In early 2010, we blogged about the steps identified for mobile financial services to take off in Bangladesh. Bangladesh has moved partly down this path. A newly released overview report on Mobile Financial Services by Bangladesh’s Central Bank highlights the progress achieved two years on.
E-wallet use is becoming more common in Bangladesh. However, OTC transactions are still very popular and will likely remain so until the process of opening an e-wallet account and using it regularly become easier for and more attractive to the poor.
bKash is the fastest growing provider of mobile financial services in Bangladesh, having registered 11 million accounts in just 30 months. Several factors have combined to help bKash be an early success in a relatively new market.
Women in Bangladesh have one of the lowest rates of mobile money usage in the world. Does the dearth of usage indicate a lack of appropriate products and services? Just how hard is it to use mobile money if you are a rural Bangladeshi woman?