The residents of Bangladesh often came across financial obstacles. A large number of people lacked access to crucial services at conventional financial institutions. However, things have changed considerably as bKash Ltd. has emerged as one of the most famous mobile payment providers.
bKash is a leading mobile financial service based in Bangladesh. It functions under the authority of Bangladesh Bank as a subsidiary of BRAC Bank Limited. It began a joint venture between BRAC Bank Limited and Money in Motion LLC.
In a span of just ten years, bKash has led to considerable changes on the ground level all across the country. bKash has achieved big milestones during this time and emerged as a leading player in Bangladesh. The company processes approximately 6.7 million payment transactions every day.
bKash’s CEO Kamal Quadir, while addressing as a keynote speaker at Swell 2019, said that he largely concentrated on the social uplift of bKash’s technology on the many lives of people using it. He said,
We have to be very mindful of the impact of the technology we’re working on. We have a short life on this earth, and I want to do something meaningful.
He divulged how bKash allowed people living in urban areas to send money to their near and dear ones in rural areas without spending much time and money.
Prior to the advent of bKash, Bangladesh’s economy was largely cash-based. It caused several difficulties to transact, share, and save money. Quadir left no stone unturned to overcome these issues and worked with the central bank and regulators in Bangladesh to create a system where digital money is supported by physical cash. He ensured that customers could pre-fund their accounts that are reachable via their mobile phones.
Customers in Bangladesh have secured access to digital financial services via the latest bKash platform. They can now use their mobile phones to send and receive cash, make payments for goods and services, and create a savings account.