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Online banking transactions began to increase in the last two months of FY22 (May and June), but declined significantly in July, the first month of the current FY.
According to bankers and economists, load shedding could be the cause of this decline.
The electricity crisis that has engulfed the country since July has worsened further in the following months for which the figures could worsen when this data is released.
In July, the online transaction stood at Tk 23,548 crore, almost double from a year ago.
It stood at Tk 12,768 crore in the same month in 2021.
Data analysis shows that it has dropped by Tk 212 crore from the previous month as in June 2022, the total transactions through online banking stood at Tk 23,770 crore or Tk 20,663 crore in May.
Responding to a question regarding the reason for the sudden drop in online or online banking transactions in July, a Bangladesh Bank official, speaking on condition of anonymity, told the Dhaka Tribune that: “The use of online banking online by people has increased since the days of Covid-19. If you notice, you will see that this graph goes up and down every three months, but I think the power shortage or load shedding in July may have had a big impact on online transactions.
According to the Power Division, the peak one-day load shedding was 2,000 to 2,200 megawatts from last July through September.
In August, this deficit rose to 2,500-3,000 megawatts, the highest since last July.
The number of customers using online banking to transact digitally grew more than 43% year-on-year to 5.47 million in July, as more consumers embrace technology to purchase financial services through convenience and efficiency.
It was 3.8 million in July last year and 5.4 million in June this year.
The pace has accelerated during the Covid-19 pandemic as consumers have been forced to turn to the internet to access finance from the comfort of their homes.
Mohammed Monirul Moula, Managing Director of Islami Bank Bangladesh Ltd, said that with the rapid growth of online users and the availability of smartphones and digital services, online banking has grown in popularity over the years and have brought visible changes to customers’ banking habits.
However, Internet banking, commonly referred to as online banking, allows users to conduct financial transactions online and offers customers almost all the services traditionally available through a local branch, including deposits, transfers and online bill payments.
Introduced in Bangladesh by Standard Chartered two decades ago, online banking has grown at a faster rate in the country since then.
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