Imagine everyone in our society is a part of the digital finance, bKash helps you do just that
By Wafiur Rahman
bKash in a very short period has become the most popular means of sending and receiving money. However, bKash is not only a platform for sending and receiving money but also offering products and services which include mobile top up, payment, interest on savings and international remittances. A bKash wallet user can easily recharge mobile balance of any Banglalink and Airtel connection, and prepaid connection of Robi through using ‘Buy Airtime’ service without any additional service charge.
Payment through bKash is also gaining popularity among the customers. bKash payment is now widely accepted from super shops to restaurants to corner shops. It is a matter of time when a large number of payment transactions will be done through mobile banking and bKash will be a significant player in this category. Along with keeping the money safe at bKash wallet, a customer now can also enjoy interest on the savings. bKash is giving attractive rate on savings at bKash wallet.
Registering for bKash and cashing-in services are free of charge. For person-to-person (P2P) transfers, customers pay a flat fee of BDT 5 irrespective of the size of the transaction. In case a customer wants to cash-out, there is a flat fee of 1.85% on the amount withdrawn. For example, if a user wants to cash-out BDT 50, the cash-out fee is BDT 0.92. The bKash wallet users can cash out the electronic money from its vast agent network of 95 thousand retail points. Many bKash wallet users have such small tickets, but their large volume compensates for the apparent small ticket size. bKash’s focus on reaching the poor distinguishes it from services that have fees for Cash-In or minimum Cash-Out fee.
bKash has built its foundation capitalizing the unique resource base of its four stakeholders–BRAC Bank, Money in Motion, International Finance Corporation and the Bill & Melinda Gates Foundation. BRAC Bank, a SME focused private commercial bank in Bangladesh, works closely with its parent organization, BRAC, which has grass-root presence in every corner of Bangladesh. Money in Motion brings together investors and initiators of successful mobile network, mobile money and mobile commerce operators. IFC and Gates Foundation, along with the capital, bring global governance practices and knowledge on Financial Inclusion.
