Mobile banking clients cross 3cr mark
Last year's Novemeber was a milestone for Bangladesh's Mobile Financial Services. Since crosssing that, it kept on moving forward, paving the way for a more financially inclusive nation.
Crossing 30 million or 3 crore subscribers in October, it stood at 3.12 crore in November. Of above 2 crore mobile banking clients in November 2014, it rose 33% by 79 lakh over the year. The expansion of services were pronounced if we look at the last 2 years. From 50 lakh in April 2013, growth figures showed 524% increases to 3 crore in Novemeber 2015. Of the total 7 crore depsitors at the end of September, 42% could access mobile financial services. Around 5.5 lakh agents are involved with this business.
Bangladesh bank has created draft guidelines for telecoms to make MFS platform more viable coordinating with banks. However, the parties are not in favor of the guideline, which demostrates the shareholding structure to be led by banks. Banks may hold majority of total equity, while mobile operators may own a maximum of 30%.
Althogh a nascent industry despite recent growth figures, it carries enormous potential profitability. With Tk 500 crore daily transactions in November, transactions for that month was Tk 14,915 crore. For this reason, both mobile operators and banks are emphasizing operation plans in this sector.
Last year's Novemeber was a milestone for Bangladesh's Mobile Financial Services. Since crosssing that, it kept on moving forward, paving the way for a more financially inclusive nation.
Crossing 30 million or 3 crore subscribers in October, it stood at 3.12 crore in November. Of above 2 crore mobile banking clients in November 2014, it rose 33% by 79 lakh over the year. The expansion of services were pronounced if we look at the last 2 years. From 50 lakh in April 2013, growth figures showed 524% increases to 3 crore in Novemeber 2015. Of the total 7 crore depsitors at the end of September, 42% could access mobile financial services. Around 5.5 lakh agents are involved with this business.
Bangladesh bank has created draft guidelines for telecoms to make MFS platform more viable coordinating with banks. However, the parties are not in favor of the guideline, which demostrates the shareholding structure to be led by banks. Banks may hold majority of total equity, while mobile operators may own a maximum of 30%.
Althogh a nascent industry despite recent growth figures, it carries enormous potential profitability. With Tk 500 crore daily transactions in November, transactions for that month was Tk 14,915 crore. For this reason, both mobile operators and banks are emphasizing operation plans in this sector.
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