Record Tk1.08 lakh crore MFS transaction in March
In March, MFS customers also made a record 48.25 crore transactions
The Mobile Financial Services (MFS) saw a record transaction worth Tk1.08 lakh crore in March, which is the highest monthly transaction since the inception of MFS in the country in 2011.
This is the third time, the monthly transactions of bKash, Nagad, Rocket and others have exceeded Tk1 lakh crore. Earlier in January this year, the transactions amounted to Tk1,00,593 crore, according to the central bank data.
The country saw the first record of crossing the Tk1 lakh crore mark in MFS transactions in April 2022, centring the biggest religious festival Eid-ul-Fitr when transactions worth Tk1.07 lakh crore were made.
Central bank data showed that the year-on-year transaction volume in March rose by nearly 22% or Tk19,000 crore.
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Regarding the rise in transactions, Shamsuddin Haider Dalim, head of Corporate Communications of bKash, has identified four reasons. Firstly, due to the month of Ramadan in April, many families shopped for daily necessities till the end of March. Besides, economic activity increases on the occasion of Ramadan. As a result, transactions increased. Secondly, bKash always tries to come up with new products for customers for easier transactions.
The transactions are also increasing gradually as customers are getting used to MFS transactions, which is also boosting their confidence in MFS. The range of digital payments has also expanded, he added.
Apart from this, various efforts of the government to build Digital Bangladesh have also promoted this sector, Shamsuddin said further.
In March, customers cashed in Tk34,308 crore and cashed out Tk30,940 crore, which is also a record high. Also, person-to-person balance transfers crossed Tk30,000 crore for the first time. The transaction has increased year-on-year in all areas, including salary distribution, bill payment, etc.
Record 48 crore transactions in March
In March, MFS customers also made a record 48.25 crore transactions. Previously, January this year saw over 46 crore transactions.
According to central bank data, MFS companies got 13 lakh new subscribers in March, taking the total number of subscribers to 19.81 crore, of which, 11.45 crore are males and 8.31 crore are females.
At the end of March, the amount deposited in MFS accounts of customers was Tk10,000 crore.
MFS started its journey in the country on 31 March 2011 with the launch of Rocket. According to the latest data from the central bank, currently, 13 banks offer mobile banking services.
