• Monday, Dec 05, 2022
  • Last Update : 10:24 am

MFS clients drop 6.1% in April

  • Published at 02:33 pm June 8th, 2021
mobile pay

However, transactions through mobile financial services rose 6.4% to Tk63,478.85 crore in April

The numbers of registered mobile financial services (MFS) clients have dropped by 6.1% in April as two of the providers are bringing some changes to their services.

The number of registered clients of MFS operators stood at 96.5 million in April, down from 102.8 million a month earlier, as per the latest data from the Bangladesh Bank.

Also read - Increasing taxes on mobile financial service providers proposed

Bangladesh Bank Executive Director and spokesperson Md Serajul Islam said that recently, United Commercial Bank has changed the name of its MFS operator from U-Cash to U-Pay. 

“As a result, the old customers of the MFS provider dropped from the list but it will be updated soon,” he added.

The central bank spokesperson also said that MFS operator SureCash is bringing some changes to its services, which was another reason for the dropping trend of registered clients.

However, transactions through mobile financial services rose 6.4% to Tk63,478.85 crore in April, as per Bangladesh Bank data.

Daily average transactions through the MFS providers also rose 10% to Tk2,115.96 crore in that month.

The number of active MFS accounts stood at 36.75 million in April, up from 34.64 million a month ago.

Also read - Debapriya: Nagad went where white elephant banks could not

Central bank data showed that inward remittance through the platform rose 14.8% to Tk212.03 crore.

Cash-in transactions rose 3.7% but cash-out transactions fell 1.9%, while person-to-person transactions rose 9%. 

Salary disbursement through MFS rose 8.4%, utility bill payments rose 2.3%, merchant payments rose 41% and government payments rose 520.8% in April.

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