• Tuesday, October 21, 2014

Mobile banking marks robust growth

Star Business Report

Mobile banking registered 186 percent growth in cash transactions over 12 months thanks to the growing popularity of the services, Bangladesh Bank said yesterday.
The number of subscribers grew 262 percent to 1.31 crore in the same period.
The value of mobile banking transactions stood at Tk 6,642.61 crore in December, up from Tk 2,320.02 crore in January 2013, according to central bank data.
It is observed that person to person money transfer—'cash in' and 'cash out'—are the most popular types of transactions.

The total number of agents providing such services across Bangladesh stood at 1.88 lakh until December 31, up from 59,559 in January last year, the data shows.
As part of the government's financial inclusion programme, the central bank allowed 28 banks to provide mobile-banking; to date, 19 have launched the service.
There is a lot of enthusiasm with mobile banking, as the banking regulator is promoting commercial banks to develop the financial service.
Launched in 2011 by two private banks in the country, mobile banking services have now become popular.
A customer can transfer money, receive salaries or pay bills from their accounts through mobile banking without visiting any bank branch.

Published: 12:00 am Monday, January 20, 2014

Last modified: 9:42 pm Monday, January 20, 2014

TAGS: Bangladesh Bank Mobile banking transactions banking regulator .

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