bKash- a part of the lives of millions of people
Just before twelve years ago, there was no option to send money to someone instantly, and had to keep standing in long queues to pay a service bill. Did anyone ever thought of these financial services once will be available to make transactions at one’s convenience! Or, depositing money in the bank or getting an instant small loan from the bank on the mobile phone. Now all types of digital financial services are available at your convenience. Mobile Financial Services (MFS) that were introduced twelve years ago have evolved into the main medium for receiving these services.
As a result, small financial transactions and services is now a thing of the past. Financial services have come into the hands of all classes of people, which has made life easier. Dependence on digital transactions has increased for all classes of people.
bKash is now not just a means of transferring money or paying bills. It has become a complete financial service medium with the addition of many other services including shopping, savings, remittance of expatriate income from abroad. Financial transactions have become a part of life. bKash is now a member of every family. While many other organizations have launched similar services, the term ' bKash ' mobile financial services is now well-known.
The strongest agent network has developed over a century with 330,000 agents to provide mobile financial services all over Bangladesh. These agents spread across the country with MFS services have become reliable people in their area. Agents of the 'Human ATM' fame have not only succeeded in developing their customers but also themselves and their families through this business. The services of other MFS organizations also reach the people of Bangladesh through trained bKash agents. Bangladesh Bank's control, access to bKash services on all types of phones, service quality, continuous investment and innovation were behind the country's seven crore customers becoming a daily digital transaction companion.
Kamal Qadir, founder and Chief Executive Officer of bKash said about this journey of an era, 'The huge family of 7 crore verified customers who have been created in the course of 12 years, are using the service with their trust in bKash as a reliable partner. Behind this achievement is the policy support of Bangladesh Bank and the direction of the government, in view of which this inclusive work has been completed. We are grateful to the countrymen for doing the development work through bKash as a true partner in the implementation of Digital Bangladesh. We think that this success today is not only of bKash alone but also of the whole of Bangladesh, every Bangladeshi has played a role behind this achievement.
Mozammel Hossain, a retired school teacher, has been using bKash services since 2014. He said, 'Earlier, the son had to go to the bank or post office and had to stand in long queues to send money. Separate lines were also used to pay utility bills. One had to go to the agent to recharge the mobile several times a month. I had to take a lot of leave from school for this. That day is no more. Withdraw money from the bank to bKash using the app. I pay all the bills sitting at home. Recharge my own mobile and that of my wife using bKash. Sometimes I send money through bKash for grandchildren. bKash has made my life easier at this point of life.'
More than 40 percent of bKash customers are women. Subarna Mostafa, an official of a private organization, said, ' bKash has now made all my daily transactions so easy that I can save my time and use it for other things as I like. Without bKash, a lot of time would have been wasted to take these services.'
Meanwhile, the official of the private bank Noble said, "Almost all my daily transactions are done through bKash; bKash is like cash money for me."
bKash started its journey as an authorized MFS of Bangladesh Bank on July 21, 2011 to deliver financial services through mobile phones. Its founder and chief executive officer is Kamal Qadir. The company has brought freedom and ability to people's daily transactions in an era with new digital financial services safely and in less time. It has become an integral part of life.
bKash has brought financial inclusion to the unbanked and underserved population over the past decade. Be it a remote village or a small village market or trading center; Consumers are connected to mainstream financial services through bKash. 44 commercial banks have joined the bKash network. As a result bKash to Bank or Bank to bKash transactions have now radically changed the customer's banking experience. Once back a decade, going to the stores was the only means of recharging mobile phones, in the span of 12 years now, bKash has become the first choice for all types of mobile recharges in Bangladesh.
A small bill is a big hassle to pay. But bKash has made paying all kinds of bills including utility bill easy for citizens. Besides, payment of all government service fees has also come to hand. Since 2017, bKash has delivered allowances and incentives to nearly 1 crore beneficiaries including stipend, Prime Minister's financial support allowance during the Corona pandeemic, incentive allowance for farmers under the Ministry of Fisheries and Animal Resources, maternity allowance, allowance of the Ministry of Disaster and also the salary of workers working in export-oriented industries. bKash is working as a reliable means of distribution of salaries and allowances of the government.
bKash is now not only limited within the border of the country, accounts are being opened using the bKash app even sitting abroad. This initiative has been taken to facilitate sending remittances. This remittance is settled through 17 commercial banks of the country through more than 80 money transfer institutions from more than 90 countries. In 2022, remittances equivalent to about Tk. 4 thousand crores came through bKash. In the first six months of 2023, the amount of remittances has exceeded Tk. 3 thousand crores.
Afsana Begum opened a savings account through bKash. She said, 'Every month I used to save some money from the house expenses and deposit it earlier. Now I am depositing it in the bank through bKash. As a result after 3 years I will get a good amount of money with profit. Then it can be spent on son's education. This will be my first financial support to the family. I look forward to that day.' 11 lakh customers like Afsana have availed monthly savings service from Bikash app. All the hassles of making small savings have been removed through this service.
Not only savings, micro loans are also available using bKash app. For this, City Bank and bKash jointly launched the country's first digital nano loan in 2021. Now through bKash app, loans from 500 to 20 thousand taka are available. So far customers have taken loans of Tk. 275 crore, of which Tk. 230 crore has already been repaid.
Meshbah Uddin, a teacher at Bangladesh Agricultural University, said, 'When and where to send money, how to pay for purchases, going to the station to buy a train ticket, going to pay the child's school fees, pay household bills, deposit monthly savings installments - these transactions are no longer needed to be thought about. There is hope in growth even in danger. In the bKash era, digital transactions have become the biggest symbol of trust.
