10th MFS anniv ends promising quality services

The closing ceremony of the 10th anniversary of Mobile Financial Service (MFS) was held in Dhaka with the promise of making mobile financial transactions easier, safer, instant and further expansion of financial inclusion.

The MFS sector, which has more than 110 million subscribers, celebrated a decade's journey of success with the slogan "Financial services at hand's reach", reads a press statement.

Education Minister Dr Dipu Moni was present as the chief guest at the ceremony held at a hotel in the capital on Saturday. Social Welfare Minister Nuruzzaman Ahmed was present as the special guest while Bangladesh Bank Governor Fazle Kabir attended as the guest of honour.

Dipu Moni said, "Due to the benefit of MFS, we can send digital money to anyone whenever needed. From shopping to bill payments, almost all services are now at the fingertips of the common people - rural or urban, educated or underprivileged, rich or poor. This is the achievement of the last 10 years of mobile financial services."

Nuruzzaman Ahmed said, "Along with the conventional banking system, mobile phone and app-based systems have expanded the field of service delivery to the doorsteps of millions. People can now avail a variety of services including disbursements of social security programmes through MFS. The various types of allowances of the social welfare ministry are now reaching the MFS accounts of the beneficiaries directly."

Fazle Kabir said, "I really applaud the role the MFS providers have played, not only for introducing services but also for enhancing financial literacy among people."

MFS providers bKash, Rocket, MCash, Upay, Tap, MYCash, TeleCash, Tap N Pay, FSIBL, Rupali Bank Limited, OK Wallet, Islamic Wallet and Nagad have sponsored MFS fairs, discussions and cultural events across the country to celebrate the 10th anniversary.

In the first phase of the concluding ceremony, a panel discussion was held with the stakeholders concerned, including the central bank, MFS institutions, economists and researchers. Ahmed Jamal, deputy governor of Bangladesh Bank was present at the occasion as the chief guest.

Noteworthy, MFS fairs were held in Chattogram, Mymensingh, Rangpur, Khulna, Barishal, Sylhet, Bogra and Rajshahi starting on 3 March. The closing ceremony of MFS fair was held on 10 March at Shilpakala Academy in Dhaka.

Starting the journey in a bank-led model, there are currently 13 MFS companies providing services in this sector. The total number of MFS subscribers is more than 110 million. The number of agents is more than 1.1 million. On an average, 20 million transactions are made daily through MFS, amounting to Tk22.95 billion.