Digital transactions through mobile banking have been rising very fast, having accounted for 43% of total transactions as of October 2021, Bangladesh Bank data shows.
Cash-in and cash-out transactions made up for the remaining 57%.
Total transactions through mobile banking also went up from Tk65,135.06 crore in September of last year to Tk67,582.24 crore in October — a Tk2,447.18 crore rise in one month.
Of the total transactions in last October, Tk21,049.37 crore was recorded as cash-in transactions or deposits, while Tk17,681.66 crore was recorded as cash-out or withdrawals.
Earlier, in May last year, a maximum of Tk71,246 crore was transacted through mobile banking.
Economists and bankers believe that the digital transactions through mobile banking are increasing rapidly because it is easier to reach all types of people and various public and private services through this medium.
“The time has come to discourage cash transactions. And through mobile banking, it is becoming possible to bring all kinds of people into the realm of digital transactions,” said Selim RF Hussain, managing director and CEO of Brac Bank.
“Various financial assistance of the government is also being delivered through this mobile banking, which may not have been delivered so quickly through a bank account,” he added.
Brac Bank is providing MFS services through bKash.
“Cash transactions are declining day by day in mobile banking services,” said Zahid Hussain, former lead economist of the World Bank in Dhaka.
“This is a positive economic trend,” he said; fewer cash transactions mean less use of money for criminal purposes.
“And if it is a digital transaction, it will be easy to catch illegal transactions,” the economist said.
Under mobile banking, customers have now increased their transactions for payment of various government services, sending money to family members, shopping, salary or allowance, mobile recharge, even remittance, Hussain added.
The journey of mobile financial services started in Bangladesh in March 2011 through Dutch Bangla Bank’s Rocket.
Currently, there are 13 MFS service providers in the country.
