The popularity of internet banking has soared recently, with more individuals choosing digital platforms for financial transactions. This growth is attributed to user-friendly banking apps, affordable fees, and increasing trust among clients. According to Bangladesh Bank (BB) data, web-based transactions amounted to Tk 938.22 billion in February 2024, compared to Tk 293.85 billion in February 2023, marking a 219.39% rise over the past year. In January, online banking transactions reached Tk 962.05 billion, showcasing a continuous increase from previous months. The surge in internet banking activity in Bangladesh was accelerated by lockdown measures during the Covid-19 pandemic in 2020, prompting a shift towards accessing financial services online for safety and convenience.
The number of internet customers has also increased to 8.91 million by February of the current fiscal year, compared to 6.56 million in the previous fiscal year. AKM Fahim Mashroor, former president of BASIS and CEO at bdjobs.com, praised private banks for developing user-friendly mobile apps that offer a wide range of banking services, including deposits, transfers, and bill payments. He also noted the trend of private companies distributing monthly salaries online, contributing to the higher volume of transactions. Syed Mahbubur Rahman, managing director and CEO of Mutual Trust Bank (MTB) Limited, attributed the phenomenal rise in web banking to the convenience and security provided by these apps. However, he highlighted limited digital literacy among a significant portion of the population as a challenge for internet banking adoption.
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