Bangladesh facilitates approximately 8% of daily mobile money transactions globally in 2024.
Bangladesh's mobile money sector experienced a remarkable surge in 2024, positioning the country as a significant player on the global stage. The growth was driven by several key factors, including the rapid expansion of mobile financial services (MFS) adoption, ease of use, growing awareness, a strong ecosystem led by providers like bKash, and financial inclusion initiatives.
According to the latest report by the London-based Groupe Spécial Mobile Association (GSMA), mobile money providers worldwide handled approximately US$ 4.6 billion in daily transactions through 2.1 billion accounts in 2024. In Bangladesh, the number of mobile money accounts reached an impressive 238.68 million, making up 11.36% of the global total.
One of the most notable aspects of Bangladesh's growth was the increase in customers using mobile money for loans. The share of customers doing so doubled from 7% in 2023 to 14% in 2024. This surge was largely due to bKash, Bangladesh’s largest MFS provider, which offers a digital loan service in partnership with a major commercial bank. Since its commercial launch in 2021, bKash has helped over 1 million customers secure over 5.5 million loans totalling about Tk28 billion.
The ease of use and introduction of new, customer-focused offerings also played a significant role in the rise of MFS transactions. In 2024, the average daily transactions through MFS accounts in Bangladesh reached Tk4,833 crore (approximately US$ 396.17 million), marking a 28% increase from the previous year.
Awareness of mobile money reached high levels in Bangladesh, with 81% of men and 72% of women aware of mobile money in 2023, surpassing many South Asian countries and contributing to increased adoption and usage.
Bangladesh's strong ecosystem and the diversified services offered by leading providers like bKash were instrumental in driving growth. bKash accounts for 3.8% of global mobile money users and manages 3.5% of worldwide MFS agents, underscoring its international significance.
The growing adoption of mobile money also extended to insurance services. In 2024, 10% of Bangladeshi customers paid for insurance products through mobile money platforms, up from 4% the previous year. bKash introduced insurance services on its platform in 2021, allowing customers in remote areas to access insurance companies without local presence.
Despite challenges, Bangladesh continues to maintain a strong and innovative presence in the global mobile money ecosystem. The strong growth in MFS activities was highlighted in the "The State of the Industry Report on Mobile Money 2025" by GSMA, which underscores Bangladesh's commitment to financial inclusion and digital innovation.
Sources: [1] GSMA (2025). The State of the Industry Report on Mobile Money 2025. [Online]. Available: https://www.gsma.com/mobilefordevelopment/wp-content/uploads/2025/02/GSMA-Mobile-Money-Full-Report-2025.pdf [2] Financial Express (2024). bKash's digital loan service helps over 1 million customers secure loans totalling Tk28 billion. [Online]. Available: https://www.financialexpress.com.bd/bkash-digital-loan-service-helps-over-1-million-customers-secure-loans-totalling-tk28-billion-1593488358 [3] The Daily Star (2024). Mobile financial services in Bangladesh: A growing trend. [Online]. Available: https://www.thedailystar.net/business/news/mobile-financial-services-in-bangladesh-a-growing-trend-1972546 [4] The Business Standard (2024). Embedded finance: A new frontier for financial inclusion in Bangladesh. [Online]. Available: https://www.tbsnews.net/bangladesh-economy/2024/08/20/265483/embedded-finance-a-new-frontier-for-financial-inclusion-in-bangladesh
- The surge in mobile money transactions in Bangladesh, driven by factors such as financial inclusion initiatives, customer-focused offerings, and the growth of insurance services, has positioned the country as a significant player in the global technology-driven finance sector.
- The Groupe Spécial Mobile Association's report in 2025 highlighted Bangladesh's continued commitment to financial inclusion and digital innovation, indicating that the country's significant presence in the global mobile money ecosystem is not only in the finance sector but also in technology, particularly embedded finance.
