Munich Personal RePEc Archive

The usage of mobile financial services in Bangladesh

Ehsan, Zaeem-Al and Musleh, Naomi and Gomes, Veronica and Ahmed, Wasiq and Ferdous, Md Dinash (2019): The usage of mobile financial services in Bangladesh.

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With increasing mobile and internet penetration rates (51% and 56% respectively) and a significant increase in mobile phone and internet usage, the adoption of MFS is increasing too. This paper focuses on the usage of Mobile Financial Services in Bangladesh. For the purpose of the paper, respondents consisted of 198 participants, 129 of which were users. The findings revealed that 46% preferred cash as their method of money transaction with MFS at a second 33%, purpose of usage was mostly to recharge their phones (30.8%) and transferring money (25.8%), with 34.8% of them being non-account holders. The demographic profile of the respondents was 31% female and 69% male, with a mean age of 23.8 and a mean monthly income of BDT 31,400. The most significant factor in the determination of usage was the perception that MFS is easy to use, with other important factors being- convenience, ease of recharge and proximity of agents. While the mean perception of male and female respondents was unequal, perception was not related to age, monthly income, education level or occupation. Taking everything into account, a number of recommendations were suggested which included- offering further features from banks and MFS providers to increase usage, adoption of mobile application interface to ensure smooth customer experience, effective deployment of agents to ensure optimal coverage, promotions and cash-back offers and lastly, ensure reliability and security by limiting transactions per day. To conclude, the overall perception on MFS in Bangladesh is positive however room for improvement still lingers.

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