Introduction : Mobile finance services in Bangladesh began to take off

in 2011, when a few commercial banks launched mobile banking services

in the country. The services offered initially were basic and included
services such as account balance inquiries, mini-statements, and bill
payments. However, over the years, the number of services offered has
grown to include various other options such as mobile money transfers,
mobile payments, and mobile microfinance.
Current Situation of Mobile Finance Services : Currently, mobile
finance services in Bangladesh are provided by a number of different
players, including commercial banks, microfinance institutions, and
mobile network operators. The Bangladesh Bank, the country's central
bank, regulates these services to ensure compliance with laws and
regulations.
In the present, mobile finance services have become quite popular in
Bangladesh, particularly among the younger generation and the urban
population. According to the Bangladesh Bank, as of 2021, more than 100
million people in the country use mobile banking services, and the number
is growing rapidly. The popularity of these services can be attributed to
several factors, such as the increasing availability of smartphones and
internet connectivity, as well as the convenience and accessibility of these
services.
The Challenges of Mobile Finance Services in Bangladesh : However,
despite the rapid growth of mobile finance in Bangladesh, there are still
several challenges that need to be addressed. One major problem is a lack
of awareness and understanding of mobile finance services among the
population, particularly in rural areas. Many people, especially those in
rural areas, are still not familiar with the concept of mobile banking and
how to use these services. Additionally, there are concerns about security
and fraud, as well as the need for more robust and reliable mobile
networks in order to ensure the smooth functioning of these services.
Another challenge is the lack of proper infrastructure and regulatory
framework to support and secure mobile finance services. The
government and other related organizations have been working to
improve the overall infrastructure and regulatory framework to support
and secure mobile finance services, but the progress is slow.
Future of Mobile Finance Services in Bangladesh: Despite these
challenges, there are also many prospects for the future of mobile finance
in Bangladesh. With a large and growing population of mobile phone
users, and a rapidly expanding economy, there is a huge potential market
for mobile finance services. Additionally, with the development of new
technologies such as blockchain and artificial intelligence, the potential
for innovation and expansion of services is huge.
For example, the use of blockchain technology in mobile finance services
could enhance security, transparency, and efficiency. Additionally, the
use of artificial intelligence in mobile finance services could improve the
customer experience by providing personalized and more efficient
services.
Overall, mobile finance services have the potential to greatly benefit the
people of Bangladesh, particularly those in rural areas who may have
limited access to traditional banking services. The government and related
organizations are working to improve the awareness and access to these
services, while also addressing the challenges and security issues to make
sure it is accessible to all and in a secure way.