alam loans, shares under fake names to be proven thru state witnesses: BB governor

MOST VIEWED

  • Representational image/Reuters
    Dollar gets upward push as BB buys $10m more in auction at even higher rate
  •  ABM Khairul Haque. File Photo: Collected
    Former chief justice Khairul Haque detained
  • File photo of Bangladesh Bank. Photo: TBS
    Governor Mansur orders withdrawal of BB dress code after directive draws criticism
  • Representational image. Photo: Collected
    Tariff talks: Bangladesh, US set for crucial virtual meeting on 29 July
  • Mehreen Ahmed speaking to media on 11 July 2025. Photo: Collected
    Court disposes of Dhaka girl's case against parents seeking 'protection from abuse'
  • Hasina and Taposh in an event in 2020. Photo: Collected
    Al Jazeera investigation: Hasina, in call with Taposh, talks using helicopter to shoot, crush protesters in July uprising

Related News

  • MFS transaction limit refixed: Daily maximum cash in Tk50,000, cash out Tk30,000
  • Ease of use, essential services boost MFS transactions by Tk3.84 lakh crore YoY
  • Hasina’s ex-press secy Nayeemul, his family transacted Tk386cr in 163 bank accounts: BFIU report
  • Police request all not to share MFS, bank PIN numbers
  • ACC seeks transaction details of Hasina, Joy, Rehana, Tulip over Tk21,000cr embezzlement

Features

Illustration: TBS

The future of medicine: How innovations will catalyse quantum leaps in healthcare

13h | The Big Picture
Photo: Collected

24 July: More than 1400 arrested, 3 missing coordinators found

1d | Panorama
Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

2d | Panorama
Photo: Mehedi Hasan/TBS

Mourning turns into outrage as Milestone students seek truth and justice

2d | Panorama

More Videos from TBS

There are many more examples of trials of Chief Justices in the world.

There are many more examples of trials of Chief Justices in the world.

11h | TBS Today
Why is there a massive conflict between Thailand and Cambodia?

Why is there a massive conflict between Thailand and Cambodia?

11h | TBS News Updates
Former Chief Justice ABM Khairul Haque in prison

Former Chief Justice ABM Khairul Haque in prison

11h | TBS Today
The Nvidia Chip Deal Trades Away the United States’ AI Advantage

The Nvidia Chip Deal Trades Away the United States’ AI Advantage

11h | Videos
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net