Bangladesh’s first complete mobile financial service
provider, bKash, a BRAC Bank subsidiary, launched its mobile banking operation.
bKash is designed to provide
financial services via mobile phones to both the unbanked and the banked people
of Bangladesh. The overall bKash value proposition is simple: a safe,
convenient place to store money; a safe, easy way to make payments and money
transfers.
The bKash mobile wallet, a VISA technology platform which
is fully encrypted to ensure most secure transactions, will be the customer
account into which money can be deposited and out of which money can be
withdrawn or used for various services.
Customers will be able to receive electronic money into
their bKash accounts through salary, loan, domestic remittance, and other
disbursements and eventually will cash out the electronic money at any of the
hundreds of cash out agents which bKash assign.
bKash provides a wonderful opportunity for millions of
unbanked people who have a cell phone to have a bank account where they will be
able to deposit, pay out and transfer funds as they wish safely and securely,”
said Sir Fazle Hasan Abed, chairperson and founder of BRAC.
Bangladesh Bank Governor Atiur Rahman inaugurated the
service at Radisson Water Garden Hotel in Dhaka. The Governor marked the
occasion as a milestone event not only for the advancement of Bangladesh but
also to celebrate a true partnership between banking and telecom industries.
In February 2011, mobile operator Robi Axiata signed a
partnership agreement with bKash to provide access to its services for Robi
subscribers and extend the distribution of the service. bKash’s other distribution
partner is BRAC which provides a local presence to offer the bKash service at
the vicinity of the beneficiaries.
bKash has already selected over 500 agents and is adding
hundreds of new agents to its network every month. In addition, bKash has signed
an MOU with LGD and A2I to use their 4501 Union Information and Service Centers
to make financial services accessible to people who currently don’t have access
to banks.
With the backing of leading players in the field, bKash
has the scale and expertise to deliver a service that the majority of
Bangladeshis desperately need. We will evolve with the needs of individuals,
businesses and communities,” said Kamal Quadir, CEO, bKash.
bKash presents a compelling business plan which
capitalizes on a ripe economy to dramatically expand access to formal financial
services, both as an extension of BBL and as a full- scale mobile phone-based
payments switch. This will highly benefit the country as 83 percent of the
population lives under $2 a day and access for finance can help in improving
the economic situation.
By Telecomlead.com Team
