Mobile financial transactions declines by 13.44pc in Oct
Number of registered accounts also increased by 3.51 per cent to 3 crore 2 lakh 38 thousands
STAFF REPORTER
The value of transactions through mobile financial services (MFS) declined by 13.44 per cent to Tk 434.70 crore per day in October from Tk 502.19 crore in September, according to the latest Bangladesh Bank data.
In October, the total value of MFS transactions dropped by 13.44 per cent to Tk 13,041.22 crore while, in the month of September the total value of MFS transactions has been 15,065.75 crore.
The salary disbursement through MFS also declined by 32.99 per cent to Tk 98.26 crore in October from Tk 146.63 crore to September, the central bank data shows. The utility bill payment declined by 20.17 per cent in October compared to that of September, utility bill payment declined to Tk 134.28 crore in October while it was Tk 168.21 crore in September.
According to Bangladesh Bank report, cash-in transactions in October declined by 15 per cent against September. Cash-out transactions also saw a decline of 14.05 per cent. Mobile financial services had started increasing after exceeding three million registered subscribers during December last year.
During the prolonged political unrest in February and March, MFS witnessed a positive trend, though the number of agents and mobile wallets declined in March. At that time, Mahfuzur Rahman, executive director of MFS of BB, had told The Independent that the growth rate had fallen because of the strong monitoring of mobile wallets during the political stalemate.
The number of agents increased by 1 per cent in October compared to that of September, according to BB data. The number of registered accounts also increased by 3.51 per cent to 3 crore 2 lakh 38 thousands from 2 crore 92 lakh 12 thousand in September.
BB launched mobile financial services in 2011 through a regulation. Any mobile phone user can make monetary transactions with the help of this service. A mobile phone user can open a bank account at any of the 20 banks and deposit or withdraw money and enjoy many services, including making payments of utility bills.
Although 28 banks received permission for MFS, till October only20 banks provided the service
Mobile financial services approved by BB (in broad categories) are: disbursement of inward foreign remittances, cash in/out using mobile account through agents/bank branches/ATMs/mobile operators outlets, person-to-business payments, such as utility bill payments and merchant payments, business-to-person payments, such as salary disbursements, dividend and refund warrant payments, vendor payments, etc.
