Half of Mobile Money Accounts Inactive in Bangladesh

Monday, May 2, 2016

More than half of mobile money accounts have gone inactive, with the number rising every month, according to data from Bangladesh Bank.

In February, there were 3.39 crore registered MFS accounts, and 59 percent of them were inactive. In the same month last year, 57.18 percent of accounts were inactive.

Banks are unable to attract mobile wallet users. In most cases, the agents open the accounts as they get a commission, but users are not interested in these services, said industry insiders.

Agents usually get Tk 30-50 to open a new MFS account, according to Abul Kashem Md Shirin, deputy managing director of Dutch-Bangla Bank.

Source: The Daily Star (link opens in a new window)