Bangladesh continues to lead South Asia in mobile money adoption, significantly boosting financial inclusion and economic growth, according to the Global System for Mobile Communications Association (GSMA) report “The State of the Industry Report on Mobile Money 2024.” The report highlights the rapid global growth of mobile money, with approximately $2.7 million transacted every minute via mobile phones in 2023.
Mobile financial services (MFS) in Bangladesh, particularly through platforms like bKash, have expanded beyond basic services to include utility bill payments, salary disbursements, and even loans and savings. These services have made it easier for expatriate Bangladeshis to send remittances with just a few clicks.
The GSMA report shows that in 2023, Bangladesh accounted for 56.12% of mobile money accounts in South Asia, with over 224.5 million registered MFS customers. This reflects an 18% growth in MFS customers in Bangladesh compared to the previous year, outpacing regional growth.
bKash, Bangladesh’s largest MFS provider, has played a significant role in this growth, seeing a 24% increase in transactions and a 9% rise in its customer base in 2023. Notably, remittances sent through bKash grew by 50% in 2023, with a 65% increase in 2024. The platform has built a robust ecosystem with international money transfer organizations (MTOs) and banks, enabling seamless remittance transfers to Bangladesh.
