MFS: Customers increased but Transactions decreased
Transactions in Mobile Financial Services (MFS) or Mobile Banking to avail financial transactions, service bill payment, examination fee payment, shopping, allowance withdrawal and remittance collection services were up until March this year. But despite the increase in the number of customers registered in this medium since April, there has been a decline in transactions such as cash in, cash out, remittance collection etc. From April to May, the number of registered customers increased by 34 lakh 13 thousand and the transaction decreased by 3 thousand 977 crore 41 lakh taka.
Also, the cash in or deposit through MFS decreased by Tk 1 thousand 310 crore 81 lakh in the discussed month. Cash out or withdrawal reduced by 2 thousand 32 crores. At the same time remittance income decreased by Tk 133 crore.
According to the information of the Bangladesh Bank, the number of registered customers in mobile banking in May 2024 stood at 22 crore 99 lakh 18 thousand 913. In April the number was 22 crore 65 lakh 5 thousand 553. Among the registered accounts, male customers are 13 crore 36 lakh 73 thousand 697 and female customers are 9 crore 58 lakh 86 thousand 26. Among them, 10 crore 98 lakh 2 thousand 659 live in cities and 12 crore 89 lakh 36 thousand 264 live in the villages.
According to the latest report of Bangladesh Bank, in May this year, the total transaction through mobile banking services was 1 lakh 40 thousand 952 crores. Whereas in April, 1 lakh 44 thousand 929 crores were traded through MFS. Out of this, the cash deposit (cash in) has been 40 thousand 485 crores. In the previous month of April, the amount of deposits (cash in) in MFS was 41 thousand 796 crores. Similarly, the cash withdrawal (cash out) was 44 thousand 954 crores. And in the previous month of April, withdrawal (cash out) was 46 thousand 987 crores.
In the discussed month of May, the person-to-person transaction was Tk 36 thousand 161 crore which was Tk 37 thousand 904 crore in April. According to that, the transaction in May has decreased by 1 thousand 742 crore 84 lakh taka compared to April. In the month of May, Tk 4 thousand 51 crore have been distributed for salaries and allowances of various organizations, service bills of Tk 3 thousand 143 crore have been paid. Similarly, in May, expatriate income (remittance) of Tk 722 crore came to the country through mobile banking. The remittances received in the previous month of April was worth Tk 856 crore.
The central bank has released this information from the transaction accounts of 13 MFS institutions.
