According to a report by Bangladesh Bank, mobile banking transactions in Bangladesh experienced a significant decrease of 16,599 crore within a month. In May 2023, transactions declined by 13.28% compared to April of the same year. The mobile financial services (MFS) recorded a transaction value of 1,08,355 crores in May, slightly lower than the 1,24,954 crores transacted in April. Industry experts attribute this decline to the usual fluctuation in transaction volume following festive periods, such as Eid, when remittances and city-to-village money transfers for shopping peak and subsequently subside. The total number of registered mobile banking accounts stood at 20 crore 39 lakh 70 thousand in May, with Nagad alone having over 6.5 crore account holders. However, it is important to note that individuals can hold multiple accounts across different institutions using multiple SIM cards. The mobile banking sector in Bangladesh continues to expand, offering various services beyond transactions, such as bill payments, mobile recharges, and salary disbursements.
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