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Dhaka Tribune

MFS transactions hit 125,000C in April

Year-on-year, transactions through MFS platforms grew 16% from Tk107,000 crore in April 2022

Update : 22 Jun 2023, 05:03 PM

Mobile financial service (MFS) providers recorded Tk125,000 crore worth transactions in April, the highest ever so far, buoyed by an increase in spending, payments and money transfers ahead of the Eid-ul-Fitr festival. 

The transactions in April rose 15% from the previous month's Tk108,000 crore, and April was the second consecutive month that registered a growth momentum in the use of the MFS, according to data released by Bangladesh Bank.

Year-on-year, transactions through MFS platforms grew 16% from Tk107,000 crore in April 2022.

The MFS system, which was introduced in 2011, gained popularity within a couple of years because of convenience. 

Today, the number of MFS accounts is 200 million and more than half of the accounts are owned by men.

April's data showed that the average daily transaction crossed Tk4,000 crore, which was Tk1,200 crore four years ago, according to the BB data.

Of the total transaction, cash in and cash out accounted for 59% in April followed by person-to-person fund transfer, payment to merchants for purchases by consumers and salary disbursement.

The float amount of money kept by users in their MFS wallets also hit a new high of Tk11,084 crore in April.

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