In October 2024, Bangladesh’s mobile financial services (MFS) platforms, such as bKash and Nagad, recorded Tk1,102.22 crore in inward remittances, a 95.22% year-on-year increase, according to Bangladesh Bank data. This rise highlights the growing reliance on MFS for remittances, supported by convenience, improved customer confidence in formal channels, competitive exchange rates, and affordable cash-out charges. Transaction volume surged 8.80% month-on-month, with total MFS transactions reaching Tk1,54,857.32 crore.
The sector’s exponential growth, facilitated by Bangladesh Bank’s 2011 regulatory framework, leverages the country’s widespread mobile network and IT infrastructure. While cross-border transfers remain restricted, inward remittance disbursements via banking channels are allowed. Customers benefit from instant fund transfers, supporting families in emergencies. MFS, now the world’s largest market of its kind, underscores the efficiency of this bank-led model in fostering cashless financial inclusion in Bangladesh.
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