Mobile banking witnesses 'hockey-stick growth'
Sunday, 9 December 2012
FE Report
Mobile banking, one of the easy modes to implement the 'financial inclusion' theme in the country has recently witnessed an almost 'hockey-stick growth' driven mainly by hassle-free services and easy access to service centers, official sources said.
With a whopping 275 per cent rise, a total of 1.5 million subscribers came under mobile banking service till November 30,2012 against 0.4 million of March last, according to Bangladesh Bank (BB) statistics.
"Mobile banking service is more suitable for the huge working people against the traditional banking services," Khondkar Morshed Millat, Deputy General Manager of Bangladesh Bank (BB) told the FE recently.
Around Tk 330 million transactions per day is being settled under the mobile banking services. Each month, the transaction volume through mobile banking is increasing by 15 per cent, the BB data said.
The BB sources said through this service, transaction worth around Tk 10 billion (1000 crore) takes place in each month.
The central bank has so far given approval to 23 banks for delivering mobile banking services as an alternative payment channel in the banking sector. Fourteen of the 23 banks have already started their mobile banking services, a central bank report said.
Mobile banking was introduced on May 15, 2011 by Dutch-Bangla Bank Ltd (DBBL). BRAC Bank introduced the service on July 21, 2011.
Two banks are also going to introduce mobile-banking throughout the country with the help of the government union information centers.
BB sources said the central bank issued guidelines for mobile banking in 2011. In the guideline, it fixed a time-frame for starting mobile banking within six months. Later the time frame was relaxed due to some procedural complicity.
The central bank allowed first three banks to start mobile banking in 2009.
Mobile banking, one of the easy modes to implement the 'financial inclusion' theme in the country has recently witnessed an almost 'hockey-stick growth' driven mainly by hassle-free services and easy access to service centers, official sources said.
With a whopping 275 per cent rise, a total of 1.5 million subscribers came under mobile banking service till November 30,2012 against 0.4 million of March last, according to Bangladesh Bank (BB) statistics.
"Mobile banking service is more suitable for the huge working people against the traditional banking services," Khondkar Morshed Millat, Deputy General Manager of Bangladesh Bank (BB) told the FE recently.
Around Tk 330 million transactions per day is being settled under the mobile banking services. Each month, the transaction volume through mobile banking is increasing by 15 per cent, the BB data said.
The BB sources said through this service, transaction worth around Tk 10 billion (1000 crore) takes place in each month.
The central bank has so far given approval to 23 banks for delivering mobile banking services as an alternative payment channel in the banking sector. Fourteen of the 23 banks have already started their mobile banking services, a central bank report said.
Mobile banking was introduced on May 15, 2011 by Dutch-Bangla Bank Ltd (DBBL). BRAC Bank introduced the service on July 21, 2011.
Two banks are also going to introduce mobile-banking throughout the country with the help of the government union information centers.
BB sources said the central bank issued guidelines for mobile banking in 2011. In the guideline, it fixed a time-frame for starting mobile banking within six months. Later the time frame was relaxed due to some procedural complicity.
The central bank allowed first three banks to start mobile banking in 2009.