Mobile Financial Service

Transactions grow by 13.7pc in July-Sept

HM Murtuza | Published: 00:00, Oct 26,2019

 
 

Money transactions through mobile financial services (MFS) grew by 13.69 per cent or Tk 13,058.78 crore year-on-year in the July-September period of the current fiscal year 2019-2020 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 1,08,423.30 crore in July-September of FY20 against Tk 95,364.52 crore in the same period of FY19.

Number of transactions, daily average transactions and number of MFS accounts also increased notably in the period under review.

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 was also 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.

Apart from transaction value, the number of transactions in July-September increased by 8.46 per cent or 5.02 crore.

In July-September, 2019, the number of transactions increased to 64.40 crore from 59.38 crore in the same period of the year 2018.

The daily average transaction through MFS increased by 17.46 per cent or Tk 175.6 crore year-on-year in the first three months of FY20.

In July-September of FY20, the daily average transaction increased to Tk 1,181.11 crore from Tk 1,005.51 crore in the same period of FY19.

The number of daily average transaction rose by 3.11 per cent or 2.13 lakh at the end of September of the current fiscal year compared with that of in the same period of the last fiscal year.

At the end of September this year, the number of daily average transaction increased to 70.79 lakh from 68.66 lakh daily transaction at the end of September, 2018.

Officials of the MFS providers said that they were putting special emphasis on bringing innovative services for their customers due to the growing competition among the banks to attract customers.

MFS of a number of banks, which are not that prominent, have also emphasised research and development.

The number of active MFS subscribers grew by 9.34 per cent or 29.38 lakh to 3.44 crore at the end of September, 2019 from 3.15 crore at the end of September last year.

The inward remittance through the MFS has remained lenient despite the fact that a large portion of ‘digital hundi’ was executed by using MFS.

Remittance inflow through MFS stood at Tk 87 crore in the first quarter of FY20 against Tk 77 crore in the same period of last fiscal year.

A BB official, who recently returned from Singapore after a study tour, told New Age, ‘I have seen many points of the country’s MFS operators beside the Mustafa

Centre, a very popular place among the Bangladeshi community people in Singapore, where they can transfer money to Bangladesh through MFS anytime.’

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