News Desk: The discussion that financial services will be available without going to the bank did not start 10 years ago. When mobile phones began to be used in the country in the nineties, no one even predicted that these phones would one day become a major medium for many financial transactions. And a decade ago, when mobile financial services (MFS) or mobile banking were introduced, the question of the acceptability of this service also arose. But a decade later, the reality is that services like development, rockets, cash are now an essential part of every moment’s financial need. The mobile phone is now meeting the demand for cash.

A large part of the population of the country is now the customer of these services. About 14 crore have been registered for these services across the country. Although the number of active users is a little less than 5 crore. In a country of 12 crore adults, this number is not small.

Now mobile banking is not just a means of sending money. It is used in all types of small transactions. In particular, it is one of the means of paying service bills, school salaries, purchases, government allowances, ticket purchases, insurance premiums, mobile recharges and grants. And now you don’t have to go to agents to deposit money in mobile banking. Money can be easily brought from the bank or card as these. Again, money has been deposited in the bank from these accounts, credit card or savings deposit installments are also being deposited. As a result, a mobile phone has become one’s own bank.

The journey of financial services through mobile in Bangladesh started in March 2011. The private sector Dutch-Bangla Bank was the first to launch this service. It was later renamed Rocket. After that BRAC Bank launched MFS service as a partner. Later many more banks came to this service. However, could not benefit much. At present, 15 banks including bKash, Rocket, My Cash, M Cash, Upaya, Sure Cash are providing services at this. More than 70 percent of the market is under development control, followed by rockets. The rest of the institutions are doing some transactions.

According to Bangladesh Bank, at the end of last January, the number of customers of this service is 10 crore 5 lakh. Of these, 3 crore 24 lakh are active customers. And there are 10 lakh 44 thousand agents across the country to provide this service. The average daily turnover in January was Tk 1,846 crore.  A total of 29 crore 92 lakh transactions have been completed this month. Of these, Bikash has 5 crore 40 lakh subscribers and Rocket has more than 3 crore subscribers. Apart from this, the registered customers of the postal department’s service cash are 3 crore 80 lakh. However, the active subscribers are around 1 crore 75 lakh. About 400 crore rupees are being transacted every day.

Launched in March 2019, the service has taken on a large market in two years. This transaction shows how much people have become dependent on this service. How much this new service has blended with people’s lives.

While mobile banking services have benefited industrialists, they have also been a great blessing to domestic workers and low-income people like Roxana Begum. Because, many industrialists do not have to take money from the bank to the factory at the end of the month like before. Salary-allowance automatically goes to the workers as mobile banking.

1- Mobile financial services in Bangladesh started in March 2011.

2- Dutch-Bangla Bank launched the first service, now called Rocket.

3- Later, the development service was launched as a subsidiary of BRAC Bank.

4- The post office cash service was launched in March 2019.

5- 14 crore accounts, daily transactions 2200 crore.

However, the cost of this service is still much higher. To raise one thousand rupees, customers have to spend 18 and a half rupees. The cost of cash services is a bit lower. MFS service providers say more than 60 percent of the charges are paid to agents. Then you have to pay the network cost. The rest is spent on running the organization. Profits at the end of the day are very low. However, at the end of the day, MFS institutions have accumulated more than Tk 7,000 crore. The companies are running their business from the interest of this money.

As per the instructions of the central bank, 30,000 Tk can be deposited five times a day in mobile banking. A maximum of 2 lakh Tk 25 times a month. And in one day 25 thousand Tk can be withdrawn and sent from person to person. Now customers can open MFS account sitting at home. There is also the facility of transferring money from bank account. So mobile banking account is now in everyone’s hands. The demand for this service is increasing in Corona as there is an opportunity to take the service while maintaining social distance.