Mobile Financial Service (MFS) in Bangladesh: A comprehensive study of different service providers

MD Saiful Islam, BBA

Master's thesis

Abstract:

The Mobile Financial Service (MFS) is considered a revolution in the global financial sector, profoundly affecting, most especially, the countries in which the traditional banking system may be poor. The position of companies, such as bKash, Nagad, and Rocket, as important players in the banking system operating through mobile technology to deliver services that are convenient, practical, and within reach of the public cannot be ignored. This abstract takes a bird's eye view. It provides a short general introduction to the MFS sector, showing its favourable aspects, difficulties, and particular issues within the settings of Bangladesh. The thesis spotlights how MFS creates opportunities for financial inclusion, digital transformation, and financial empowering people while dealing with those issues that include digital gaps, platform inability, security lapses, and restrictions. Mobile Financial Service (MFS) platforms have not only expanded access to financial services for unprivileged people but also enabled them to execute a wide range of transactions commence any transaction via their mobile devices. Nonetheless, along with the lack of security and regulation, there are some complexities that need to be urgently solved so that the industry can perform successfully in the long run. In addition, providing financial literacy training and increasing the agents' reach are indispensable steps to produce the best financial outcome for MFS, and subsequently, the mass population will become acquainted with the product. Besides, the Mobile Financial Sector (MFS) is an integral part of our economy, which encompasses women's capacity building as well as building a more inclusive banking structure. Integrating efforts of safety and security, financial literacy, and building of collaboration between all stakeholders to realize the promising potential of mobile financial services in Bangladesh, which then can bring a positive impact on the lives of individual citizens by accelerating the country’s growth path.

Keywords

Financial Inclusion, Digital Transformation, Financial Literacy, Regulatory Challenges, Mobile Financial Services (MFS), Economic Empowerment, bKash, Rocket, Nagad

Language used: English

Date on which the thesis was submitted / produced: 3. 4. 2024

Thesis defence

• Date of defence: 5. 6. 2024
• Supervisor: doc. Ing. Vladimír Krepl, CSc.
• Reader: Michaela Perunová, Ing.

Czech University of Life Sciences Prague

Faculty of Economics and Management

Master programme:
Economics and Management