Letter To the Editor
The potentials of MFS
Lately, the government has sent BDT 2,500 to 5 million vulnerable families through the Mobile Financial Services (MFS) that has been recognized as the most efficient way to reach the beneficiaries. The decision has been made to reduce the widespread breakout of pandemic coronavirus and to reach the fund to the actual beneficiary.
MFS has made tremendous progress by providing financial services to around 6-8 core people mostly ultra-poor and informal workers and extended the mission to enhance the financial inclusion of the economies. MFS has been made available to unreachable marginal people owing to the widespread use of mobile networks and higher penetration of the internet lately. As of date, Bangladesh bank has given license to 25 listed banks to provide MFS to accentuates financial inclusion and include the informal sector into a formal one.
Having MFS accounts, the users can have direct financial benefits demising the financing fraudulence. Nevertheless, MFS has brought revolutionary changes in the lives of informal rural unbanked people by encouraging them to save, to get formal financial services. We hope the service will be broader in future.
Md Parvez Alam
Credit Rating Agency of Bangladesh (CRAB)