MFS transactions hit record Tk 1.64 trillion in December

Mobile financial service (MFS) providers recorded Tk 1.64 trillion (Tk 1,64,740 crore)-worth of transactions in December 2024.

This marks the highest monthly transaction amount in the history of mobile financial services in the country, according to the latest report by Bangladesh Bank.

In 2024, mobile banking transactions totaled Tk 17.37 trillion (Tk 17,37,000 crore), reflecting a 28.42 per cent increase compared to 2023. The total transactions in 2023 stood at Tk 13.53 trillion (Tk 13,53,000 crore), indicating an increase of Tk 3.84 trillion (Tk 3,84,000 crore) year-on-year.

The surge in mobile banking usage is attributed to the convenience it offers in salary disbursement, remittances, and utility bill payments, making it a popular financial tool across both urban and rural areas, reports UNB.

Bangladesh Bank’s report highlights a consistent growth in MFS transactions throughout the year. The monthly transaction values from July to December 2024 are as follows:

July: Tk 1.22 trillion (Tk 1,22,000 crore)

August: Tk 1.37 trillion (Tk 1,37,000 crore)

September: Tk 1.45 trillion (Tk 1,45,000 crore)

October: Tk 1.54 trillion (1,54,000 crore)

November: Tk 1.56 trillion (Tk 1,56,000 crore)

December: Tk 1.64 trillion (Tk 1,64,740 crore)

Alongside transaction growth, the number of MFS accounts also increased significantly. By the end of December 2024, the total number of MFS accounts reached 238.6 million (23.86 crore), compared to 220.40 million (22.04 crore) in December 2023.

This represents a year-on-year increase of 18.2 million (1.82 crore) accounts.

Currently, 13 MFS providers operate in Bangladesh, facilitating seamless digital transactions and contributing to the country’s growing financial inclusion.

The upward trend in mobile banking transactions reflects the increasing reliance on digital financial services in everyday life, indicating further expansion in the coming years, experts said.