Meghna Bank steps into MFS market
Meghna Bank yesterday joined the race for dominance over the highly competitive market for mobile financial services (MFS) in Bangladesh by introducing "MeghnaPay", which aims to provide smart and convenient banking facilities for people across the country.
With bKash, Nagad and Rocket leading the pack, there are currently 13 MFS providers operating in Bangladesh. Different banks own a majority stake in 12 of these companies while Nagad is poised to get its license through a non-banking financial institution.
Zunaid Ahmed Palak, the state minister for ICT, launched the service through a ceremony held at The Westin Dhaka.
Customer acquisition in the local MFS industry is high mainly due to severe competition between bKash and Nagad that led to a discount war between the two companies, making it very difficult for others to penetrate the market.
And despite having a good amount of cash to burn, Upay and Tap are struggling to solidify their positions in the MFS market, according to industry people.
Other than basic services such as fund transfer, add money and mobile recharge, Meghna Bank will focus on introducing innovating banking facilities under the MeghnaPay umbrella, the lender said in a statement.
"We launced an innovative MFS -- MeghnaPay -- using our banking experience and expertise," said HN Ashequr Rahman, chairman of Meghna Bank.
"MeghnaPay is an alternative digital banking service delivery channel, through which various types of financial services will be available," added Rahman, who is also a lawmaker.
He then said the main task will be to identify the cash "transaction points" and encourage the use of MeghnaPay at those points.
Sohail R K Hussain, CEO of Meghna Bank, said they are very keen to invest in new technologies to provide banking services that lead positive changes in their customers lives.
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