Jin-Yong Cai, the Chief Executive Officer of International Finance Corporation (IFC), has lauded bKash, the leading mobile financial service provider in Bangladesh, for taking financial services to the unbanked population.
“bKash has been building the foundation to strengthen financial inclusion in Bangladesh. Now common people can easily access essential financial services through a regulated service,” said Jin-Yong Cai, while visiting several bKash agent points in Dhaka recently.
IFC, the private sector arm of the World Bank, made an equity investment in bKash in 2013.
“bKash has set a global example in successful implementation of mobile money and is one of only a handful of efficiently operating mobile money services in the world. Alongside our excellent shareholder partners, we are really excited to be a part of the bKash story,” the IFC CEO said.
He also praised the financial regulator for setting up ‘customer centric policy and maintaining consistency in its approach’ to mobile money.
Launched in 2011, bKash, initially a joint venture of BRAC Bank and US based company Money in Motion, has more than 14 million customers. Following IFC’s investment, Bill & Melinda Gates Foundation, one of the largest private foundations in the world, made an equity investment in 2014. The service provider has around 105,000 agent points nationwide to facilitate cash-in and cash-out service at every corner of Bangladesh.
Besides money transfer, a bKash account holder can also use his or her mobile wallet for availing other services such as mobile phone top up, salary disbursement and payment for shopping.