Mobile banking has gained significant popularity in Bangladesh as a convenient and accessible way to manage financial transactions. Mobile banking eliminates the need to stand in long queues or wait for bank hours, saving users valuable time.
Transactions can be completed quickly and easily with just a few taps on a mobile device, making banking more efficient and time-effective.
Mobile Financial Services in Bangladesh (MFS)
Mobile banking or MFS (Mobile Financial Services) refers to using mobile devices like smartphones to conduct financial transactions and banking activities through digital platforms.
Mobile banking has become increasingly popular in Bangladesh due to the widespread use of mobile phones and the growing adoption of digital financial services.
Mobile banking is regulated and overseen by the central bank, Bangladesh Bank, which has issued guidelines and regulations to ensure the safety and security of mobile banking transactions.
Mobile banking services in Bangladesh are typically offered by banks and financial institutions in partnership with mobile network operators and are known as Mobile Financial Services or Mobile Banking Services.
List Of Mobile Banking In Bangladesh
Mobile banking in Bangladesh has experienced significant growth in recent years, with several banks and financial institutions offering mobile banking services to cater to the increasing demand for digital financial services.
Some prominent mobile banking services in Bangladesh include Bkash, Rocket, Nagad, Dutch-Bangla Bank Mobile Banking, Upay, etc.
These mobile banking services provide many features and functionalities, including fund transfers, bill payments, mobile recharge, savings and credit facilities, and merchant payments. Some top mobile banking services in Bangladesh have discussed details.
Bkash Mobile Banking
Bkash was founded in 2010 as a subsidiary of BRAC Bank, one of Bangladesh’s largest private commercial banks. It was launched as Bkash in 2011. It was established to provide affordable and convenient financial services to Bangladesh’s unbanked and underbanked population.
Bkash started its journey with a limited range of services, but over the years, it has expanded its offerings and gained widespread popularity among the masses.
Today, Bkash has become Bangladesh’s largest mobile financial service provider, with many users and a wide network of agents and merchants nationwide. Bkash has successfully brought banking services to people with limited access to formal financial services.
Nagad Mobile Banking
Nagad is a digital financial service in Bangladesh that offers a wide range of financial transactions through a mobile app. It is operated by the Bangladesh Post Office, aiming to provide easy and convenient digital payment solutions to the people of Bangladesh.
With Nagad, users can send and receive money, pay bills, recharge mobile phones, make online purchases, and much more, all from the comfort of their mobile devices.
Rocket Mobile Banking
Rocket Account is a mobile banking service that provides services to people in partnership with mobile network operators in Bangladesh. It allows users to access various financial services, such as fund transfer, utility bill payment, mobile recharge, online shopping, and cash out, all from their smartphones.
With Rocket Account, users can easily manage their finances without visiting a bank branch or carrying cash.
Dutch Bangla Mobile Banking
Dutch-Bangla Mobile Banking is a banking service offered by Dutch-Bangla Bank Limited (DBBL), a leading private commercial bank in Bangladesh.
The mobile banking service allows customers to perform various banking transactions and services through their mobile phones using the bank’s dedicated mobile banking application.
Dutch-Bangla Mobile Banking offers many services, including fund transfers, bill payments, mobile recharge, balance inquiries, mini-statements, credit card payments, and more. Customers can also open savings accounts and fixed deposits and apply for loans through the mobile banking application.
Upay Mobile Banking
In today’s fast-paced world, digital payment services have gained immense popularity due to their convenience, speed, and security. Upay account is a service that has become increasingly popular among users in Bangladesh.
It is a digital wallet that allows users to perform various financial transactions such as money transfers, bill payments, mobile recharge, online purchases, and much more, all from the comfort of their smartphones.
SureCash Mobile Banking
SureCash is a popular mobile banking service in Bangladesh that provides various financial services through mobile phones. Progoti Systems Limited, a leading technology company in Bangladesh, operates it.
SureCash is a mobile banking service in Bangladesh that offers a range of features to facilitate financial transactions through mobile phones.
MCash Mobile Banking
Mcash is a mobile banking service in Bangladesh that provides various financial services through mobile phones. It is operated by Mutual Trust Bank Limited, one of the leading banks in Bangladesh.
Customers can deposit money into their Mcash accounts through authorized Mcash agents or bank transfers from other bank accounts in Bangladesh. This allows customers to add funds to their Mcash accounts for various transactions.
Advantages of Mobile Banking
Mobile banking has made financial services more accessible to underserved populations, such as those in remote areas or with limited mobility, bridging the gap to financial inclusion.
Mobile banking has numerous advantages, providing a convenient, secure, and inclusive way to manage finances. Now let’s know about the advantages of Mobile banking.
- Money can be transacted 24 hours a day and night through mobile banking.
- Through mobile banking, money can be transacted from one place to another from any part of the country sitting at home.
- Account balances can be checked through mobile.
- Mobile recharge can be done through mobile banking; all offers are known.
- Different types of utility bills can be paid.
- The income tax return can be filed.
- A small amount of money of 50 TK can be sent to any part of the country, which is impossible through banks.
- Money can be withdrawn through an ATM booth.
- Add Money can bring money from any bank to mobile banking and pay money from mobile banking to the bank’s main account.
- For urgent needs, money can be withdrawn from the nearest mobile banking agent or ATM booth anywhere in the village or town.
- The PIN is used in mobile banking transactions, which are completely safe, and no one can withdraw money if no one else knows it.
- A deposit Pension Scheme DPS account can be opened through mobile banking.
- The loan facility is available through mobile banking.
- Through mobile banking, you can know your past transaction record.
- In case of admission to school, or college university, Fee is deposited through mobile banking.
- The examination form fill fee of the students is deposited through mobile banking.
- Student stipends are paid through mobile banking.
Disadvantages of Mobile Banking
While mobile banking offers many benefits, it also comes with its share of disadvantages. As with any digital technology, there are potential risks and drawbacks that users should be aware of. There have been discussed disadvantages of mobile banking below.
Mobile banking has advantages as well as some difficulties in the field of mobile banking, all people across the country are enjoying the benefits, and besides being victims of several frauds, people are facing various difficulties. Let’s know the disadvantages-
- Mobile banking has a high transaction volume which is much higher than that of banks.
- Sending money through mobile banking in case of large transactions is foolish because sending money through mobile banking costs a fee which, if sent from the bank, will cost less than the fee.
- Paying different types of bills through mobile banking is a bit of a hassle because not everyone can master these things quickly; many do not understand the rules of how to send bills.
- If you forget your Mobile Banking PIN, you cannot set up your PIN again if you do not provide the correct account opening and current balance information, which is a matter of customer loss.
- People are constantly being cheated through mobile banking. Fraudulent gangs are trying to find out the verification code or PIN from the customers by giving different kinds of temptations or fear-mongering that the account will be closed and taking all the money by hacking the account.
- Most people in our country are illiterate and lack knowledge about mobile transactions, so customers are often cheated.
Despite the many disadvantages of mobile banking, there are many advantages. Our mobile banking services are available even when the banking system is closed. Mobile banking services are available 24 hours daily, meaning transactions can occur anytime.
Mobile Banking In Bangladesh Statistics
The statistics on mobile banking in Bangladesh highlight this transformative service’s remarkable growth and impact. Over the past decade, mobile banking has witnessed exponential growth, revolutionizing the financial landscape and increasing financial inclusion in the country.
The statistics reveal that many Bangladeshis have embraced mobile banking as a convenient and secure means of accessing financial services.
The Bangladesh Bank has been granting Mobile Financial Services (MFS) licenses to integrate individuals without bank accounts into the formal financial system.
MFS has gained popularity among government bodies due to its benefits and revenue-generating potential. Several factors, such as a tech-savvy population, widespread mobile connectivity, and increased internet penetration, have positively influenced the growth of the MFS sector.
According to reports from the Bangladesh Bank, the transaction value of Mobile Financial Services experienced a significant 30% increase in FY 2022, reaching Tk9,900 billion compared to Tk7,595.6 billion in FY 2021. The country now has 1.53 million MFS agents spread across Bangladesh.
The top MFS providers, namely bKash, Nagad, Rocket, and SureCash, hold market shares of 39.9%, 18.1%, and 11.7%, respectively. Customers utilize MFS for various financial operations, including transactions and bill payments.
This substantial growth in customer base has allowed MFS to expand its product offerings and better cater to customer needs. With such positive indicators, it is reasonable to assume that companies in this industry are thriving and generating sustainable profits.
mobile banking in Bangladesh has transformed the way people handle their finances. It offers convenience, accessibility, and security, allowing users to access their accounts, make transactions, and manage their money anytime, anywhere.
Mobile banking has brought financial services to underserved populations, promoted financial inclusion, and offered cost-effective and eco-friendly solutions.