Mobile Financial Services and Cashless Transactions: Benchmarks for Fluid Developing Societies and BoP Markets

Authors: Dr. Syed Muntasir Mamun, Abdullah Al-Matin, Dr. Obi Umegbolu

As developing economies accelerate toward digital finance, Mobile Financial Services (MFS) have become the backbone of cashless transformation, especially within Bottom-of-the-Pyramid (BoP) markets. This paper presents a rigorous, comparative analysis of Bangladesh and Nigeria, tracing how each has leveraged MFS to expand financial inclusion, normalise digital payments, and stimulate innovation across diverse regulatory and infrastructural contexts.

Bangladesh’s trajectory reflects a unified, government-led path, anchored by Bangla QR and a centralised regulatory posture, while Nigeria exemplifies a dynamic, multi-stakeholder ecosystem driven by startup energy, platform interoperability, and a more distributed regulatory environment. Beyond mapping what works, the study surfaces structural gaps and sets out actionable benchmarks: establishing national cybersecurity standards; investing in low-cost, solar-powered connectivity hubs; delivering nationwide digital-literacy campaigns; and integrating frontier tools such as AI-driven credit scoring and blockchain-based identity to deepen inclusion. It further calls for regional regulatory forums across South Asia and Africa to harmonise standards and enable cross-border payments.

The conclusion argues that long-term success will hinge on balancing technological ambition with resilient governance and targeted, pro-poor design. Policymakers, regulators, fintech leaders, and development practitioners will find concrete frameworks, comparative lessons, and a forward roadmap.

Download and read the full paper to explore the benchmarks, policy playbooks, and implementation pathways in detail.