Mobile financial service (MFS) providers in Bangladesh recorded a historic transaction value of Tk 1.64 trillion (Tk 1,64,740 crore) in December 2024, the highest monthly transaction amount in the history of mobile financial services, according to a report by Bangladesh Bank.
In 2024, mobile banking transactions totaled Tk 17.37 trillion (Tk 17,37,000 crore), marking a 28.42% increase compared to the previous year. In 2023, the total transactions amounted to Tk 13.53 trillion (Tk 13,53,000 crore), an increase of Tk 3.84 trillion (Tk 3,84,000 crore) year-on-year. This surge is attributed to the growing convenience of mobile banking, particularly in salary disbursements, remittances, and utility bill payments, making it a popular financial tool across both urban and rural areas.
The report highlights consistent growth in MFS transactions throughout the year, with monthly transactions from July to December 2024 as follows:
- July: Tk 1.22 trillion (Tk 1,22,000 crore)
- August: Tk 1.37 trillion (Tk 1,37,000 crore)
- September: Tk 1.45 trillion (Tk 1,45,000 crore)
- October: Tk 1.54 trillion (Tk 1,54,000 crore)
- November: Tk 1.56 trillion (Tk 1,56,000 crore)
- December: Tk 1.64 trillion (Tk 1,64,740 crore)
In addition to transaction growth, the number of MFS accounts has also seen a significant increase. By the end of December 2024, the total number of MFS accounts reached 238.6 million (23.86 crore), up from 220.40 million (22.04 crore) in December 2023, representing an increase of 18.2 million (1.82 crore) accounts year-on-year.
With 13 MFS providers operating in Bangladesh, the country is experiencing increased financial inclusion through seamless digital transactions, reflecting the growing reliance on mobile banking services. Experts predict further expansion in the coming years.
