Transaction through mobile financial services (MFS) is on average Tk 300 crore per day now, said BTRC Chairman Sunil Kanti Bose citing the recent data of Bangladesh Bank (BB).
In November 2014, Tk 322 crore 48 lakh was transacted through mobile financial services which is 17.48 per cent higher compared to the previous month. In the month of October, it was Tk 274 crore 51, Bose told The Independent adding the number is increasing everyday. According to Bangladesh Bank, 2 crore, 33 lakh and 14 thousand people have been registered for mobile financial services from while active users are 1 crore, 10 lakh, and 69 thousand, reports the Independent.
Though twenty eight banks have permission for MFS, some 19 of them are active, according to the central bank. BTRC data shows that middle and lower class people of the country are the main customers of these services.
The BTRC official said different organisations pay salary to their employees thorough the MFS of IFIC bank. bKash, a BRAC Bank subsidiary, signed agreement with different shopping malls which makes it easier for customers to make payment. Trading and payment of utility bills though the services also got popularity, said the BTRC official. Bose said the unbanked and marginalised people are enjoying the banking facilities due to the mobile banking service.
He added the main objective of mobile banking is to easier the lifestyle of the people and BTRC is working to use the service of mobile phone beyond the use of only voice and massaging.
According to Bangladesh Bank, the number of agents has been increasing every month. In November 2014, the number of agents reached 5,19,118 which is 0.48 per cent higher compared to the previous month. In the month of October, the number of agents was 5,16,905.
Provision of banking and other related financial services such as handling of foreign remittances, merchant payments, payments of utility bills, disbursement of salaries, and sending money to the relatives from anywhere of the country are largely under the operational domain of mobile banking.
According to the guidelines of BB, the transaction limit for the account holders of mobile financial services has been fixed at a maximum amount of Tk 10,000 on a daily basis and a total of Tk. 25,000 on a monthly basis. The limit is applicable to any number of transactions.
There are two kinds of transaction facilities—direct and indirect—provided by the MFS. One is P2P (person to person) and other is P2A (person to agent).
To open a mobile banking account, one needs the photocopy of the national identity card, driving licence or passport. BB gave approval to the banks to operate mobile financial service in 2011.
