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the MFS market,” said an expert, who worked at multiple MFS companies, wishing anonymity.

“Boards of banks consist of owners or shareholders who lack the patience needed to ensure long-term returns.”

An official of Upay, seeking anonymity, alleges that market leaders often use their power to restrict the access for other operators in the retail channel.

“As a result, smaller operators often find it difficult to place their marketing materials at retail points. This is not only affecting the business of other operators but also preventing customers from getting better services at lower prices,” he said.

Md Mezbaul Haque, executive director of the central bank’s payment systems department, however, says market leaders are not violating any rules.

He said many companies have made their foray into the market but they have not been able to tap the potential. “The companies that have failed to make their app popular closed.”

According to the central banker, despite the discontinuation of some operators, the overall market has grown exponentially over the decade.

“Companies that have scaled up their operations to meet the needs of customers, introduced user-friendly services and invested in technologies fared well. And tech-based businesses need commitment to long-term business.”

Md Sohel, a stationery shop owner in Farmgate area and an agent of bKash, Nagad and Rocket, says none has ever told him to highlight their presence and discontinue the service of other MFS platforms.

An agent of Upay, bKash and Nagad in Mirpur says it offers services of the platforms with higher demand.

Fardous Al Banzer Gorkey, an MFS agent in Panchagarh, said apart from bKash and Nagad, some platforms initially showed interest in the business and made some investments.

“Over the years, however, they did not focus on the business and ultimately failed to make any mark.”

He said bKash has got the first-mover advantage and continued a steady presence at the retail level. Nagad also has an intention to grow.

Abu Saeed Khan, a senior policy fellow at LIRNEasia, a Colombo-based think-tank, identifies the inability of the entities to understand the market for their failure to succeed.

“MFS is a highly competitive virtual retail banking service and it is as volatile as any fast-moving consumer product. Not all of the companies that have obtained licences have the required insights about this business. As a result, they have failed.”