Initiation and Recent Status of Mobile Banking in Bangladesh

Mobile Banking is a financial service provided by a bank or a financial organization that allows financial transactions using a mobile device. Its an independent service that is not connected to any other account; you can call this a bank in your pocket. These transactions are very popular in rural areas, especially for small transactions. There are around 151.82 million people in Bangladesh as of 2012; only 13 percent of them have bank accounts. But more than 95 percent of people in Bangladesh use mobile phones. Banks can now offer banking services to both the rural community and the wider population (without banking transactions) through mobile phones. Day by day this service will become more popular in Bangladesh. Through it, it is possible to take money easily to remote areas. Small transactions are become very easy through mobile banking. Not only in rural areas, but also in urban areas these transactions are equally popular. Since the beginning of 2011, mobile financial service has become quite popular in eight years. The article describes the popularity, benefits and present situation in mobile banking in Bangladesh.