Like other developed and developing countries, there has been enormous development in mobile banking (M-banking) in Bangladesh in the
last few years. However, there remains numbers of opportunities and threats in the M-banking system of the country. The major threat of
M-banking is its non-adoption by the customers. This research focuses on the institutional barriers to M- banking implementation in
Bangladesh as a developing economy. In depth interviews along with observation technique have been conducted to collect qualitative data
for this study. It has been revealed from the qualitative information that a wide range of institutions, from government to private are
connected directly or indirectly to the implementation of M-banking. Research findings indicate that there has been a growing tendency
of adopting the M-banking financial services. But the aims and intentions cannot be converted into action for the lack of trust on
financial system issues such as the delivery channels, communication infrastructures, government rules and policies etc. However, there
is a preference for traditional banking systems and services rather than M-banking services. The study suggests that banks and other
financial organizations should embark on awareness campaign in order to overcome the challenges of popularizing this contemporary
banking method in a developing country like Bangladesh.