bKash signs MOU with A2I & LGD

May 26, 2011 Dhaka, Bangladesh

bKash Limited (a subsidiary of BRAC Bank) signed an MOU today with Access to Information (A2I) Program, a UNDP supported program and Local Government Division (LGD), to make financial services accessible to grass root people through mobile telecom network. LGD and A2I are implementation partners who operate Union Information and Service Centers (UISCs) in 4,501 Union Parishads. Through these Centers, people at grass root level receive Information Technology (IT) access.

bKash – the BRAC Bank subsidiary that is rolling out a universal financial service platform – will act as the Payment Service Operator as per an MOU signed at the Prime Minister\s Office (PMO) today. As a result of this MOU, the unbanked population of the country now will have access to full banking services using simple mobile phones.

Chief Executive Officer of bKash Limited Kamal Quadir, Additional Secretary of LGD Syed Mahboob Hasan and Md. Nazrul Islam Khan of A2I program inked the Memorandum of Understanding at Karabi Hall, Prime Minister\s Office. Managing Director & Chief Executive Officer of BRAC Bank Ltd Mr. Syed Mahbubur Rahman along with other senior BRAC Bank officials witnessed the signing.

"It is a landmark collaboration with the government in bringing such a visionary service", said Syed Mahbubur Rahman, Managing Director & CEO of BRAC Bank. "This MOU will strengthen our efforts in creating access for the low-income, mostly rural and unbanked people of Bangladesh."

For the people at union-parishad level, this MOU will create a way to have access to banking without going to the bank at all. The UISCs will act as a key channel for any mobile user to register and open up bank accounts and then do virtual transactions over mobile phone in easy, convenient way.

Kamal Quadir, CEO of bKash, on signing this MOU, said "bKash has been created to promote sustainable micro-savings to achieve broader financial inclusion by providing services that are convenient, affordable and reliable."

According to the MoU, Bkash Limited will introduce mobile financial services in 20 UISCs of Jessore district as pilot program to provide banking facilities to the grassroots level in the country. The remaining UISCs will be brought under this program in phases.