Money transactions through mobile financial service (MFS) grew by 6.6 per cent or Tk 2,329 crore in October this year compared with that in the previous month as the MFS operators focused on making the service more convenient for clients.
As per the Bangladesh Bank data, transactions through MFS increased to Tk 37,762.54 crore in October from Tk 35,433.16 crore in September.
The number of transactions, daily average transactions and number of MFS accounts also increased in October.
Bankers and mobile financial service providers said that the MFS providers had been bringing more services under their platform thus attracting higher customers’ attention.
Along with making many of the services available to the mobile handsets, the MFS providers have ensured convenience of the services.
For instance, the MFS providers have been giving utility bill payment facility, tuition fees payment of different educational institutions and purchasing tickets along with the basic services — cash-in and cash-out facility.
Besides, opening of MFS accounts has also been made convenient for the customers as MFS provider bKash offered e-KYC service for its customers.
A mobile phone customer with a smartphone now can open bkash account from home by submitting required documents by taking pictures of the documents through smartphone.
Several banks allow their customers to transfer fund through online accounts to MFS accounts and such transaction can be completed without visiting any bank.
Bangladesh Bank officials said that the extent of the MFS service would increase largely once the interoperability service was launched by the central bank.
The interoperability service, expected to be launched in January next year, would facilitate subscribers of any MFS operator transferring money to the subscribers of other MFS operators in real time.
Besides, MFS accountholders would be able to send money to any bank account as well.
Similarly, MFS accountholders would also get scope for receiving money from bank accounts also.
Once the scope is created, each MFS accounts would function like bank accounts and the rural people would be the main beneficiaries, the BB officials said.
Apart from MFS transaction value, the number of transactions in October increased by 7 per cent or 1.48 crore.
In October, the number of transactions increased to 22.72 crore from 21.24 crore in the previous month.
The number and value of daily average transaction through MFS increased by 3.6 per cent and 3.10 per cent respectively in October compared with that in the previous month.
The number of registered clients of MFS operators increased by 1.9 per cent or 14 lkah to 7.73 crore in October from 7.6 crore in the previous month.
However, the number of active MFS subscribers fell by 15.6 per cent or 54 lakh to 2.9 crore in October from 3.44 crore in September.
Remittance inflow through MFS stood at Tk 24.99 crore in October this year from Tk 24.18 crore in the previous month.
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