Push-button mobile banking is flourishing fast as 20.80 per cent of Bangladesh's people now hold such device-based bank accounts with unbanked population increasingly coming under its network, latest official findings show.
As of last April, the volume of transactions through all types of MFS ballooned to Tk 1.44 trillion.
Mobile-banking transactions can be done by using the mobile phone or from agent points. This is now much popular as Tk 25,000 can be transacted a day by an accountholder or Tk 150,000 a month.
In rural areas, the rate of mobile accountholders is 21.82 per cent while 18.75 per cent in urban areas.
Such picture comes clear from a latest survey conducted by Bangladesh Bureau of Statistics or BBS under the headline 'Socioeconomic and Demographic Survey 2023'. Population aged 10 years and above in the country with account in financial services came under such headcount.
They mainly open account with leading mobile-phone financial services --- bKash, Nagad, Rocket, Upay etc --with the rate being 28.33 per cent for male and 13.43 per cent for female.
The national statistical bureau says if a person has an account in a bank or non-bank financial institution, either individually or jointly, with any institution where financial transactions occur, that person is regarded as an accountholder in that financial institution.
Some 18.09 per cent have accounts with multiple financial institutions-with 26.02 per cent and 10.33 per cent for male and female respectively.
It is stated that 47.43 per cent of people in the country have financial accounts in banks, financial institutions, MFS, insurance, microcredit institutions, post offices, capital markets (BO or beneficiary owner account) and National Savings Directorate.
However some 52.57 per cent of the population does not have any account in financial institution.
In banks, some 5.85 per cent of the population has accounts while 0.09 per cent in non-bank financial institutions. Some 2.36 per cent of people have accounts with microcredit institutions or NGOs while 0.11 per cent in insurance companies.
And 0.10 per cent of the people have accounts with cooperative societies while 0.02 per cent in post office accounts.
Upcountry area like Rangpur division has the highest number of MFS accounts of 28.1 per cent followed by Barishal with 24.26 per cent.
Chattogram has the lowest number of MFS accounts at 18.11 per cent.
"Government payments and salary disbursement and cash-out transactions are major products," says the BBS in its survey report.
Currently, 10 banks and 3 subsidiary companies are providing MFS as an alternative payment channel in the country.
jasimharoon@yahoo.com