Prime Bank has secured regulatory approval from Bangladesh Bank to establish a subsidiary dedicated to mobile financial services (MFS). The move aligns with the bank’s strategy to tap into the burgeoning MFS market, with plans to commence operations with a minimum paid-up capital of Tk45 crore. This decision comes after Prime Bank recognized the significant potential of the MFS sector, aiming to offer customers a convenient payment system. The bank currently operates 146 branches nationwide and has five subsidiaries, including ones operating abroad. The surge in MFS transactions in February, reaching an all-time high, underscores the growing popularity and utility of digital transactions in Bangladesh. The increasing adoption of MFS is attributed to factors such as evolving consumer preferences and the continuous development of the digital ecosystem.
Source for more details:
