Mobile cash transfer grows 54pc in Nov

The use of mobile financial services is fast rising, as people are becoming increasingly comfortable with the banking platform.

In November 2015, Tk 14,915.59 crore was transacted through mobile banking channels, up 54.2 percent year-on-year, according to data from Bangladesh Bank.

Daily average transactions during the month stood at Tk 497.19 crore in contrast to Tk 322.48 crore a year earlier. The figures will grow much higher if proper rules are implemented in the industry, according to sector leaders.

“Our market size is huge and mostly untapped,” said Abul Kashem Md Shirin, deputy managing director of Dutch-Bangla Bank, a leading mobile financial service provider.

Twenty-eight banks had taken permission from the central bank to roll out the service since 2009, and 20 banks launched it.

“If the other banks join the party, there will be innovations in service and the user base will spread.”

The number of transactions has grown too: from 6.09 crore in November 2014 to 11.09 crore in November 2015.

The highest growth came in the salary disbursement segment. Salaries amounting to Tk 140.91 crore were disbursed through the platform in November 2015, which is more than double from a year earlier.

Person-to-person transactions are increasing in popularity too. It increased 43.41 percent year-on-year to Tk 2,579.55 crore in November 2015. Utility bill payment saw 79.91 percent year-on-year growth in November.

Shirin said if banks can expand their coverage across the country, more people will take the service from them and the numbers will shoot up.

At present, there are 3.12 crore registered mobile financial service clients in Bangladesh, with 1.25 crore of them being active users.