Ahead of Eid ul-Fitr

MFS transaction surpasses Tk 35bn daily

Staff Correspondent

12 May, 2021 12:00 AM printer

The transaction of Mobile Financial Services (MFS) have been surpassed by Tk 10 billion to Tk35 billion daily ahead of biggest festival of Eid ul-Fitr.

Previously, regular transaction of MFS was Tk 22 billion to Tk 25 billion daily, but it jumped to Tk 35 billion last five days ahead of Eid as subscribers are using the service to sent money to their relatives and to make payment of bills of eid shopping.

Besides, large numbers of RMG and industrial units also paid salaries and bonuses using the MFS platform. The government is also using it for payment of PM’s eid gifts to vulnerable groups. Besides, Zakat and aid funds are also sending by using the tools. Abul Kashem Shirin, managing director of Dutch-Bangla said the transaction has increased a lot due to the payment of salary-bonus and government allowance before Eid.

Besides, many customers are sending money to their relative at villages also cause to surpass the transaction, he said.

“Expatriate income (remittance) has also increased before Eid through MFS, which pushed to increased the transaction volume,” an official of MFS said.

At present, per day transaction limit from an account of MFS is Tk 10 to Tk 25,000. Now there are 15 mobile financial services are operating their service in the country.

Of which, 70 percent of the market share is under bkash. The rest 30 percent customers are belong with Dutch-Bangla Bank's Rocket, Postal Department’s Nagad and other service providers.

The daily transaction of Nagad has increased to Tk 5.5 billion ahead of Eid which was earlier around Tk3.5 billion, said Tanvir Ahmed, managing director of Nagad.

Shamsuddin Haider, head of communication of bkash told the correspondent that ahead of eid on an average daily 10 million transactions are being made through bkash service which was in between 60 million to 70 million earlier. 

He said Tk22 billion is being transacted at present which was Tk16 billion on an average erlier. At present, 15 MFS operators registered with Bangladesh Bank are providing financial services across the country. Apart from this, the Nagad of the postal department is also associated with this service.

Around 10.23 crore customers are belong with 15 MFS operator registered with Bangladesh Bank. There are 4.0 crore customers belong with Nagad.

There are about 15 crore MFS subscribers in the country though a customer at the same time became more than one MFS.