Sonali Bank signs agreement with bKash

December 08, 2016

Sonali Bank Limited, the largest state owned commercial bank in Bangladesh signed an agreement with bKash Limited, a subsidiary of BRAC Bank on Wednesday (December 07, 2016) to provide ‘payment and collection’ service to bKash distributors through the bank’s network of branches across the country as well as transmission of real time ‘collection’ information to bKash through online link.


Mozammal Hoque Khan, Deputy General Manager, Sonali Bank Limited, Information Technology Division-2 and Moinuddin Mohammed Rahgir, Chief Financial Officer and Company Secretary, bKash Limited signed the agreement on behalf of their respective organizations at a ceremony held at a local hotel in the capital.


Earlier, Bangladesh Bank instructed bKash to maintain financial accounts with other public and private commercial banks along with BRAC Bank. Acting on the central bank directive, bKash has been maintaining accounts with several banks.


Ashraful Moqbul, Chairman, Board of Directors of Sonali Bank Limited, was present at the signing ceremony as the chief guest while Obayed Ullah Al Masud, Chief Executive Officer and Managing Director, Sonali Bank Limited, was present as the special guest.


Speaking at the occasion, Ashraful Moqbul lauded bKash for creating financial access to the poor and unbanked population living in remote areas of the country.


Obayed Ullah Al Masud said the partnership between Sonali Bank and bKash will help the bKash to deliver its financial services faster to the doorsteps of common people across the country.


Kamal Quadir, Chief Executive Officer of bKash, said the company has been working for financial inclusion in the country. Such agenda will pave the ways for bkash customers to come closer to work with banks in future and Sonali Bank also gets the opportunity to expand its banking services to grassroots level through bKash.


Senior officials of both the organizations were present at the signing ceremony.


Launched in 2011, bKash is a joint venture of BRAC Bank, US based Money in Motion, World Bank Group’s private sector investment arm International Finance Corporation and Bill and Melinda Gates Foundation.