MFS booms with 18.2m new accounts

Staff Reporter :

Mobile Financial Services (MFS) experienced consistent growth in 2024, with total transactions reaching Tk 17.37 trillion – a 28.42 per cent year-on-year increase from Tk 13.53 trillion in 2023, according to the latest report by Bangladesh Bank.

The number of MFS accounts also saw a significant rise. By the end of December 2024, the total number of accounts stood at 238.6 million, compared to 220.4 million in December 2023, reflecting a year-on-year increase of 18.2 million accounts.

Experts noted that the continued rise in mobile banking transactions indicates a growing reliance on digital financial services in everyday life, with further expansion expected in the coming years.

According to central bank data, MFS transactions steadily increased throughout the year. Monthly figures were as follows: July: Tk 1.22 trillion, August: Tk 1.37 trillion, September: Tk 1.45 trillion, October: Tk 1.54 trillion, November: Tk 1.56 trillion and December: Tk 1.64 trillion (the highest monthly transaction volume in the history of MFS in Bangladesh).

MFS was introduced in Bangladesh in March 2011, with Dutch-Bangla Bank’s Rocket being the first to launch. Soon after, bKash, a subsidiary of BRAC Bank, entered the market, followed by several other banks.

Currently, 13 institutions provide MFS, including Rocket, bKash, MYCash, Islami Bank mCash, Trust Axiata Pay (tap), FirstCash, Upay, OK Wallet, Rupali Bank, TeleCash, Islamic Wallet, Meghna Pay, and Nagad.