bKash Limited, the leading mobile financial service provider in the country in partnership with state-owned Agrani Bank has been awarded a contract to disburse stipend to secondary school students under the ‘Secondary Education Stipend Program (SESP, 2nd phase)’ run by the Ministry of Education.
Around 14 lakh students of 12,000 secondary schools across the country will receive the stipend in the nominated bKash accounts of their parents or guardians twice a year.
In this connection, Agrani Bank on May 29, 2018, signed an agreement SESP, the largest stipend project under the Ministry of Education aiming to reduce school dropouts.
Professor Md. Mahbubur Rahman, Director General of Secondary Education Stipend Program (SESP) and Md. Yusuf Ali, Deputy Managing Director of Agrani Bank ltd has signed on the agreement on behalf of their respective organization
Shair Mortuza Mamun, project director of SESP, Mohammad Shams-Ul-Islam, Managing Director and Chief Executive Officer of Agrani Bank, Kamal Quadir, Chief Executive Officer of bKash limited were present at the signing ceremony.
Earlier, Agrani Bank partnering with bKash won a bid called by the SESP to disburse stipend to the students.
bKash CEO Kamal Quadir said the students will be able to cash out the stipend money from any of the 180,000 bKash agents points across the country, which are open late at night or also on weekends.
He noted that disbursement through bKash will be a convenient, hassle-free and cost savings solution to the beneficiaries as they do not need to go to any bank branches to receive the stipend money. It will also raise awareness on digital financial services among the students.
It is mentionable that around 3 lakh students have also been receiving their stipends through bKash under the Secondary Education Sector Investment Program (SESIP), an education ministry initiatives.
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, Bill and Melinda Gates Foundation and Ant Financial, a payment processing platform controlled by Alibaba Group.