BKash

bKash

Type of business	Private
Headquarters	Shadhinata Tower, 1, Bir Sreshtha Shaheed Jahangir Gate, Dhaka Cantonment, Dhaka 1206, Bangladesh
Key people	Kamal Quadir (CEO)
Services	Payment system
Parent	Brac Bank, Ant Financial, Bill & Melinda Gates Foundation, Money in Motion LLC, International Finance Corporation
URL	bkash.com
Launched	2011
Current status	Online

bKash (Bengali: বিকাশ) is the leading mobile phone-based money transfer (MFS) provider in Bangladesh. It was launched with a view to providing financial services to the unbanked people of Bangladesh, who constitute majority of Bangladesh population. Customers can avail bKash services including cash-in, cash-out, send money, add money, remittance, mobile recharge, payment and pay bill etc. by dialing *247# and by using the bKash App.

Any Bangladeshi aged 18 years and above can open a bKash account using any mobile operator’s number directly from bKash App and by visiting digital registration point, agent point or bKash service center. To open a bKash account, only the user’s photo and national ID card are required. bKash users can add money to their bKash accounts and access a range of services, in particular sending and receiving money domestically, making payments, paying utility bills, recharging mobile balance etc. The platform is open to subscribers of all GSM operators in Bangladesh — Grameenphone, Robi, Airtel, Banglalink and Teletalk.

bKash started in 2011 as a joint venture between BRAC Bank Limited, Bangladesh and Money in Motion LLC, United States of America. In 2013, International Finance Corporation (IFC) became an equity partner of the company. Afterwards, Bill & Melinda Gates Foundation and Ant Financial became the investors of bKash respectively in 2014 and 2018.

Fortune magazine ranked bKash 23rd among the top 50 companies in their "Change the World" list in 2017. Asiamoney magazine declared bKash as the Best Digital Bank in 2018, and World HRD Congress declared it as one of Asia's best employees in 2017. bKash was awarded "Best Brand Award 2019" by Bangladesh Brand Forum among all the brands as well as the MFS brands category.

Company overview

Mission: To be the preferred financial services provider for all walks of life by providing affordable and innovative services that empower lives

Vision: bKash aspires to be a global trendsetter in financial inclusion, and a contributor in enriching people’s lives through alternative platform

Values: Inclusive, Innovative, Simple, Open and Passionate

Board of Directors

• Shameran Abed
• Ryan Gilbert
• Andi Dervishi
• Nicholas Hughes
• Arun Gore
• Iqbal Z. Quadir
• Nihad Kabir
• Kazi Mahmood
• Sattar Selim R. F. Hussain
• Kai Nin Kenny Man

Services Portfolio

Consumer Services

• Send Money: Send Money is a service to transfer money from a bKash Account to another bKash Account. It can be done with both app and *247# and the money is sent instantly.
• Mobile Recharge: Mobile Recharge allows a bKash customer to recharge Mobile Airtime from their bKash Account. It can be done for own mobile phone or for someone else's mobile phone. Currently, this service is available for any bKash Account holder to Mobile Recharge for all Grameenphone, Banglalink, Robi, Teletalk and Airtel numbers. From bKash app, customers can buy data, voice and bundle packs for Robi, Airtel and Banglalink numbers. Customers can buy data, voice or bundle packs.
• Pay Bill: With this feature, bKash customers can pay various bills starting from utility to recurring payments. DESCO, NESCO, Palli Bidyut, BTCL and many other bills can be paid through bKash. The most recent addition to this was VISA Credit Card bill payment.
  • DESCO, NESCO, Palli Bidyut, BTCL, Westzone (Postpaid): Customers can pay various bills starting from utility to recurring payments, including DESCO, NESCO, Palli Bidyut, BTCL as well as VISA Credit Card bill payments.
  • Gas: Customer can pay Jalalabad, Shundorban, Paschimanchal and Titas Gas Bill with bKash App. Customers get the Digital Receipt on their mobile phones.
  • Water: Customers can pay Dhaka WASA and Chattogram WASA Water Bill directly with bKash App.
  • Internet: Customers can pay internet service provider bill from the vast network of 694 connected companies through bKash app instantly without any hassle
  • Education: Customers can pay University, College and School student registration and admission fees with bKash app.
  • Telephone bill: Customers can pay BTCL telephone Bill directly with bKash App.
  • Cable TV bill: Customers can pay AKASH DTH, Bumbellbee and National Electronics and Cable Networks Cable TV Bill.
• Payment: With the Payment option, payment can be done from a bKash Account to any “Merchant” who accepts “bKash Payment”. bKash Payment is available at more than 100,000 outlets nationwide. bKash Payment is available at more than 150,000 outlets nationwide both offline and online.
• Add Money: Using this feature, a bKash customer can transfer funds to his own bKash account from credit/debit card. Currently the service is available with Mastercard. Customers can add money to his bKash outlet from 22 partner banks via internet banking.
• Transfer Money: Using this feature, customer can instantly transfer money to a bank account from bKash app. Transfer money service is now available in Agrani Bank, BRAC Bank and City Bank.
• Loan: bKash and City Bank has launched a collateral-free digital loan which allows mobile wallet users to request and receive a credit of up to Tk10,000 instantly through bKash.
• BRTA Payment: Using this feature customer can easily pay car license, ownership registration, tax token renewal and various other fees through bKash at the BRTA Service Portal, and can receive their tax token at the comfort of their homes.
• Insurance: With this feature, bKash customers can pay Carnival Assure Limited and Milvik Bangladesh Ltd Insurance bill through bKash app.
• Remittance: Bangladeshis living abroad can send international remittance to a bKash Account in Bangladesh through authorized and enlisted Foreign Banks, Money Transfer Organizations (MTO) and Money Exchange Houses. Migrants from more than 70 countries can send inward remittance to bKash Accounts.
• Cash In: Cash In is used to deposit money into a bKash Account. It can be done through an agent or disbursement.
• Cash Out: Having sufficient balance in their bKash Account, customers can withdraw cash anytime from any bKash Agent or Partner bank ATMs. Cash Out can be done with both app and USSD from more than 200,000 agents across all districts and upazilas.
• Ticketing:
  • Train ticket: Customers can book train tickets with bKash app.
  • Movie Ticket: Customers can buy movie tickets of "Blockbuster Cinemas" movie multiplex.
  • Air ticket: Customers can easily book air tickets with bKash app.
  • Bus ticket: Customers can book bus tickets with bKash app.
  • Launch ticket: Customers can book launch tickets through bKash app.
• Donation: Customers can donate via bKash to 15 charities and contribute towards their education, healthcare or give zakat.
• Interest on Saving: Customers can also enjoy up to 4% Interest (per annum) on Savings on bKash Account. Interest is offered to bKash Customer Accounts only.

Corporate Service

• Disbursement Solutions: To disburse salary to Government/NGO and payment benefits to customers.
• Collection Solutions: To collect mobile money payments on behalf of corporate clients.

Consumer Service Channels

bKash App

A contemporary solution for monetary transactions, bKash App is the latest frontier in order to provide the cutting-edge sophisticated interface for smartphone users. Any transaction through bKash App is easier, faster and more secure. The App also provides customers with full control over their transactions. To use the app, the customer requires an active bKash account and internet connection. The app can be used in both English and Bangla, with a support of voice assistant service. Smartphone users can make payments at merchant stores by scanning QR codes and add money in wallet from partner banks. The App also has features like Bangla text and voice prompt to aid users with physical challenges and low literacy. In 2019 bKash App was relaunched with a new outlook and new set of features. It’s a one stop solution for all the services of bKash.

Features of the app

• Onboarding:
  • Explore: Unregistered app users can take a peek at what awaits them inside bKash App through this feature.
  • Self-Registration: Just with a valid National ID card and a face scan, users can open their own account using bKash App from anywhere in Bangladesh.
• Home Screen Functions:
  • Home Screen: The home screen acts as the dashboard and an easy-access hub for all the services and features available in bKash App.
  • More: The "More" option provides users access to all the additional core services of bKash on top of the ones present on the home screen.
  • One-tap Balance Check: Users can check their balance by tapping on the "Tap for Balance" button beside the profile icon. The balance will be automatically hidden after a few seconds.
  • Scan QR: Users can scan any bKash Merchant, Agent or Customer's QR code to perform Payment, Cash Out or Send Money very easily using the "Scan QR" button at the bottom of the bKash App home screen.
  • My QR: There's a unique QR code for each user, which s/he can show to another user to receive money very easily. Users can access this by tapping on the profile icon on the top left portion of the home screen. It's also viewable by tapping on the QR icon placed on the login screen, without having to log in. Users can download the QR Code and save it to their phone's storage or share it on a digital media of their choice.
  • My bKash: Users can make frequent transactions very easily from "My bKash" section.
  • Promo Banner: Users can see the currently ongoing best bKash offers and announcements in the central banner of the home screen, which is called "Promo Banner".
  • Location-based Offers: Users can see the best offers near their location in the "Offers" section of bKash App home screen.
  • Suggestions: Users can get suggestions on what service they can take next in the "Suggestions" section of bKash App home screen.
  • Inbox:
    • Notifications: Users can check the latest offers and bKash announcements in the "Notifications" tab of "Inbox".
    • Transactions: Users can check their most recent transactions in the "Transactions" tab of "Inbox".
• Core Services:
  • Send Money: Users can send money to anyone with a valid bKash customer account from the "Send Money" section.
  • Send Money to non-bKash user: Users can send money to any non-bKash user from the "Send Money" section. The receiver will have to open a bKash account within 72 hours. If they don't open an account within 72 hours or the sender cancels the transaction, the money will return to the sender.
  • Mobile Recharge: Users can recharge any prepaid or postpaid number or purchase data, voice, bundle and other special packages through the "Mobile Recharge" section. They can also receive best offer suggestions based on the amount they have entered.
  • Cash Out: Users can go to any bKash Agent point and cash out from their account by accessing the "Cash Out" section.
  • Make Payment: Users can complete their payments across various stores and merchant points, free of charge through the "Make Payment" section.
  • Add Money: Users can add money to their bKash account from different bank accounts and cards instantly, from the "Add Money" section.
  • Pay Bill: Users can pay different utility and other bills from bKash App. There are tutorial videos and sample images to guide them. They can also save their regular bill accounts for easier payment in the future. Digital receipts are there as a proof of their bill payment.
  • Tickets: Users can purchase various Air, Bus, Launch, Movie and Train tickets from the "Tickets" section.
  • Transfer Money: Users can transfer money from their bKash accounts to different bank accounts from the "Transfer Money" section.
  • Insurance: Users have access to different partner insurance services offering various life and health insurance policies in the "Insurance" section.
  • Shopping: Users can fulfill their shopping needs right from the "Shopping" section of bKash App.
  • Food: Users can order food directly from their favorite restaurants from the "Food" section of bKash App.
  • Games: Users can play different games to pass some quality time. During campaigns, they also have the chance of winning some exciting prizes.
  • Donation: Users can donate to a charitable organization of their choice from the "Donation" section.
• bKash Menu: Users can access the bKash menu by tapping on the "bKash bird icon" on the top-right corner of the home screen. This allows the users to change the app language and provide quick and easy access to Home, Statements, Limits, Coupons, Refer a Friend, Discover bKash, Settings, Support and Log out. Users can access this menu from most screens of bKash App.
  • Language Change: Users can switch between English and Bangla to view the app interface in the language of their choice from the bKash Menu.
  • Statements:
    • Transaction History: Users can check their transaction history of the last 30 days in the "Transactions History" tab of "Statements".
    • Transaction Summary: Users can check their transaction summary of the last 3 months in the "Transactions Summary" tab of "Statements".
  • Limits: Users can check their total available and currently used limits for Daily and Monthly transaction counts and amounts for different services.
  • Coupons: During a campaign, eligible users can avail discounts on specific Merchant payments using the available coupons listed in the "Coupons" tab.
  • Refer a Friend: Users can invite their friends and family to register and join bKash app and get bonuses during referral campaigns from the "Refer a Friend" tab.
  • Discover bKash: "Discover bKash" is an engaging hub for users to learn about the various features of bKash App and what the latest additions are.
  • Settings: Users can change their Profile Name and Picture from the "Settings" tab. They can also view the app version number at the bottom, which they can share with customer support for proper troubleshooting, when asked.
  • Support: This is an in-app customer support channel for the users. They can choose to email their concerns or have a live chat with a customer support executive.

*247#

Customers can avail bKash services by dialing *247# from their mobile phone. Send Money, Mobile Recharge, Payment, Cash Out, Pay Bill, Balance Checking, Statement Request etc. services are available in limited capacity through USSD.

Payment Gateway

From partner merchant accounts, customers can make payment directly through payment gateways. Customers can make payment to online merchants & ride sharing services in real time with convenience. They can also pay their utility bills with a few simple steps at their preferred time. The newest addition to Pay Bill is VISA Credit Card Bill payment.

Partners

With a view to turn mobile technology opportunities into real world solutions to address challenges in the financial sector, bKash Limited (bKash) was established by BRAC Bank Ltd. in collaboration with Money In Motion LLC, a USA-based financial services company. As a subsidiary of BRAC Bank Ltd., bKash started its journey in 2011, providing mobile financial services in Bangladesh. In 2013, the International Finance Corporation (IFC), a member of World Bank Group, became an equity partner of bKash, followed by the Bill & Melinda Gates Foundation. In 2018 bKash and Ant Financial Services Group (Alipay Singapore E-Commerce Private Limited), the operator of Alipay, announced a strategic partnership to promote financial inclusion for the unbanked and underbanked communities in Bangladesh. In April 2018, bKash and Ant Financial Services Group (Alipay Singapore E-Commerce Private Limited), the operator of Alipay (a concern of Chinese giant Alibaba Group), announced a strategic partnership to promote ¬financial inclusion for the banked and unbanked communities in Bangladesh.

Company highlights

Extensive Network

bKash has prioritized the active reach of its services to the masses by setting up wide and strong distribution network. All customers can avail bKash services on any of the 5 major mobile phone operators. In addition, as of December 2018, more than 200,000 agents across all districts and upazilas of the country. This has helped to digitize money in any part of the country. Now, with its App and the QR code based payment system, bKash wants to revolutionize the payment industry, while simultaneously pursuing a meaningful partnership with banks, cards, the government and non-government organizations.

Compliance Convenience Awareness

bKash maintains compliance of all policies as a financial institution as per the guidelines of Bangladesh Bank. Numerous initiatives are taken to promote awareness and train resources network, within and outside the organization, to prevent any money laundering or terrorism financing. There are regular initiatives and processes in place to mitigate the possibility of any fraudulent and irregular activities.

Corporate Social Responsibility

bKash takes various CSR initiatives focused on empowerment and enlightenment. bKash has been financing mass education, socio cultural issues and other humanitarian causes. bKash has taken some significant initiatives to promote the habit of book reading. It supports National Book Distribution Program with Bishwa Shahitto Kendra, an institution that promotes the pursuit of knowledge and reading habits. It has a partnership with the organization for 7 years. In total, bKash has distributed 253,000 books to the students as of July 2020 with the help of this organization. bKash has been sponsoring National Book Fair (Boi Mela) for the last 3 years. It has also organized a Book donation campaign during Book Fair in 2020. 7751 books to Obhizatrik foundation, where 2751 books were collected from Book Fair visitors. bKash sponsors various cultural and sports events in rural and suburban areas. Participation in Biggyan Utshob (Nationwide Science festival – An initiative of Biggyan Chinta) is another initiative. bKash has been involved in disbursing government stipend to millions of students in Bangladesh.

Broadening financial access

bKash aims to provide ‘convenient, affordable and reliable’ mobile financial services has been playing a significant role in promoting financial inclusion in Bangladesh. Since its launch in 2011, bKash has facilitated millions of unbanked, underbanked and banked individuals to open mobile wallets to create opportunities for individuals to undertake financial transactions through a regulated, formalized channel. This is considered as a development outcome. The use of MFS for a wide range of financial transactions - such as domestic money transfers, mobile recharge, salary and social welfare payment disbursements, bank to bKash wallet transfer, recurring and utility bill payments - has grown exponentially. Bangladeshi consumers, especially the unbanked segments of the population, have benefitted from lower transaction costs and the greater convenience associated with undertaking everyday financial transactions through mobile financial services. People living in urban areas tend to look for convenience and less complexity while carrying out financial transactions, as time is a very precious commodity. bKash has identified many such sectors where it can provide more convenience for them. As newer services and offers are introduced in app from time to time, this particular group is now getting into bKash ecosystem.

Bank connectivity

A financial network with a larg number of banks in Bangladesh enables bKash customer to Add money to their bKash Accounts from banks as well as Transfer Money from bKash to bank accounts instantly. As of end of 2020, customers can avail Add Money service from 22 enlisted banks and Transfer Money to 3 Banks. bKash has also introduced the Linked Account service by connecting with Agrani Bank, enabling bKash customers to avail various services of Agrani Bank directly from bKash App.

Financial literacy

bKash was established to serve the unbanked population in our country who have limited access to financial services and barely have any financial literacy. Over the years, it has empowered Bangladeshi people not only by offering digital financial solutions but also by providing proper knowledge and guidance to avail the services. Though various communication initiatives like television commercial, radio commercial, digital advertisement and retail point advertisement, it has been communicating the process and benefit of safe and secured financial transaction. bKash jointly works with the regulatory body like Bangladesh Bank and law enforcement agencies to show zero tolerance against any fraudster and fraudulent activity. It has also taken necessary measures to create public awareness about Anti-Money Laundering, battling terrorism financing and various other fraudulent activities.

Innovation

Among several innovative services bKash there are Add Money, Ticketing, QR scan and Location based Offers. Ticketing service allows a customer to purchase Train, Bus, Air, Launch and Movie tickets right from the App and Add Money facilitates people to bring money to their bKash Accounts. Offer section of the App shows customized offers to customers based on their current location. QR Scan feature of bKash App enables people to make various types of transaction in a more secured and convenient way. Rather, only scanning the designated QR code does suffice. With bKash very App user has a personal QR code.

Introduction of Digital Loan also enables financial inclusion. bKash customers can take Loan from enlisted banks or financial institutions directly to their bKash Accounts. This is an instant loan without collaterals and with auto debit facility. bKash’s strategic partner, Ant Financial provided technological support to develop the AI based screening system to determine borrower’s eligibility. As of end 2021, Digital Loan service was in the pilot phase.

Fighting the Pandemic

Amid the coronavirus pandemic, bKash has enabled millions of people to avail essential bKash services from their homes. At the same time it also recruited a large number of customers across Bangladesh through eKYC. Efforts were made to recruited RMG workers who were helped by bKash’s Payroll Digitization service to receive their salary digitally. bKash’s ‘Stay Home, Stay Safe’ campaign promoted a variety of mobile financial services as well as awareness about COVID safety. The app included Corona Info button that redirected to a dedicated portal developed by A2I to provide information about corona outbreak. bKash's strategic partner, the Alibaba Foundation and the Jack Ma Foundation, donated 50 ventilators and more than 6.5 million emergency supplies to the Prime Minister’s Relief and Welfare Fund.

1.5 million affected families have received Prime Minister’s Eid gift without any Cash Out charge through bKash. During the early days of lockdown, bKash also reduced the Cash Out charge for all so that people could make financial transaction conveniently at a low cost. bKash donated Tk 15,831,700 to Bidyanondo Foundation, BSMMU and Dhaka Medical College as help to ensure better medical support for COVID19 patients. Along with these, bKash’s Donation service from App has enabled people to donate money to the listed organizations who are working for combating COVID 19.

Awards and recognition

• The Manthan Award (Winner, 2014)
• Commward Integrated Campaign (Gold, 2016)
• Best MFS Brand Award (Brand Forum, 2017)
• Asia’s Best Employer Brand Award (HR Congress, 2017)
• 23rd Change the World Award
• Global Brand Excellence Award
• Nielsen Campus Track Survey (B-School) Dream Employer Award
• Best Innovation Financial Sector (Bangladesh Innovation Award, 2018)
• Brand Award (Best and Number One Financial App, Best brand in MFS, 5th among most loved brands, 2018)
• Brand Award (Best brand in MFS, 1st among most loved brands, 2019)