Mobile banking collapsed in July

Mobile banking transactions fell by more than 21 per cent in a month, with a major impact from a few days of internet shutdowns and slowdowns to stop the student- public upsurge in July. This information has emerged in the latest updated report of Bangladesh Bank.

According to the data of the Central Bank, in July this year, Tk 1 lakh 22 thousand 922 crores was transacted through mobile banking. And in the previous month in June, Tk 1 lakh 55 thousand 835 crore was transacted through MFS. Accordingly, compared to June, the transaction in July decreased by Tk 32 thousand 912 crores. Which is more than 21 percent of total transactions.

Bangladesh Bank's MFS report says that the deposit (cash in) in MFS in July was Tk 35 thousand 335 crores. And in the previous month of June, the deposit (cash in) in MFS was 43 thousand 562 crores. Accordingly, the cash in in July has decreased by Tk 8,226 crore compared to June. In addition, withdrawal (cash out) through mobile banking was 40 thousand 114 crores in July. In the previous month, withdrawal (cash out) through MFS was Tk 51 thousand 354 crore. Accordingly, the cash out in July has decreased by Tk 11 thousand 240 crore compared to June.

Also, in July, utility bills were paid through mobile banking to the tune of Tk 2,575 crore, which was Tk 3,223 crore in June. Accordingly, the utility bill payment through mobile banking has reduced by about Tk. 650 crores. Similarly, remittance collection was decreased. Whereas expatriates sent Tk 994 crore through mobile banking in June. In July, the remittance received was Tk 714 crore. Decreased by about two hundred crores taka.

However, the number of accounts is continuously increasing despite the decrease in transactions. In July of this year, the number of accounts stood at 23 crore 31 lakh 27 thousand 856. The number of accounts in June was 23 crore 34 lakh 18 thousand 206. Accordingly, the number of accounts increased by 7 lakh 9 thousand 650. Among these registered accounts, the number of male customers has increased to 13 crore 56 lakh 53 thousand 233 and the number of female customers has increased to 9 crore 71 lakh 8 thousand 480. Among these accounts, the number of the city is 10 crore 98 lakh 2 thousand 659 and the number of the village is 12 crore 89 lakh 36 thousand 264.

Bangladesh Bank launched mobile banking in 2010. On March 31, 2011, the journey of mobile financial services (MFS) in the country began with the launch of mobile banking services by the private sector Dutch-Bangla Bank. After that, bKash launched mobile banking services as a subsidiary of BRAC Bank. At present, the majority of mobile banking services in the country are done through bKash. Then there is the position of 'Nagad'. Apart from transactions, many new services are also being added to mobile banking. Mobile banking services are being provided in various fields including electricity, gas, water bill i.e., service fee payment, shopping bill payment, mobile recharge, salary payment, sending money from abroad i.e., sending remittance. At present, about 13 banks and institutions with various names including bKash, Rocket, Upay, My Cash, Sure Cash are providing MFS services.

Apart from this, the salaries of drivers, security guards and maids are now being paid using services. Workers in the garment sector are sending money to villages through MFS services. As a result, cash transactions are decreasing day by day. The sector stakeholders consider this trend to be positive for the economy.