Written by The Banking Post
Inward remittances through mobile financial services (MFS) rose in June even as total mobile transactions fell, largely due to a data-reporting gap at one of the country’s biggest providers.
Bangladesh Bank data show remittances worth Tk 18.65 billion were channelled through platforms such as bKash, Rocket and Upay in June 2025, up from Tk 16.46 billion in May.
Overall, MFS transactions slipped by 5.49% month-on-month to Tk 1.46 trillion, compared to Tk 1.55 trillion in May. Officials attributed the decline mainly to Nagad’s failure to submit data from March due to “unavoidable circumstances.”
The central bank reported 145.64 million registered MFS accounts in June — 69.35 million urban and 76.29 million rural. The e-money balance stood at Tk 125.36 billion.
Industry analysts said the remittance surge highlights growing trust in formal channels and the effectiveness of government cash incentives.
“The June dip in transactions is more technical than structural,” said Dr Masrur Reaz, chairman of Policy Exchange Bangladesh. “With improved reporting and policy support, MFS can deepen financial inclusion and shift flows away from informal channels.”
A senior MFS executive added that competitive exchange rates, lower cash-out fees and user confidence are gradually reducing reliance on hundi, even among politically linked players.
The sector hit a record in December 2024, with 238.68 million accounts and Tk 1.65 trillion in transactions. Remittances through MFS grew 15% that month to Tk 12.41 billion.
