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bKash facilitates financial access, uplifting communities across BD

Published : Tuesday, 25 March, 2025 at 12:00 AM  Count : 507
Mizanur Rahman
From the remotest villages to the metropolitan areas, bKash is available at every corner of the country. Over the past 14 years, it has transformed from a simple mobile money transfer service to a comprehensive financial platform, becoming an indispensable part of daily life for millions. bKash is now a member of every family in weal and woe.

The ubiquitous phrase 'bKash koro' reflects its widespread adoption, signifying the ease and reliability of digital transactions.

The company's extensive network, comprising 350,000 agents and over 1 million merchants, ensures accessibility across the nation. Now, bKash users can send money, pay bills, make payments, take loans, open savings, receive remittances and take many other services.

Bangladesh Bank, the regulator of this industry, has always had the proper guidance and policy support to help MFS flourish and become customers' trusted partner for daily transactions. Besides, bKash's service quality, continuous investment and innovation played pivotal roles in garnering the trust of more than 80 million customers.

Kamal Quadir, the founder and CEO of bKash, said, 'Over the past 14 years, bKash delves deeper in technological innovation to create financial access for millions, unlocking economic opportunities and simplifying daily transactions across Bangladesh. This progress is a testament to the synergistic relationship between our efforts and the supportive policies enacted by regulators.'

The impact of bKash is vividly illustrated through the experiences of its users. Mohammad Ali, a college teacher, highlights the convenience of managing finances from home, eliminating the need for time-consuming trips to banks or post offices. He now effortlessly handles bill payments, mobile recharges, and money transfers through the bKash app.

The platform has particularly empowered women, who constitute over 40 per cent of its customer base. Sabrina Hamid, a private organisation employee, acknowledges the time-saving benefits of bKash, allowing her to focus on other priorities. She considers bKash as her cash manager and uses the app for savings as well.

bKash, operating under Bangladesh Bank's licence since July 21, 2011, has effectively brought the unbanked and underserved populations into the formal financial system. Its integration with 49 commercial banks has streamlined money transfers, significantly enhancing customer experience. The platform has also transformed mobile recharge, utility bill payments, and government fee payments, simplifying these processes for millions.

Furthermore, bKash has played a crucial role in the government's social welfare initiatives, disbursing allowances to approximately 10 million beneficiaries. This includes stipends, relief funds, farmers' incentives, and salaries for export-oriented industry workers. The platform's reliability has made it a preferred channel for the beneficiaries.

bKash is not only accessible from Bangladesh, but it can also be opened and used from abroad as well, as part of an initiative for making remittance sending easier for the expatriates. At this moment, expatriates from over 140 countries can send remittances through more than 110 Money Transfer Operators (MTO) via settlement in 25 local commercial banks. In 2023, Tk 60 billion worth of remittance came to Bangladesh through bKash while over Tk 100 billion worth of remittance came through bKash in 2024.

bKash has also enabled customers access to savings and credits. In just 3 years of the services customers have opened over 3.7 million DPS with IDLC Finance, Mutual Trust Bank, Dhaka Bank, City Bank, and BRAC Bank through bKash app from the comfort of their homes.

On the other hand, the digital nano loan service, launched in collaboration with The City Bank, has provided eligible users with access to quick loans, addressing their immediate financial requirements. Since the launch of the digital loan feature on bKash's platform, more than Tk 17 billion has been disbursed. So far, customers have accessed this service a total of 3.3 million times, with many users repeatedly availing themselves of this hassle-free, instant, and affordable loan. The service provides quick, small-scale credit to underserved segments, including grocers, small retailers, and agricultural farmers, helping them meet their financial needs efficiently.

Over the years, bKash has gained worldwide recognition for its innovative business model. It was ranked 23rd in Fortune Magazine's Top 50 'Change the World' list in 2017 for making sustainable changes based on social issues and honoured as 'Best for Digital Solutions in Bangladesh' in 2022 by Asiamoney. It has been awarded the country's Best Brand for Six consecutive years from 2019 to 2024 through consumer surveys by Bangladesh Brand Forum.

Through ensuring fast, easy, and secure digital transactions bKash has fostered financial inclusion, empowered individuals, and strengthened digital transformation of the country. Its widespread adoption and diverse service offerings have solidified its position as a cornerstone of Bangladesh's financial landscape, contributing significantly to the nation's progress.



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