Dhaka, January 15, 2018: bKash Limited, the largest mobile financial service provider in the country and Mutual Trust Bank Limited, launched, today, an international remittances service enabling bKash customers to receive remittances directly into their bKash accounts.
State Minister for ICT Division, Zunaid Ahmed Palak inaugurated the service, at the Hotel Westin in the city as the Chief Guest along with Lila Rashid, General Manager, Payment Systems Department Bangladesh Bank, the Special Guest of the program. Kamal Quadir, Chief Executive Officer of bKash and Anis A. Khan, Managing Director and Chief Executive Officer of MTB along with senior officials of both organizations were present during the launching ceremony.
The newly launched service allows Bangladeshi around the world to use MTBL’s partner exchange houses and its affiliated money transfer operators abroad for sending cross-border remittances that can be received by bKash customers instantly, 24/7. bKash has around 30 million registered customers and the number is growing.
The funds can be accessed instantly. Customers can utilize the account balance to make person to person fund transfer, top-up mobile airtime, pay bills and make in-store payment or they can cash out the money via 180,000 bKash agent locations across the country. They can also store the money in their bKash accounts and earn interest on savings.
Kamal Quadir, CEO of bKash said, “The Integration of mobile financial services with commercial banks to provide the last mile delivery of remittances will boost the formal remittances inflow in the country, particularly in the rural and remote areas where the presence of bank branches is limited.”
He hoped the newly launched service with MTB would encourage more commercial banks to come forward and build partnership with MFS providers to leverage latter’s countrywide vast agent networks to deliver remittances in more efficient, secured and faster way.
Anis A. Khan, MD and CEO of MTB said, “The partnership with bKash will help us to deliver the remittances service at the doorsteps of our customers at low cost. This digital transactions will bring more efficiency in remittances delivery system by cutting cost and travelling time of our customers.”
Earlier, bKash launched several international remittance receiving service in partnership with BRAC Bank with several global money transfer network including Western Union and TRANSFAST.
Receiving remittances directly into bKash accounts is becoming more convenient amid the rising interest of banks, exchange houses and international money transfer operators to engage bKash as the last mile distribution channel for remittances delivery into their clients’ mobile wallets real time.
Launched in 2011, bKash is a joint venture of BRAC Bank, a SME focused commercial bank in Bangladesh, the US based Money in Motion LLC, International Finance Corporation of World Bank Group and Bill & Melinda Gates Foundation to provide complete mobile financial services to the common people of the country.