Mobile money drives growth of financial inclusion in Bangladesh: GSM Report

While about 57% of the country’s population is still excluded from the formal financial system, there has been notable growth in availing financial services in Bangladesh digitally through mobile financial services (MFS) providers like bKash.

The development was observed in a report titled “The State of the Industry Report on Mobile Money 2025,” published recently by London-based Groupe Spécial Mobile Association (GSMA).

According to the GSMA report i, in 2024, mobile money providers worldwide processed an impressive US$4.6 billion in daily transactions, facilitated through 2.1 billion mobile money accounts. Meanwhile, according to the Bangladesh Bank, average daily transactions through MFS accounts were Tk 48.33 billion (approx. US$396.17 million) during 2024. This figure indicates that Bangladesh alone processed about 8.61% of daily global mobile money transactions. However, Bangladeshi people hold about 238.68 million or 11.36% of global mobile money accounts as of December 2024.

Remarkable Growth of Mobile Financial Services (MFS) in Bangladesh

Bangladesh stands out prominently in the GSMA report due to substantial growth in MFS activities. Notably, the proportion of customers using mobile money for loans in the country doubled from 7% in 2023 to 14% in 2024. It is noteworthy that bKash, the country's largest MFS provider, has introduced a digital loan in collaboration with a leading commercial bank in the country back in 2021. Since its commercial launch, around 1.0 million bKash customers have secured digital loans over 5.5 million times, totalling around Tk 28 billion, according to bKash.

Similarly, the GSMA report showed that Bangladeshi customers using mobile money to transfer funds into savings accounts increased from 7% to 14% in 2024. Till December 2024, Bangladeshi people opened over 3.2 million DPS with commercial banks and NBFIs through the bKash app. bKash launched its savings product back in 2021, in gradual collaboration with four commercial banks and an NBFI.

Additionally, 10% of Bangladeshi customers paid for insurance products via mobile money platforms in 2024, significantly up from 4% the previous year. bKash introduced insurance i service in its platform in 2021, enabling even the remotest customers to be insured by insurance companies that don’t have a presence this far.

bKash: Bangladesh’s Global Mobile Money Leader

To better illustrate Bangladesh’s exceptional position globally in terms of using mobile money, the leading MFS provider bKash’s data provides essential context. bKash’s figures underscore its critical role in staging the country in the international mobile money landscape.

Although Bangladesh represents just 2.19% of the world’s population, bKash significantly amplifies the country’s global influence as it accounts for 3.8% of global mobile money users and manages 3.5% of worldwide MFS agents.

Despite diverse challenges, Bangladesh continues to maintain a resilient and influential presence within the global mobile money ecosystem. This underscores the country’s capability for innovation and highlights its success in advancing financial inclusion on an international scale.