The expansion of global banking in South Asia is being led by Bangladesh, informs Global Findex, 2017, published by the World Bank.
The Bangladesh Bank review, Jul 2018, states that mobile phone usage brought a large number of people without banking services within financial facilities, adding impetus to the rural economy.
The Global Findex further informs that with a rise of mobile accounts from 3 per cent in 2014 to 21 per cent in 2017, Bangladesh is in an advanced position among developing nations.
Bangladesh Bank also received Alliance for Financial Inclusion Policy Award for playing a role in the expansion of mobile banking.
Dr Atiur Rahman joined the Bangladesh Bank as governor in 2009 and began working to take financial services to people outside the purview of conventional banking services.
He also gave the farmers a chance to open an account for Tk. ten.
Talking on the matter, Dr Atiur Rahman told Bangla Tribune: “the initiative was taken as part of social responsibility and the Bangladesh government played a pivotal role.”
Now Bangladesh is a role model in financial inclusion, he added.
Meanwhile, Bangladesh Bank says banking transactions are increasing every day with transactions going beyond Tk one thousand crore.
According to the latest information, the number of registered mobile banking clients are six crore one lakh fifty-two thousand. Of this, two crore two lakh 62 thousand are active users.
The daily transaction amount of these subscribers is around Tk. 11 crore.
The number of mobile banking agents is 8 lakh four thousand six hundred and ten.
According to Global Findex, Sub-Saharan African countries have also seen a notable expansion in mobile banking facilities. Against 2 per cent mobile banking accounts worldwide, the rate stands at 12 per cent in sub-Saharan countries.
World Bank has been publishing the Global Findex report since 2011. For this purpose, the bank carries out a survey on more than 150,000 people from more than 140 countries.
World Bank report says that the percentage of people using digital mediums for monetary transactions has increased from 42 per cent in 2014 to 52 per cent in 2018.
In 2010, Bangladesh Bank gave permission for mobile banking to bring the underprivileged under mobile banking facility. The service began the following year with a full-fledged policy guideline.
In Bangladesh, mobile banking service is bank based. Phone operators getting into agreement with banks provide the service. Of the 57 banks in the country, 29 have mobile banking approval. Though Dutch Bangla began the service, the current market is led by BRAC Bank sister organization, Bkash.