Mobile money services are changing how people in Bangladesh handle their money, creating new opportunities for millions to join the formal financial system. A recent report from GSMA shows that mobile financial services are helping more people across the country access banking and savings options that were once out of reach. The growth has been remarkable over the past year. In 2024, the use of mobile money in Bangladesh for transferring funds to savings accounts rose notably, climbing from 7 percent to 14 percent. This doubling of users shows how quickly people are embracing digital financial tools to manage their money better. One of the most impressive achievements is the number of deposit pension schemes opened through mobile apps. By December 2024, Bangladeshi people had opened over 3.2 million deposit pension schemes with commercial banks and non-bank financial institutions through the bKash app alone. This shows how mobile platforms are making long-term savings more accessible to ordinary citizens. The mobile financial services industry has grown tremendously in recent years. By January 2025, Bangladesh reported that there were 893.84 lakh mobile financial service accounts in use. These active accounts represent people who regularly use their mobile money services for transactions, payments, and savings. The difference between registered accounts and active accounts shows that people are not just signing up but actually using these services in their daily lives. Financial inclusion rates have improved dramatically thanks to mobile money. Government data shows that financial inclusion has risen from 31 percent to 50 percent in recent years. This means that half of all Bangladeshis now have access to some form of financial services, compared to less than one-third just a few years ago. The country now has 13 mobile financial service providers serving over 22 crore accounts as of late 2023. This competition among providers has led to better services and more options for consumers. Mobile money has become especially important in rural areas where traditional banks have limited presence. The government has recognized the potential of mobile financial services for inclusive development and poverty reduction. Officials have implemented supportive policies and regulations that encourage innovation while protecting consumers. This balanced approach has helped the industry grow while maintaining trust among users. Mobile money services are also supporting other parts of the economy. People can now send remittances more easily, pay bills, buy goods online, and save money without needing to visit a physical bank branch. This convenience has made financial services more attractive to people who previously avoided formal banking. The success in Bangladesh demonstrates how mobile technology can bridge the gap between traditional banking and the needs of ordinary people, creating a more inclusive financial system for everyone.
