Int. J. Sustainable Strategic Management, Vol. 5, No.

3, 2017 231

The economic sustainability of small business:

an empirical analysis on the mobile phone banking
in Dhaka City

Muslima Zahan
School of Business and Economics,
North South University Dhaka, Bangladesh
Fax: +880-2-55668202
Email: muslima.zahan@northsouth.edu

Abstract: This study investigates the ability of small business to gain

profitability and their contribution to our countrys economy. Research mainly
focuses on economic measures of the business along with their sustainability. A
mixed method approach was chosen and the results of the quantitative
questionnaire (n = 50) were integrated to ensure a more complete
understanding of the data. The results showed though the business are
enthusiastic about carrying the mobile banking business in the long run; it is
not possible to gain sustainability without a license and a continuous growth in
profitability.

Keywords: profitability; economic sustainability; small business; sustainable

business; mobile banking; three spheres of sustainability; business license;
bKash; money transfer.

Reference to this paper should be made as follows: Zahan, M. (2017) The

economic sustainability of small business: an empirical analysis on the mobile
phone banking in Dhaka City, Int. J. Sustainable Strategic Management,
Vol. 5, No. 3, pp.231244.

Biographical notes: Muslima Zahan obtained her PhD in Business and

Management as well as a Masters degree in Finance from University of Turin,
Italy, and MS in Industrial Management from Technical University Madrid,
Spain. She worked as an Assistant Professor, Bangladesh University of
Professionals (BUP), a Research Fellow in Bangladesh Social Research
Institute and Business Development Consultant, Agro-based Industries and
Technology Development Project, Phase-2, Dhaka, Bangladesh as well as
research intern in UNIDO, Vienna, Austria. Her research focuses on
sustainability management, strategy, ethics and CSR. Currently, she has been
working as an Assistant Professor, Department of Management, North South
University, Dhaka, Bangladesh.

1 Introduction

Bangladesh is progressing at an outstanding pace. The best thing to be proud of is the

people of Bangladesh who are contributing to the economy from their levels.
Interestingly, in the previous couple of decades, business segments of Bangladesh have
been ascending at an amazing rate. Especially the Dhaka city; the capital, becomes the

Copyright 2017 Inderscience Enterprises Ltd.

232 M. Zahan

most preferable place to start business and that is why Dhaka is now a name of challenges
and competitions. This is a very common scenario in Dhaka city that people are selling
various products and offering services on the roadside or at foot-path. But the reality is
not so colourful. The bureaucratic and legal hurdles to start up an entrepreneur must
overcome in order to start a new small business in Bangladesh, along with their
associated time and set-up costs in Bangladesh. It examines the procedures, time and cost
involved, also facing day to day problems to sustain in the market.
But these barriers cannot stop to grow up various small businesses; basically the
scenario in small business is booming every day. The meaning of a small business is a
business entity independently owned, small in size but has a solid profit margin.
According to the Paul Ryan the 54th speaker of US, behind every small business, theres
a story worth knowing. All the corner shops in our towns and cities, the restaurants,
cleaners, gyms, hair salons, hardware stores these didnt come out of nowhere.
It is seen that small businesses such as a whole host of street vendors, hawkers,
mobile banking agents, mobile recharge centre and sales people are on the streets of the
capital Dhaka with everything from fresh fruits to dried fish on offer.

Figure 1 Three spheres of sustainability (see online version for colours)

Source: Adapted on thwink.org

Among them mobile banking agent and Mobile recharge centre are now most common
small business in Dhaka city. They are found in every area, in every lane and they are
playing a vital role to continue the communication and various transactions.
These businesses have a solid profit margin. The start-up cost is very low and it
requires lower amount of fixed cost while having huge demand. So, these businesses are
growing like bunch of mushrooms. In terms of sustainability of these businesses there are
 The economic sustainability of small business 233

some dissents among business researchers. Basically sustainability depends on various

terms. According to the diagram (Figure 1) the three spheres of sustainability in business,
the economic sphere of sustainability is the suitable for any kinds of small business. This
term refers that the thought is to advance the utilisation of those assets in an effective and
dependable way that provides long haul advantages and make profitability. A beneficial
business will probably stay stable and keep on working starting with one year then onto
the next.
So, ensuring the sustainability for these mobile banking agents and mobile flexi-load
(recharge) business, it should be profitable and the business procedure should be done in
a proper ways so that social and environmental elements will not be hampered as well.
This study conducts investigation on mobile banking and mobile flexi-load business
in Dhaka city and the main objective of this research is to identify the key factors that
influence the competitive advantages and to find out to weather they have any
sustainability. This paper also tries to state how the mobile banking agents and mobile
recharge stores are making profits.

1.1 Objective of the research

Small business contributes to local economies by bringing growth and innovation to the
local community. So, the objectives of this research are:
to find out how much small businesses help in stimulating the economic growth of
the country by providing employment opportunities
to find out whether these businesses require any license or legal documents
to what extent the money transfer business is sustainable and profitable
to provide ideas about the competitive advantages, problems, strengths, threats of
small business.

1.2 Hypothesis
The small business is profitable enough for short term but in the long run they are not
sustainable. Since in Bangladesh there is a high rate of unemployment problem, one
expects that people are more concentrating on small business. In case of money transfer
business, this is to assume that there exists a competitive advantage of location. Also,
most money transfer business lack license but somehow they are able to run the business.

2 Literature review

Small business can be defined as privately owned and operated business with relatively
small turnover and staff numbers, typically seen as constituting part of a specific
commercial or economic sector. From the context of Bangladesh, small industry means
an industrial establishment or unit which is run mainly by hired labor and not using
mechanical motive power but does not normally employ more than 50 workers and
whose land, building and machinery does not exceed Tk.150,00,000 in value in either
case (E.Pakistan Small Industries Corporation Act of 1957). According to Lighthelm
(2007) small business served as convenience shops primarily for the lower income
234 M. Zahan

groups, attracting a sizeable portion of household expenditure in less developed urban

areas.
Small business is well recognised and acknowledged worldwide as vital and
significant contributors to economic development, job creation and the welfare of
economics, both nationally and internationally. An article named stimulating small
business growth once wrote that small businesses are critical to driving economic growth
through innovation and market expansion. Moreover, there is growing evidence of the
economic significance of the small proportion of businesses that exhibit high growth,
which are to be found in all regions of the country and in all industry sectors (Gupta,
2013).
Morrison et al. (2003) have proposed a framework for identifying small business
sustainability and growth factors and their characteristics. According to them the human
factor constitutes the overwhelming force that determines whether or not a business will
survive and prosper. They propose that small business success is based on clear,
positively motivated business intentions and actions on the part of the owner to achieve
the desired outcome. The picture emerging from the analysis in this study supports this
finding and highlights entrepreneurial behaviour as the key predictor of small business
sustainability. At the other end of the scale, a large number of business entrants in
developing societies are not entrepreneurs by choice and are only rent-seekers awaiting
employment opportunities in a growing economy with increasing numbers of wage
employment. These businesses will remain survivalists or eventually close down. This
finding also informs strategies aimed at supporting small business development,
especially in developing societies.
It is seen in the developed countries that many entrepreneurs are not true
entrepreneurs in the sense that they do not bring innovations or bring about reform in
stagnant markets (Santarelli and Vivarelli, 2007). Many enter for less noble reasons, the
pursuit of a relaxed lifestyle, or the flight from unemployment. In developing countries,
however, micro and small firms exist for different reasons. One major factor is that they
offer individuals a livelihood and a source of independent revenue. In many cases, new
small businesses are founded as a last resort rather than as a first choice (Beck et al.,
2005). It suits best with the small businesses in Bangladesh occupying the streets. These
street vendors start their business on the streets and most of them provide the main source
of income for their households, bringing food to their families and paying school fees for
their children.
In the recent trend of doing business on roads in Bangladesh, people are more
enthusiastic about running a mobile recharge or money transfer business. The emergence
of this business was propelled by expansion of the countrys fast growing telecom sector.
More mobile operators bring in more retail outlets. Amit (2015) has mentioned in his
report that mobile money transfer is an emerging business in Bangladesh. Twenty-eight
banks have taken the initiative to help this business. This is coming up with a positive
change. The government is also taking initiative to help this business. And for a country
like Bangladesh this low cost services are very helpful for every kind of businessmen.
But still this sector is risk free. The unregistered SIM (for cellphone) cards are now
widely used in our country which is very helpful for this sector. When this is a money
transfer business there is a third party in the process. Likewise, there is a big possibility
for leaking information. So, people are always in fear that they might also be threatened.
 The economic sustainability of small business 235

Smart Card Alliances (2008) which are a contactless mobile payment services
mentioned in their research report that the mobile payment services have four types of
alterative mobile payment billing models. They are operator centric model, Bank centric
model, peer to peer model and collaboration model. Operator centric model is only
supported to those phones which supports near field communication. Through this the bill
can be added with the wireless bill of the customers. Three parties are included in this
process; the mobile operator, the customer and the merchant. In this process the merchant
become affected but he has to invest in a regular basis. It is convenient to the customers
but they face the security risk. In the bank centric process the bank takes all the
responsibility for paying the bill. This has some constraints. Every bank does not have
these services. The customer has to be registered by the selected bank. Peer to peer model
is the process where the customers or the merchants do not need any wireless network.
This is a recent service for both the customers and the merchants. In this process the
customer contacts a merchant and told them to transfer money and bank accepts all the
liabilities for sending this money to the receiver. And finally the collaboration model
which includes the third party among bank, merchant and the customer. This is the fastest
among all the models.
A report made by Information Systems Audit and Control Association (ISACA,
2011) explains that mobile now a day is not only a mobile anymore. Mobile is now a day
is itself a wallet. Mobile is now a day is the medium of transaction between the
merchants and the users. People use mobile payment for doing both buying their
necessary goods and point of purchases. Though this service is making our life smoother
but in the other hand they are creating risk too. As many parties are being added here the
process is getting complicated and here, there is a great possibility that the information
can be leaked or a persons money can be robbed.
Kirui et al. (2012) have stated in their research report that this process is really helpful
for different sectors. Agriculture and household works are getting many advantages from
this service. As this is cost effective the small businesses are getting an awesome service
from these services. People do not need to carry money with them rather they can open
up an account and get service from it. This is an easiest way to not get robbed while
travelling.
According to the white paper of Society for Worldwide Interbank Financial
Telecommunication (S.W.I.F.T., 2012), mobile banking is now a day is not only
maintained by bank but they are now also maintained by different mobile companies.
They are helping to build M-commerce. This process is helping the people such a way
that the bank is coming to them. Withdrawing money from ATM booths is safe but the
ATM booths are not available in every area. But the mobile is available to each and every
area including the remote area. They are safe and easy to conduct.
The literature in the earlier part of the study deals with small business, street business
and technology that are used to transfer money. Some parts have discussed very little
about the mobile banking or mobile recharge business. But nobody has discussed about
the sustainability or profitability of these businesses though they are increasing in metro
cities like Dhaka. So, this study focuses on the sustainability issues of rapidly growing
money transfer business.
236 M. Zahan

3 Data and methodology

3.1 Types of data

For our research we have collected two types of data.

3.1.1 Primary data collection

Both qualitative and quantitative approaches are dealt herewith. In this case, the
qualitative research aims to gather an in-depth understanding of the contribution of small
business in the countrys economy and more specifically the recently growing money
transfer business in Dhaka city. Besides, the research will also examine the phenomenon
through observations in numerical representations and through statistical analysis. Those
are along with questionnaires that will be given out to respondents for the statistical
representation of the findings in the study.

3.1.2 Sampling method

The research sampling method used in this study is random sampling to obtain a more
scientific result that could be used to represent the entire population.

3.1.3 Respondents
The respondents in this research are different area from Dhaka only. The respondents are
randomly selected from Dhanmondi, Gulshan, Baridhara, Bashundhara and Nikunja.
These places are chosen because of the availability of shops that provides mobile banking
and flexi-load (recharge) facilities that is relevant to the study and also it fits the time
frame and resources of the researchers. Fifty randomly sampled respondents have been
asked by the researchers for approval and to answer the questionnaire.

3.2 Questionnaire
The questionnaire requires information about the core business, costing, earnings and
sustainability of that business. It also has questions related to the competitive advantage,
problems faced by the businesses and potential threats that may work as barriers for
money transfer business. Moreover, questions about license or legal document for the
business, no. of employees etc. are also presented in the questionnaire.

4 Analyses and findings

The questionnaire is analysed into different sections. Core business, legal status, start-up
cost, ownership structure, profit margin, overall cost and social money, threat of business,
extent of rivalry, competitive advantage and customer satisfaction aspect are asked and
analysed herewith.
 The economic sustainability of small business 237

4.1 Core business

In Figure 2, pie chart represents the answer of what is there core business. A majority of
the owner, 46% said that both mobile banking and flexi load business is their core
business. 30% of the owner said that mobile banking is their core business and 26 % said
that flexi load business is their core business. So, it can be said that both mobile banking
and flexi load are core business for the owner. But interesting thing is that owner who sits
beside the road with a table; only for them flexi-load is the core business. On the other
hand, mobile banking is being business because owners are getting more commission
than merely flexi-loads service.

Figure 2 Core business

4.2 Legal status

Answers are to know from the respondents about the legal status of the business-does this
business have any sort of legal documents or license? Figure 3 represents that 70% of
business-owner said that they do not have any legal documents for this money transfer
business and rest 30% said that they have the legal documents for this business.

Figure 3 Legal status

So, among the 70% of the owner, most of them are doing business beside the road. For
that reason they did not get any license from the government. Government are losing
good portion of money for that reason. Rest of them are licensed because they either in
the residential or they have other business with mobile money transfer business.
238 M. Zahan

4.3 Obligation of training or experience

To start this business is there any experience/certificate needed that was another query
from the surveyor. Result shows that among the 50% said that it is not mandatory but
better for the business to keep the experience. Those who said it is mandatory to start
their business in the residential to avoid long queue. To reduce service time they need
experience. Rest of the respondents said that they do not need any experience because
they are beside the road with table and they get experience from the daily practices.

4.4 Start up cost for business

To start the business how much cost they need to start this business? Result shows that
among the 44% said that they need 70100 thousand taka to start this business, 30% said
that they need 2040 thousand taka, 14% said that they need above 100 thousand taka to
start this business and the rest said that they need 4070 thousand taka to start this
business.
From the analysis, it is found that those who said they need 100 thousand taka or
close to 100 thousand taka, are operating both mobile banking and mobile money
transfer. It can be said complete mobile banking. Thus, starting costs are high. On the
other hand, those who operating only mobile banking or mobile transfers they need less
than 100 thousand taka.

4.5 Ownership of the shop

It is found that 75% of the people do not own these shops rather they are running these
business by renting some shops. The most interesting is that they do not even sit in a
shop. The survey revealed that they are basically running this business by owning just a
chair and a table. They are the road side businessman.
Now a days, this business has become so simple that the people who are interested in
doing this business they do not need to invest much for the physical environment
(infrastructure) or they do not need to focus on the infrastructure. This thing has become
simpler because of the technology and the availability of strong network connection all
over the country. Globalisation is also responsible for this business, because the business
is basically run by mobile phone (cell phone). Globalisation has removed the barriers and
has brought the mobile-basis services close to us.
The study shows that most of the small businessmen do not own a shop. Rather they
prefer a small table and chair to run this business. They think that this business is so easy
that it can be run by anywhere under any circumstances. But location-wise, this situation
is different because most of them are doing the business sitting in a chair.

4.6 Social money

It is found that 40% businessman pay bribe to the local goon or police because they think
that without giving bribe they will not be able to run their business. Only 22%
businessmen think that this is not necessary for paying bribe to them because they are
doing legal business here and they own license for the business.
This issue is different from area to area. In four different areas of the sampling, the
response provides us a clear result that it is different from place to place. The shop which
 The economic sustainability of small business 239

has license they always feel safe comparing road-side or street-shops. And the street-shop
businessmen have to give money both to the local goons and also to the police. The road
side shops are not sustainable because of the frequent location change; a shop which is
set up at Bashundhara area one day will be seen in another area on the other day because
of the police raid.

4.7 Profit margin

Figure 4 represents that among 54% said that their monthly income is 10,000 to
20,000 taka after meeting all kinds of expenses. On the other hand only 14% said that
their earning is above 40,000 thousand taka after meeting all the expenses.

Figure 4 Profit/savings

4.8 Threats of this business

The main threat is the mobile bankers are bound to stop their business anytime just
because of they dont have any legal permission to run this business. From Figure 3, the
pie chart shows that 70% of owner said that they do not have any legal documents for this
money transfer business. Another threat is they are facing huge competitions among them
because customers have lots of options to get their services that means there are extra
number of shops are available in one single area so that the customer retention rate is
saturated which is not good for any business.
The third very recent threat is, the smart customers; customers can do their mobile
recharge by themselves by using online recharge services and the money transfer
companies like Bkash. Companies appreciate the customers to do the money transfers by
themselves so that the agents will lose the commission.

4.9 Competitive advantage in terms of location

It reveals the strength of mobile bankers about the competitive advantages because of
location. Figure 5 pie chart shows that 86% said yes. This means they are getting
advantages for their locations. So, location is playing vital part for the small business.
There are some locations where the customer has a special preference and the companies
also want to promote their business through the small business.
240 M. Zahan

Figure 5 Competitive advantage

4.10 Future orientation of business

Figure 6 shows that 46% of the respondents think that they can continue the business for
a long time, where majority (54% of our respondents) said that they probably would not
be able to continue the business for a longer time period. Strong relations between
sustainability and legal documents as well as sustainability and profitability have been
found.

Figure 6 Sustainability of business

4.11 Sustainability, and legal documents and profitability relations

The focus is on economic sustainability of small businesses especially for the money
transfer business in Bangladesh. This sustainability is possible only when there is a
continuous growth in profitability. From the survey, the respondents who said that they
can continue the business for a longer period have a license to run the business. License
provides them with the opportunity that they do not need to leave the place and they can
continue the business in a fixed location. If the majority people had a license, they would
come under the convention of government and then government would take the
responsibility to provide all sorts of facilities that a business can get. That means these
street businesses can be subsidised by the government. Therefore, sustainability can be
gained by licensing the business.
Analysis now shows the relations with legal document: license of the business,
profitability and the economic sustainability correlation.
 The economic sustainability of small business 241

4.11.1 Correlation on legal documents and sustainability

The earlier discussion about the relation between sustainability and legal documents is
confirmed by the correlation table (Table 1). Significant difference can be gained if small
business such as money transfer conducts it with legal documents.
Table 1 Correlation between legal documents and sustainability

Correlations
Business
continuation for a Legal documents
longer time period
Business Pearson correlation 1 .009
continuation for a Sig. (two-tailed) .952
longer time period
N 50 50
Legal documents Pearson correlation .009 1
Sig. (two-tailed) .952
N 50 50

4.11.2 Correlation between profitability and sustainability

This relation is confirmed by Table 2 which shows a positive correlation between these
two variables (Table 2). Profitability can sustain a business such as mobile money
transfer entity for long term.
Table 2 Correlation between profitability and sustainability

Correlations
Business
continuation for a Savings
longer time period
Business Pearson correlation 1 .058
continuation Sig. (two-tailed) .687
for a longer
time period Sum of squares and cross-products 12.420 1.060
Covariance .253 .022
N 50 50
Legal Pearson correlation .058 1
documents Sig. (two-tailed) .687
Sum of squares and cross-products 1.060 26.580
Covariance .022 .542
N 50 50
242 M. Zahan

5 Limitations and scope for future research

The present study was conducted only on some specific locations situated in Dhaka city
with a small sample-size of respondents selected through convenience sampling. Some
respondents are unwilling to provide data or information. Despite of these restraints, the
level best effort was made to make the research more enlightening and fascinating one. In
view of limitations of the study mentioned, a further study can be conducted on a larger
number of small businesses situated in the capital city, divisional cities and district towns
of Bangladesh.

6 Recommendation

The study recommends some actions and policy for the mobile-banking and mobile
money-transfer business. The recommendation is given below.
Firstly, the recommendation goes towards the small business must get a license.
Because, the businessmen who does not have a license always harassed by the police
or the local goons. They have to give them extra money for doing business in some
areas. On the other hand the businessmen who have a license they do not need to
give extra money to the local goons or the local police having secured business there.
And that also increases the extent of sustainability. A business is sustainable when
the businessmen can run the business for a long time. So, mobile-banking must have
a license.
Secondly, if someone has a preferred area to run a business they should set up a shop
there. So, when they have license and also have a preferred place (fixed shop) to do
business then they can easily set up a store at their preferred place. This will make
their business sustainable because of the environmental issue. This location
advantage will make their business sustainable.
Thirdly, when they are able to keep a shop they should hire more people as assistant.
Because when the businessmen has all kind of services but customers are coming to
them and waiting in a queue makes the customer leave the shop and go to the
substitute shops. And if a business starts to lose its customer then there will be less
possibility of becoming sustainable.
Fourthly, the businessmen should be consistent what services they are providing to
their customers. There should not be a time when a customer needs a service and
they are unable to do it. For example, if a customer wants to transfer money via
Bkash the businessmen should not say about the run out of credit. They should keep
all kinds of services related to mobile money transfer in their shops so that they are
reliable at providing the services.
Finally, mobile money transfer services which is a small business and as a small
businessmen the owner simply cannot do a lots of social activity. But they have their
way to do it through creating job. They can hire people which will reduce the
unemployment problem. In this way they can achieve social sustainability too.
 The economic sustainability of small business 243

7 Conclusions

Banking is more fundamental than I realized. There have been attempts: the
microfinance groups, co-operatives, but the transaction fees have always been too high.
Until we get those services down with very low fees onto the cell phone in digital mode
then banking will always be for those who are better off. Gates said in conversation with
Bloomberg. Bill Gates thinks (about one of the operator bKash) Bangladeshi upstart
could revolutionise banking for the poor, reported Bloomberg Television (Youtube,
2016). Bloombergs Erik Schatzker sat down with Bill Gates and traveled to Bangladesh
to see how bKash, invested in by the Gates foundation, is transforming finance. If Gates
Foundation invests to some projects, that must carry significant value. This business have
a solid profit margin. The start-up cost is very low and it needs very few fixed cost and
last but not least, it has a huge demand so that these businesses are growing as like a
bunch of mushrooms.
So, the mobile banking money transfer is potential but it requires sustainability to
endure and survive in a supportive environment. In terms of business, sustainability
management as discussed earlier is about incorporating social, economic and
environmental factors into business decisions. It involves placing an emphasis on future;
long term goals for any business rather than focusing on short term profits. After the
analysis, one may think that Mobile money-transfer business is highly profitable but it
will not be sustainable in the long run. According to our hypothesis it is accepted.
Because most of the business surveyed do not have any legal documents. If they get the
license business will exist legally. It will help them to be sustainable in the long run and
government also will be benefited by tax.

Acknowledgements

Thanks to Azhar, Samina, Shafayet, and Shagor for their overall contribution to this
study.

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