How Has Mobile Financial Service Helped Digitalize Economy of Bangladesh In Recent Years?

How often do you send money to Bangladesh as an expatriate? Many emerging economies, such as Bangladesh, are focused on the digital economy: a global market for digital outsourcing as a result of rapid digitalization. The digitalization of a country’s economy fosters not only service sector innovation but also domestic job creation, allowing for faster economic growth. Many large companies in developed countries such as the United Kingdom and Australia shift to IT outsourcing from countries such as Bangladesh to cut costs and risks, resulting in a recent surge in freelancing. As well as many Bangladeshi expatriates are working in these countries to support families in their home countries.

What Is The Progress Of ‘Digital Bangladesh’ And Why We Need Digitalized Country?

One of the most commonly used modern telecommunication devices, the mobile phone, has become an integral part of the lives of the Bangladeshi people. The number of subscribers has surpassed 130 million, demonstrating that it is one of the most important resources for reaching a large number of people quickly and easily. As a developing economy, Bangladesh needed technological resources to create the concept of digital Bangladesh, which entails establishing mobile financial services with financial inclusion incorporating mobile technology, the internet, and the incorporation of banks into the system to send money to Bangladesh online from abroad as a remittance.

What Are Some Of The Popular Features Of Digital Money Transaction Service?

In comparison to conventional agent-based, digital money transfer platforms may have many main benefits. Let’s take a look at a few of their most well-known features:

  • They enable users to divide accounts into sub-accounts, which is common due to its efficiency in handling various incoming and outgoing payment flows. These sub-accounts allow users to allocate money to several savings pools, allowing them to save for multiple things, such as groceries, car repairs, and dining out, as well as homeownership or rent.
  • Customers can access all of their money in one location and use open banking to link to other bank accounts.
  • Customers’ money transfer to Bangladesh receives within a couple of hours. In contrast, banks take several days for each transaction.

How Can Digital Finance System Boost Socio-economic Development?

With the help of mobile network providers and banks, mobile financial service is an important means of empowering all sectors of the population. Despite these challenges, the Bangladesh various stakeholders, including the government itself, must take appropriate measures to monitor and accelerate the capture of this opportunity to conceptualize the digital Bangladesh concept and thus boost our national sociability. Online money transfer to Bangladesh by expatriates is significant support to the economy of the country.