The rise of mobile banking

Thanks to the ease and affordability of mobile banking, more and more unbanked people, especially in rural areas, are now partaking in formal banking activities. Cash transactions via mobile banking rose 3.71 percent in February from the previous month, a clear sign of the service's rising popularity.

A customer can transfer money, receive salaries or pay bills from their accounts through mobile banking without visiting any bank branch.

As part of the government's financial inclusion programme, the central bank allowed 28 banks to provide mobile banking. To date, 19 banks have introduced the service to their customers.

BRAC Bank's bKash, Dutch-Bangla Bank, Islamic Bank's MCash, United Commercial Bank's UCash and Trust Bank's Mobile Money are now the key players in this field.

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