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MFS Transaction Hit Record of Tk1.08 Lakh Crore in March

Industry: Financial, Fintech, NBFI

In March of 2023, Mobile Financial Services (MFS) transactions in Bangladesh reached a new record high, totaling Tk1.08 lakh crore, according to data from the central bank. This milestone follows a previous achievement in April last year when MFS transactions crossed Tk1 lakh crore.

The surge in MFS transactions in March can be attributed to the Ramadan season, as people used mobile banking for essential purchases and Eid shopping. Festivals like Eid-ul-Fitar and Eid-ul-Azha have witnessed increased digital transactions, with people opting for mobile banking to give Zakat, Fitra, and make payments for sacrificial animals. The introduction of digital transactions has contributed to the growth of MFS during these festive periods. With 13 banks currently offering mobile banking services, the MFS sector in Bangladesh continues to expand since its inception in March 2011 with the launch of Rocket.

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