1.4 billion US dollars cash transfer through mobile in Bangladesh and some quick thoughts.




There have been lots of hype and buzz about bKash recently, which seems not to cease yet. Rather it’s having far reaching effect in the country, flourishing the transactions through mobile all over the country. Anyone will be surprised to know that Bangladesh is in the top position among the Southeast Asian countries in terms of MFS.

USAID recently conducted a survey in Bangladesh and found that mobile transfer hit $1.4 billion.  Country’s mobile banking is really growing promptly. The amount mentioned actually stood in February and it’s increasing in one way or other.

Therefore, we can say that mobile banking is the future of all types of transactions.  To people it seems relaxed and convenient than the conventional ways and hence upcoming popularity is not deniable. Hence, stepping in the future keeping the matter in our mind may be a worthy decision.

According to the survey conducted by USAID, number of agents in Bangladesh stood up to 543,000 and number of clients was 25.87 million.  It is also to be mentioned that in all the transactions, $523 were for cash out and $265 took place person to person. Daily $47.44 million is transacted through mobile phones.

During the survey, the clients were questioned too. According to eighty two percent clients mobile banking is the safest way to transfer money. People now rely more on bKash than other medium to transfer money. As a result, bKash managed to cover almost half of the market and Dutch Bangla Bank comes next to it. This shows how transactions through mobile is gaining public trust. As it is hassle free and less time consuming people are now thinking it is the best way to transfer money. Besides, during urgency it is best way one can come up with.

Besides, USAID also found that Bangladesh is developing in mobile financial industries, according to them this amounts to 8 % of the total mobile money accounts globally.

Most interesting fact brought by USAID was, all this happened within the short period of four years since 2011.  From 2013 to 2015 it went from 5 million clients to 25 million clients. This significant increase indicates clearly that mobile banking sector has a commendable potential to show something very different in the near future.  Still, lots of people are out of the mobile banking system. When they will be bought into it, mobile banking will be part and parcel of our life. But such cannot be done overnight. Yet, even if part of the people staying outside the system are brought under it huge difference will be noticed.

Now let’s look into a facet of it, that is, opportunity to earn as an agent. What agents all over the country are earning money today may be doubled within couple of years. Abundance of entrepreneurs in this field will never be an issue.  Rather with the availability of entrepreneurs in this field more people will incline towards it. As we know, people tend to buy something more which is displayed in front of him.  As a result, unlike other fields of business, in this field abundance of initiative takers will be a boom rather than hard competition among the agents/entrepreneurs.

Besides, transaction of money is endless and dealing with it is completely different from dealing with any other product. Even the business in other field can use the blessings in their way by receiving payment on it. Some business are already doing it but a very few to be mentioned. If anyone says it’s no difference, because what we are receiving is the same money. But if we look closely we can see that, easier ways of payment eases debtors’ burden and hence lots of bad debt can be prevented.

Therefore, we can say that mobile banking is the future of all types of transactions.  To people it seems relaxed and convenient than the conventional ways and hence upcoming popularity is not deniable. Hence, stepping in the future keeping the matter in our mind may be a worthy decision.

Navid Abdullah Gofran এর ছবি

About the Author

About: 

Navid Abdullah Gofran is a freelance writer, director and editor at CYDS. Currently he is studying at BRAC University.

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