MFS transactions record breached again in April

Mobile Financial Services, adopted by Bangladeshis across social strata like ducks to water, continue to grow in volume as more and more financial transactions in the country take place over the platform.

The latest statistics on MFS from Bangladesh Bank reveal that Tk1.25 lakh crore was transacted through licensed MFS in April this year. This figure is a record for the volume of monthly transactions, even without the amount transacted over Nagad, which was still offering a similar kind of service in April, but without an MFS license.  

Adding Nagad’s amount increases the total transacted in April up to Tk1.54 lakh crore. It means on average Tk 5100 crore everyday was being transacted through this digital platform in April. MFS is growing gradually, the BB report states, with typical understatement.

The number of customers is increasing along with transactions in mobile banking. Currently, 13 banks are providing MFS under the names of bkash, Rocket, Ucash, MyCash, SureCash.

At the end of April 2023, the number of customers, or more  logically the number of registered accounts with MFS stood at 26.5 crore. This includes the Nagad customer base, after it finally registered as a non-bank financial institution just recently.

The number of mobile banking agents,  meanwhile, has reached 15.55 lakh this time, reports UNB.