Mobile banking key to financial inclusion in Bangladesh

Tuesday, March 4, 2014

Mobile banking is the perfect platform for Bangladesh to take financial services to the country’s largely unbanked population in an efficient and low-cost manner, an analyst said.

“Countries across the globe are moving to doorstep agent banking. It is the best way to go. This is the future,” said Uttam Nayak, group country manager of Visa Inc for India and South Asia.

He said Bangladesh has 68,000 villages, but it cannot have bank branches in every village. “You can only do it through agent banking. Mobile banking is going to be significantly important for financial inclusion in the country,” he told The Daily Star in an interview recently.

His comments came as a new study shows mobile banking in Bangladesh is gathering momentum after the number of subscribers soared more than threefold to 13.2 million last year.

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

Categories
Uncategorized
Tags
banking, branchless banking, financial inclusion, financial innovation