bKash Limited, a subsidiary of BRAC Bank, started as a joint venture between BRAC Bank Limited, Bangladesh and Money in Motion LLC, USA. In April 2013, International Finance Corporation (IFC), a member of the World Bank Group, became an equity partner and in April 2014, Bill & Melinda Gates Foundation became the investor of the company. The ultimate objective of bKash is to ensure access to a broader range of financial services for the people of Bangladesh. It has a special focus to serve the low income masses of the country to achieve broader financial inclusion by providing services that are convenient, affordable and reliable.
More than 70% of the population of Bangladesh lives in rural areas where access to formal financial services is difficult. Yet these are the people who are in most need of such services, either for receiving funds from loved ones in distant locations, or to access financial tools to improve their economic condition. Less than 15% of Bangladeshis are connected to the formal banking system whereas over 68% have mobile phones. These phones are not merely devices for talking, but can be used for more useful and sophisticated processing tasks. bKash was conceived primarily to utilize these mobile devices and the omnipresent telecom networks to extend financial services in a secure manner to the under-served remote population of Bangladesh.
bKash is dedicated to widening the net of financial inclusion among the people of Bangladesh by facilitating money transfer through mobile phones. bKash provides Mobile Financial Services allowing customers to send, receive, and pay money from their mobile phones. bKash enables clients to send money to anyone, using an advanced technology available on their own mobile phone. The recipient will receive money instantly, no matter where s/he is. In addition to eliminating initial monetary costs involved in entering the banking system, bKash greatly minimizes opportunity costs such as time and effort required to access such services. The service charges are minimal and there are no hidden costs involved. Their extensive distribution network with more than 100,000 Agents covering each district and Thana along with around 300 BRAC Bank ATMs provides clients with the nationwide reach and capacity that they need to avail bKash services at a close proximity. The service is supported by mobile networks of all the leading MNOs which enables clients to access their bKash Wallet even from the remotest areas of Bangladesh.
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