A short review of Mobile Financial Services in Bangladesh
1 Brac Business School, Brac University, Dhaka-1212, Bangladesh.
2 School of Business, San Francisco Bay University, Fremont, CA 94539, USA.
3 National University, Bangladesh, Gazipur, Bangladesh.
4 Institute of Cost and Management Accountants of Bangladesh (ICMAB), Dhaka-1205, Bangladesh.
5 Shaikh Borhanuddin Postgraduate College, Affiliated by National University, Dhaka-1100, Bangladesh.
6 Medical Assistant Training School, Bagerhat, Bangladesh.
7 Faculty of Business Administration, Royal University of Dhaka, Dhaka-1213, Bangladesh.
Review Article
World Journal of Advanced Research and Reviews, 2024, 23(02), 2479–2485
Publication history:
Received on 19 July 2024; revised on 25 August 2024; accepted on 28 August 2024
Abstract:
This review provides an overview of the current landscape of Mobile Financial Services (MFS) in Bangladesh, focusing on its evolution, adoption, and socio-economic impact. MFS in Bangladesh has grown significantly since its inception in 2011, driven by widespread mobile phone usage, a burgeoning population, and the need for accessible financial services in a country with a significant unbanked population. Mobile banking has democratized financial services, bringing millions of unbanked citizens into the formal financial system, particularly in rural and remote areas.
The review highlights the major players in the MFS sector, such as bKash, Rocket, and Nagad, which dominate the market with innovative services that cater to various financial needs, including money transfers, bill payments, and merchant payments. These services have significantly reduced the barriers to financial inclusion, providing a secure, convenient, and cost-effective alternative to traditional banking. The sector's growth has been bolstered by supportive regulatory frameworks from the Bangladesh Bank, encouraging innovation while ensuring consumer protection.
Keywords:
Mobile Financial Services (MFS); Financial Inclusion; bKash; Rocket; Nagad; Digital Payments; Mobile Banking; Fintech; Digital Literacy; Socio-economic Impact; Regulatory Framework
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0