The study aims to assess the efficiency of non-bank financial institutions (NBFIs) in Bangladesh from 2016 to 2021 using non-parametric data envelopment analysis (DEA). Specifically, we evaluate technical efficiency, pure technical efficiency, and scale efficiency of 17 NBFIs. Our findings indicate that, despite some initial progress, the aggregate technical efficiency ratings of NBFIs have declined due to poor resource management, which is exacerbated by the COVID-19 pandemic. Only four NBFIs, namely ICB, GSP, IDCOL, and Fareast, were found to be fully efficient based on a separate efficiency test. The study recommends that both scale inefficiency and pure technical inefficiency must be increased through administrative effectiveness and scale of production.