Scopes and threats of Mobile Financial services in Bangladesh

Abstract

Mobile financial service (MFS) is getting popular everyday in Bangladesh. Mobile financial service is a tool to facilitate people with legitimate transaction process without the help of conventional banking system. This service is available through the mobile phone network, thus it may cover the remotest location of a country with least possible cost incurred. This service is very effective in a country that is geographically challenged like Bangladesh, Kenya, and Nigeria etc. And the world has already seen the result; M-Pesa (Mobile financial services in Kenya) is the largest MFS Company in the world. The essence of this service eventually make the number of transactions and amount humongous. The scope of MFS has not yet been explored properly in Bangladesh. If explored properly this can well be one of the biggest industry in Bangladesh which may help her reducing existing unemployment problem to an extent. There are some threats related to this service such as money laundering, corruption. I have done my research on this for last three years and finally prepared this paper.