Internet banking in Bangladesh has experienced remarkable growth, doubling to Tk 462.43 billion in July 2023 compared to the previous year. This surge is driven by a growing number of tech-savvy individuals, particularly the younger generation, opting for digital financial transactions. Bangladesh Bank reported a continuous uptrend, with internet banking transactions increasing from Tk 235.48 billion in July 2022 to Tk 275.59 billion in December, and then peaking at Tk 462.43 billion in July 2023. The number of internet banking customers also reached a record 7.44 million in July 2023.
Internet banking, pioneered by Standard Chartered two decades ago, has gained widespread adoption due to the increasing availability of smartphones and internet access. The central bank has raised transaction limits to accommodate the growing trend, with significant contributions from Internet Banking Fund Transfers (IBFT), Real Time Gross Settlement (RTGS), and Electronic Funds Transfer Network (BEFTN). Customers are appreciating the convenience and safety of online banking, with recommendations driving further growth. Banks are offering mobile applications and other products to attract users to their online banking platforms, fostering a digital financial transformation in Bangladesh.
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