This comprehensive mobile financial services research paper was accepted for presentation at the prestigious International Conference on Financial Literacy and Economic Wellbeing (ICFLEW) 2025, hosted by BRAC Business School, BRAC University, Dhaka, Bangladesh, on June 26, 2025. Our study examines the critical aspects of MFS adoption and basic financial literacy among market merchants in Sylhet, Bangladesh, with a focus on the post-COVID-19 shift in financial behaviors and the challenges of transitioning from personal to merchant MFS accounts.
This study examines the adoption of Mobile Financial Services (MFS) and financial literacy among market merchants in Sylhet, Bangladesh. Through qualitative methods, including interviews with 24 merchants and thematic analysis, we identified barriers such as low trust and literacy gaps. We propose policy recommendations to enhance the uptake of MFS and support a cashless economy in regional markets.
Primary Keywords: MFS adoption, basic financial literacy, merchant accounts, Sylhet merchants, financial inclusion
Related Topics: Mobile Financial Services, bKash, Rocket, cashless economy, post-COVID-19 financial behavior, customer trust, bookkeeping, budgeting
Co-Author
BBA - 11 (Second Year)
Army Institute of Business Administration, Sylhet
Email: gmrafibba-11@aibasylhet.edu.bd
ORCID: 0009-0007-4015-8354
Co-Author
BBA - 12 (First Year)
Army Institute of Business Administration, Sylhet
Email: isratrupontybba-12@aibasylhet.edu.bd
ORCID: 0009-0007-4844-1154
Md. Ashraful Haque
Lecturer and Adjunct Professor, Army IBA, Sylhet
Lecturer, Department of Anthropology, Shahjalal University of Science and Technology
Email: ashraful-anp@sust.edu
ORCID: 0000-0002-1492-9748
Advisory Role: Research supervision and methodology guidance
Funding of BDT 3,830 (Three Thousand Eight Hundred Thirty) received from Army Institute of Business Administration, Sylhet to support registration and travel expenses for presenting the extended abstract 'Exploring Mobile Financial Services (MFS) Adoption and Basic Financial Literacy among Market Merchants in Sylhet' at ICFLEW 2025, BRAC University, Dhaka, June 26, 2025.
Investigators: Md Golam Mubasshir Rafi (ORCID: 0009-0007-4015-8354) and Israt Zarin Ruponty (ORCID: 0009-0007-4844-1154).
Below is the presentation delivered at ICFLEW 2025, highlighting our research findings on MFS adoption and financial literacy in Sylhet markets.
Rafi_Ruponty_MFS_Sylhet_ICFLEW2025 by Golam Mubasshir Rafi
Moments from ICFLEW 2025, including presentations and research activities.
This research provides actionable policy recommendations to enhance Mobile Financial Services (MFS) adoption among Sylhet's market merchants, addressing barriers like low trust and financial literacy gaps. By promoting MFS uptake, our work contributes to Bangladesh's financial inclusion goals and the vision of a cashless economy.
We express our heartfelt gratitude to the Army Institute of Business Administration (AIBA), Sylhet, for the BDT 3,830 research grant. Special thanks to our advisor for their invaluable guidance. We also acknowledge BRAC University for hosting ICFLEW 2025 and the Sylhet market merchants for their participation in our study.
The International Conference on Financial Literacy and Economic Wellbeing (ICFLEW 2025), organized by BRAC Business School, BRAC University, Dhaka, on June 26, 2025, served as a vital platform for academics, industry professionals, and policymakers to discuss the critical intersection of financial literacy, competency, inclusion, and digitalization, aiming to empower individuals and organizations.
Our research paper, titled "Exploring Mobile Financial Services (MFS) Adoption and Basic Financial Literacy among Market Merchants in Sylhet," was successfully presented and published in the conference proceedings.
Co-authored by Md Golam Mubasshir Rafi (Second-Year Student) and Israt Zarin Ruponty (First-Year Student) from Army Institute of Business Administration - Sylhet, this study investigated the barriers to MFS merchant account adoption and gaps in basic financial literacy among market merchants in Sylhet. Our findings revealed crucial insights, highlighting the need for simplified registration, reduced cash-out fees, and targeted workshops to enhance financial inclusion and management among merchants.
The presentation was a highlight. We meticulously crafted our slides and were deeply honored by the positive feedback and appreciation received from the panel members, esteemed professors, and the audience regarding their clarity and visual appeal.
Our findings offer practical insights for policymakers and MFS providers, while theoretically enriching literature by applying a behavioral economic lens to Sylhet's market, linking trust and formality to MFS adoption. This scalable framework supports Bangladesh's cashless economy.
Participating as undergraduates (2nd Year & 1st Year) provided invaluable insights into academic research, peer feedback, and scholarly communication, strengthening our commitment to impactful work. Through this project, we gained invaluable experience in comprehensive research methodologies, academic writing, and public presentation at an international forum. This journey has not only strengthened our analytical and communication skills but also deepened our understanding of real-world financial challenges and potential solutions.
We extend our sincere thanks to the ICFLEW 2025 Program Committee, BRAC Business School, our teachers, peers, well-wishers, and the Army Institute of Business Administration, Sylhet, for their immense support.
Our 3-month journey showed us the power of dedication and teamwork. This collaboration made us winners, proving that the greatest rewards come from gaining knowledge and making an impact.
— Mubasshir Rafi and Israt Ruponty