MFS transactions hit second highest in June

Mobile financial service (MFS) providers including bKash and Nagad recorded the second highest transactions on record, totaling Tk 94,294 crore in June.

The highest transactions of Tk 107,460 crore occurred in April thanks to financial transactions centered on Eid-ul-Fitr.

According to Bangladesh Bank data, mobile banking transactions stood at Tk 76,312 crore in May, which is lower than other normal periods.

Officials from several MFS vendors said that by the time Eid-ul-Fitr fell at the very beginning of May, most festival-centric transactions, including bonuses and purchases, had taken place. the preceding month.

Transactions in the month after Eid are understandably lower than the previous month, according to industry insiders.

According to central bank data, customers of MFS providers transacted more than 46 crore times in June – the highest monthly transactions on record.

Customers cashed out Tk 27,420 crore and cashed out Tk 26,692 crore.

Additionally, MFS users transferred person-to-person balances amounting to Tk 24,521 crore.

Each of them is higher than the previous month.

Also, the MFS sector is becoming increasingly popular for paying utility bills.

Last June, for the first time, bills over Tk 2,000 crore were paid using this digital service.

Also, for the second time, the MFS account balance exceeded Tk 10,000 crore.

At the end of June, the balance stood at Tk 10,870 crore.

According to central bank data, total transactions through MFS providers in the 12 months to the end of June 2021 was Tk 759,556 crore.

The average transaction per month was Tk 63,296 crore.

From July 2021 to June this year, the total transaction was Tk 990,004 crore. An average of 82,500 crore of Tk was processed every month.

The average number of transactions per month has increased by 30.34% over the past year.

The number of MFS accounts increased by 2.9 million last month.

The number of other accounts such as institutional is 394,000.

According to the latest data from the central bank, there are currently 13 banks offering mobile banking services in the country under different names such as bKash, Rocket, UKash, MyCash and SureCash.

They provide services such as remittance, collection, disbursement, payment of salaries, donations to the poor, payment of allowances, remittances, payments for different government services, payment of tolls , payment of credit card bills and insurance premiums.

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