The Perspective of Mobile Financial Services as a sustainable tool of Financial Inclusion to the economy of Bangladesh: An exploratory Study

Abstract

In recent years, Mobile Financial Services (MFSs) and financial inclusion have been one of the most discussed issues in Bangladesh as well as all over the world especially in developing countries. People now doing their banking needs by using their mobile phone from anywhere any time. Bangladesh like many other countries, is being going through the transitional period of cashless country. Payments in all sectors like education, commerce, health care, household, utilities, agriculture, etc. through mobile phones has tremendously increased in recent years. Mobile financial services have been colouring the lives of poor, particularly underserved, unbanked, under banked people in several ways - starting from sending money and ending to receiving the money sittin-g at home- which save time and in terms save money contributing to the development of the economy. Financial inclusion is most important element to develop any economy especially for Bangladesh. Bangladesh has shown immense potential for financial inclusion through Mobile Financial Services. This study unravels the trends of mobile financial services for financial inclusion of the people of Bangladesh. This study also reveals the growth of Mobile Financial Service (MFS) providers in Bangladesh.In recent years, Mobile Financial Services (MFSs) and financial inclusion have been one of the most discussed issues in Bangladesh as well as all over the world especially in developing countries. People now doing their banking needs by using their mobile phone from anywhere any time. Bangladesh like many other countries, is being going through the transitional period of cashless country. Payments in all sectors like education, commerce, health care, household, utilities, agriculture, etc. through mobile phones has tremendously increased in recent years. Mobile financial services have been colouring the lives of poor, particularly underserved, unbanked, under banked people in several ways - starting from sending money and ending to receiving the money sittin-g at home- which save time and in terms save money contributing to the development of the economy. Financial inclusion is most important element to develop any economy especially for Bangladesh. Bangladesh has shown immense potential for financial inclusion through Mobile Financial Services. This study unravels the trends of mobile financial services for financial inclusion of the people of Bangladesh. This study also reveals the growth of Mobile Financial Service (MFS) providers in Bangladesh.