Mobile financial services (MFS) are financial services provided through a mobile device. MFS can be used for a variety of purposes, including making payments, transferring money, and accessing financial services.
Bangladesh has the second-lowest banking coverage in the world. According to AFS, only 14% of Bangladeshis have bank accounts. With an estimated population of 180 million, there are about 25-28 million people without a bank account in Bangladesh. This is most likely due to low incomes, lack of infrastructure, and limited access to services. However, mobile banking service is now available for all with handsets.
What is MFS banking?
MFS is a mobile–based banking service, that allows customers to access banking services remotely using their mobile phones. Customers can use MFS to check their account balances, transfer funds, pay bills, and more. Mobile financial service (MFS) is available to customers of all major banks in Bangladesh.
History of mobile financial services in Bangladesh
The first mobile financial services in Bangladesh were launched in 2010 by the city bank ‘city wallet. but dutch Bangla bank started professionally start its journey in 2011 and grew faster than BKash, a subsidiary of BRAC Bank, was the first company to offer mobile money services in Bangladesh. It was launched in 2011. Since then, a number of other companies have launched mobile money services in the country. These include bKash, MobiCash, Upay, SureCash,mcash etc.
How does mobile financial services MFS work?
MFS is a type of financial service that allows users to access banking and financial services through their mobile devices. MFS can be used for a variety of purposes, including making payments, transferring money, and checking account balances. MFS is typically provided by banks and other financial institutions. it’s often used in developing countries where traditional banking infrastructure is not well-developed.
List of Mobile Banking companies (MFS) in bd
The financial situation in Bangladesh is quite different than in the U.S., with only 18% of Bangladeshis having bank accounts. This low percentage is due to the fact that over 65% of Bangladesh’s population lives below the poverty line. However, there are many mobile banking companies, or MFs, who are filling this gap by providing mobile services for banking transactions.
Top 5 Mobile financial service companies in Bangladesh
Mobile banking is quickly becoming the way of the future. Because it allows people to utilize their banking accounts on the go, regardless of their location. With the proliferation of smartphones in society. This has now become a reality. Here are five different mobile banking companies that are currently dominating the space.
- Bkash
- Rocket
- Nagad
- Surecash
- Upay
Bkash Mobile financial service company-largest MFS company
Bkash logo
Bkash: Mobile banking has opened up access to financial services for many people in Bangladesh that previously lacked access. They were the first company to launch a mobile banking platform in Bangladesh. Nearly two-thirds of Bangladeshi adults now have a mobile device, and more than 30% of those are accessing bank accounts through their devices.
But this new technology brings with it its own set of challenges. Most financial institutions in Bangladesh are based in larger cities, away from many rural areas where the majority of Bangladeshis live.
The Bksah mobile banking platform is available in nearly 250 cities throughout Bangladesh. It was created by the Bangladeshi-based banking solutions provider, Bangladesh Bank. This company has over $1.7 billion in assets and serves the needs of over 40 financial institutions.
Major service of Bksah:
- Send Money
- Cashout
- Utility Bill Pay
- Top-up
- Merchant Payment
- Admission Payment
- Add Money With Bank
- Recently Added Savings Service
- Loan Service
- Receipt of Remittance
- Railway ticket payment
Bkash service charge: Generally the Bkash cashout charge is 1.85% per thousand. Send money charge 5-10 taka per transaction. Now bill pays free for BPDB bill and pally biddut bill free for first 5 bills per month. Top up and the merchant pays full free now.
- Agent Cashout Now 1.85% Per thousand.
- ATM cashout charge 1.8% per thousand.
- Priyo number cashout charge is 1.4% per thousand.
- Send money 5-10 tk per transaction
- Bill pays an average of 1% per hundred takas.
- Merchant pay free
- Top-up charge-free
Key Information:
- Dialler code *247#
- Call center number 16247
Service/ Transaction Limit Bkash Mobile banking
- Cash in- 5 transaction amount 30,000 per day
- Cash in- 25 transaction amount 200,000 per month
- Send Money- 50 transactions amount 25,000 per day
- Send Money- 100 transactions amount 200,000 per month
- Cashout – 5 transactions and amount of 25,000 per day
- Cashout – 20 transactions and amount 1,50,000 per month
- Bill pay is not limited per day or month
- Mobile Recharge 50 transactions and 10k per day
- Mobile Recharge 1500 transaction and 100k per month
Why is Bkash popular?
Bkash is a trusted and reliable company that offers great customer service. The company is also committed to providing its customers with the best possible experience.
Rocket Mobile Banking Company
Rocket: Rocket has been operating in Bangladesh since 2011. The company was founded by three friends who wanted to provide quality customer service. Today, Rocket is a household name and is now the largest mobile banking company in Bangladesh.
Credi: Rocket
Rocket has over 1 million customers and is based in Dhaka, Bangladesh. Rocket’s platform is available over the full country of Bangladesh.
Major service of DBBL Rocket:
- Send Money
- Cashout
- Utility Bill Pay
- Top-up
- Merchant Payment
- Admission Payment
- Add Money With Bank
- Receipt of Remittance
- Railway ticket payment
Rocket service charge:
- Agent Cashout Now 16.5% Per thousand.
- ATM cashout charge 9% per thousand.
- Send money totally free
- Bill pays an average of 1% per hundred takas.
- Merchant pay free
- Top-up charge-free
Key Information:
- Dialler code *322#
- Call center number 16216
Service/ Transaction Limit Rocket Mobile banking
- Cash in- 5 transaction amount 30,000 per day
- Cash in- 25 transaction amount 200,000 per month
- Send Money- 50 transactions amount 25,000 per day
- Send Money- 100 transactions amount 200,000 per month
- Cashout – 5 transactions and amount of 25,000 per day
- Cashout – 20 transactions and amount 1,50,000 per month
- Bill pay is not limited per day or month
- Mobile Recharge 100 transactions and 10k per day
- Mobile Recharge 1000 transactions and 25k per month
why is rocket mobile financial service company so popular?
There are many reasons why Rocket is the most popular mobile financial service company in Bangladesh. First, Rocket offers a wide range of services that are convenient and easy to use. Second, Rocket has a large network of agents and branches, making it easy for customers to access their services. Third, Rocket offers competitive rates and fees, making it an affordable option for many people. fourth, Rocket has a strong reputation for providing quality service and customer support. Finally, They provide smooth ATM service availability and half of cashout charge.
Nagad Mobile banking company
Nagad is an organization of the postal department. This mobile banking company has gained huge popularity in a very short time for its excellent service. It is the first mobile banking service in Bangladesh that started its journey in 2013. With the help of Sure Cash, people can easily send and receive money through their mobile phones. It also provides other services like balance inquiry, mini statement, fund transfer, bill payment, etc.
Major service of Nagad :
- Send Money
- Cashout
- Utility Bill Pay ( some areas are available)
- Top-up
- Merchant Payment
- Admission Payment
- Railway ticket payment
Nagad service charge:
- Agent Cashout Now 1.14% Per thousand with the app.
- Agent Cashout Now 1.3% Per thousand without the app.
- Send money totally free with the app
- Send money 5 tk per transaction without the app
- Merchant pay free
- Top-up charge-free
Service/ Transaction Limit Nagad Mobile banking
Key Information:
- Dialler code *167#
- Call center number 16167 & 096 096 16167.
Upay Mobile Banking in Bangladesh
Upay: Bangladesh is one of the poorest countries in the world. In a country where nearly 80% of the population lives below the poverty line, people are facing challenges accessing financial services. Recognizing this problem, a Bangladeshi company has developed a mobile banking system for those who do not have access to traditional banking institutions.
They cannot afford the expense of owning a smartphone. Upay has developed a platform for bank customers to gain access to their accounts on their phones. Upay is headquartered in Dhaka, Bangladesh.
Major service of UPAY :
- Send Money
- Cashout
- Utility Bill Pay ( some areas are available)
- Top-up
- Merchant Payment
- Admission Payment
- Railway ticket payment
Key Information:
- Dialler code *268#
- Call center number 16268.
Service/ Transaction Limit Upay Mobile banking
Surecash Mobile banking company
Sure cash is a new MFS company in Bangladesh. At first, this company has grown faster but now their service is most of the place is not available.
Major service of Nagad :
- Send Money
- Cashout
- Utility Bill Pay ( some areas are available)
- Top-up
- Merchant Payment
Key Information:
- Dialler code *495#
- Call center number 09614-016495.
Mobile banking is a convenient and low-cost way for people in rural areas to send and receive money without having to travel long distances outside their communities. The growth of mobile banking in Bangladesh is expected to continue as mobile phone ownership increases and the use of the internet increases.
Top 10 Mobile banking Companies List In BD
- 1. Rocket
2. Bkash
3. M-cas
4. SureCash
5. Ucash
6. Nagad
7. T-cash
8. Ok-wallet
9. Upay
10. my cash
Which is the most used mobile banking service in Bangladesh
Mobile banking in Bangladesh is still in its early stages of development. However, bKash, a mobile money service provider, is the most used mobile banking service in the country.
BKash has over 10 million active users and is accepted by over 30,000 plus merchants. The service allows users to send and receive money, make payments, and purchase airtime with most of govt service pay.
How many accounts can a person open?
One person can open only one account per mobile banking company.
Future of MFS companies in Bangladesh
The future of mfs in Bangladesh is looking very promising. With the government‘s recent announcement of a new national financial inclusion strategy, mfs are expected to play a key role in helping the country‘s population access basic financial services. This is especially important in a country where only a small percentage of the population currently has a bank account.
Conclusion:
As the population in Bangladesh continues to grow, it has become increasingly difficult for those living in rural areas to transfer money. The absence of banks and other financial institutions also contributes to the difficulty of transactions. The introduction of mobile banking has helped address these issues as well as other challenges such as security.