All records of transactions in mobile banking were broken in November (2024). A transaction of Tk 1,56,787 crore was made in a month. This is the first monthly record of mobile banking transactions. According to the calculations, this transaction is 31 percent more than the same period of the previous year (2023) on an annual basis.

The highest transaction in March 2024 was Tk 1,53,758 crore. That record was broken and the new record was set in November of the past year. Tk 1,56,787 crore was transacted in November. Tk 5,226 crore was transacted daily this month.

According to the latest information from Bangladesh Bank, Tk 44,957 crore was cashed in in the month of November. Tk 50,530 crore was cashed out. In addition, Tk 2,841 crore was paid in utility bills through mobile banking in November, Tk 4,632 crore was paid in salaries and allowances, Tk 7,775 crore was paid in merchant payments or product purchases, and Tk 1,777 crore was received in remittances.

Mobile Financial Services (MFS) is an important medium for immediate financial transactions at the country’s marginal level. In addition to sending money, many new services are also available in mobile banking. These include – electricity, gas, water bill payment, shopping bill payment, salary and allowance distribution, sending money from abroad (remittance) and various services are being provided. This medium is becoming popular day by day.

Currently, there are 13 MFS service providers including bKash, Rocket, Nagad. These institutions have 237.312 thousand 515 registered accounts. A month ago, the number of registered customers was 235.7 million. That is, 1.6 million new customers have been added to mobile banking in one month. But during the movement, i.e. in July, the number of customers was 233.127 thousand.

Earlier, Bangladesh Bank launched mobile banking activities in 2010. On March 31, 2011, the MFS journey in the country began with the launch of mobile banking services by the private sector Dutch-Bangla Bank. Then, the mobile banking service bKash was launched as a subsidiary of BRAC Bank. Currently, most of the mobile banking services are owned by bKash. Next is ‘Nagad’. Currently, 13 banks and institutions under various names including bKash, Rocket, Ucash, My Cash, Sure Cash are providing MFS services. The salaries of drivers, security guards and domestic workers are now being paid using these services. Workers in the garment sector and others are sending money to their families in villages through the MFS service. As a result, cash transactions are decreasing day by day.