bKash Limited, the largest mobile financial service provider in the country and Shakti Foundation for Disadvantaged Women, a leading NGO signed an agreement recently to facilitate loan disbursement and repayment for its members through bKash.
Besides, around five lakh members of Shakti Foundation will also be able to deposit their installment for savings scheme maintained with the microcredit lender through bKash.
Mizanur Rashid, Chief Commercial Officer of bKash and Mahfuzur Rashid, Deputy Executive Director and Head of Finance of Shakti Foundation signed the agreement on behalf of their respective organistions at the Shakti Foundation’s head office amid the presence of Kamal Quadir, Chief Executive Officer of bKash and Humaira Islam, PhD Founder and Executive Director of Shakti Foundation, along with senior officials of the both organizations.
Currently, Shakti Foundation disburses loan to the beneficiaries through its 421 branches across the country. The collaboration with bKash allows the organization to deliver loans directly into the bKash accounts of their beneficiaries while the members can also make the loan installment payment via bKash without the need for visiting any branches. The fund transfer will significantly reduce the cost and time for both Shakti Foundation and its beneficiaries.
Launched in 2011, bKash, a joint venture of BRAC Bank, US based Money in Motion, International Finance Corporation of World Bank Group, Bill and Melinda Gates Foundation and Ant Financial(Ali Pay), an affiliate of globally reputed Alibaba Group, offers broad range of mobile financial services to the common people of Bangladesh.