Mobile banking and payments is experiencing phenomenal growth world-wide and has become strategically important for any bank in a developing country like Bangladesh where penetration of mobile phones is much higher than the reach of banking services.
According to industry analysis - the worldwide market for mobile payments will grow to $633.4 billion by 2014, up from $68.7 billion in 2009 (source: Generator Research 2010)
For a developing country like Bangladesh, mobile banking has a very strong business potential. Currently only 13% of the people in Bangladesh has bank accounts, and this is primarily limited to urban areas, and middle-to-high income segments. On the other hand, Bangladesh already has country-wide mobile phone coverage, and 56% of the people have mobile phones. Thus there are 43% people with mobile phones, but no bank accounts.Banks now have a great opportunity to deliver banking services a portion of the unbanked 43% people using new products based on mobile phone technologies.
AddNTech is deploying a Mobile Financial Services (AMS) -- named AddNTech Mobile System -- that will offer a hosted mobile banking and payment service to ecosystem partners such as banks and financial institutions, mobile operators, retail agents, payment partners such as utility companies, merchants/retailers, employers, insurance organizations and government departments.
Example Usage Scenario
Bangladesh already has a conducive environment for mobile banking in many ways:
AddNTech Mobile System is a pioneering multi-bank open AMS system offering in Bangladesh. AddNTech Mobile System is building a strong partner network poised for high growth. We already have partners such as scheduled bank, micro-finance organization with nation-wide coverage and a large multi-level marketing company, and the list is growing fast. Together AddNTech Mobile System existing partners have direct access to more than 5 million people that can use our mobile financial services.