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EVALUATING THE PROSPECTS AND CHALLENGES OF MOBILE FINANCIAL SERVICES IN BANGLADESH
Md. Alam Siddiquie , Department of Business Administration, University of Asia Pacific, BangladeshAbstract
The rapid expansion of mobile financial services (MFS) in Bangladesh has transformed the landscape of financial inclusion, offering unprecedented opportunities for economic empowerment and access to financial resources. This study evaluates the prospects and challenges associated with mobile financial services in Bangladesh, focusing on their impact on financial inclusion, economic development, and consumer behavior. We begin by exploring the current state of mobile financial services in Bangladesh, highlighting their growth trajectory and the key players in the market. The analysis covers various MFS offerings, including mobile banking, digital payments, and remittance services, and examines their role in providing financial access to underserved and unbanked populations.
The study also investigates the benefits and opportunities presented by MFS, such as increased financial inclusion, convenience, and cost-efficiency. We assess how these services contribute to economic development by facilitating transactions, improving financial literacy, and fostering entrepreneurship. However, the adoption of mobile financial services is accompanied by several challenges. These include issues related to cybersecurity, regulatory compliance, technological infrastructure, and customer trust. The study delves into these threats, analyzing their implications for the sustainability and growth of MFS in Bangladesh. Through a comprehensive review of literature, market data, and stakeholder interviews, this study provides a balanced perspective on the prospects and challenges of mobile financial services. The findings offer insights into how MFS can be optimized to enhance financial inclusion and address existing barriers.
Keywords
Mobile financial services, financial inclusion, digital payments
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