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The number of mobile financial service (MFS) accounts in platforms like bKash, Nagad, and Rocket soared by 20.18 million, or 9.21 per cent, in January compared with the same period last year.
As of January 2025, the total number of MFS accounts stood at 239.3 million, up from 219.12 million in January 2024, according to Bangladesh Bank data.
The total transaction volume through MFS platforms in January 2025 reached nearly Tk 1.72 trillion, marking a 32.56 percent rise from Tk 1.30 trillion in the same month of the previous year.
Mobile banking has brought revolutionary changes to the banking sector, enabling not only money transfers but also playing a crucial role in accelerating economic activities across the country.
The service is now a preferred method for paying utility bills, disbursing salary, and transferring remittances.
Additionally, new services are being introduced regularly to enhance financial inclusion, according to bdnews24.com.
Mobile financial services in Bangladesh began on Mar 31, 2011, with Dutch-Bangla Bank pioneering the sector under a service now known as Rocket.
Later, bKash was introduced as an MFS subsidiary of BRAC Bank.
Over the years, several other banks joined the sector, but only a few managed to thrive.
Currently, 15 banks, including MyCash, mCash, Upay, and SureCash, provide MFS in addition to bKash and Rocket.
Md Shamsuddin Haider Dalim, head of corporate communications at bKash, said: “People have gained trust in digital payments and developed a habit of using them. New services are being added regularly, and nearly one million businesses now accept payments via bKash.”
He added, “A digital payment ecosystem has been established, making transactions more convenient. This has led to a rise in customer numbers.”