bKash

bKash (Bengali: বিকাশ) is a mobile financial service (MFS)[5] in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank PLC.[6] This mobile financial service company started as a joint venture between BRAC Bank Limited, and Money in Motion LLC.[7] As a mobile financial service (MFS) provider in Bangladesh, bKash users can transfer money into their mobile accounts and then access a range of services. In particular, transferring and receiving money domestically and making payments. Services like mobile recharge and paying utility bills are also possible through bKash USSD (*247#) and bKash App. A user can receive remittance on bKash.[8] In November 2021, bKash became the first ever unicorn startup (a startup whose valuation is $1 billion or more)[9][10] company in Bangladesh.[11][12] In May 2023, bKash became the regional sponsors of the Argentina Football Association.[13][14][15]

bKash
TypePrivate
FoundedJuly 21, 2010 (2010-07-21)
FounderKamal Quadir
HeadquartersShadhinata Tower, 1, Bir Sreshtha Shaheed Jahangir Gate, Dhaka Cantonment, Dhaka 1206
Area served
Bangladesh[1][2]
Key people
ServicesMobile Financial Service [3]
ParentBRAC Bank, Ant Financial, Bill & Melinda Gates Foundation, Money in Motion LLC, International Finance Corporation, SoftBank Vision Fund[4]
Websitebkash.com

Fortune magazine ranked bKash 23rd among the top 50 companies in their Change the World list in 2017.[16][17] According to the Prothom Alo, a leading national newspaper, bKash has reached a consumer base of 70 million registered Bangladeshi adults.[18] Asiamoney magazine declared bKash as the Best Digital Solution[19] (2018). World HRD Congress declared it as one of Asia's best employers in 2017.

A bkash agent shop at Gulshan 1, Dhaka, Bangladesh.

History

bKash was launched by Kamal Quadir and Iqbal Quadir. In the mid-2000s, mobile financial services Mobile Service Internet Service Value Added Service had taken off in the Philippines, Kenya, and other emerging markets when the two Quadir brothers decided to bring it to Bangladesh. In need of a local partner, the Quadir brothers began to engage BRAC's founder, Sir Fazle Hasan Abed, in 2008. Discussions between them and Abed continued over a two-year period. In 2010, they committed to establishing a joint venture between Money in Motion and BRAC Bank.[20] bKash launched in 21 July, 2011 in Bangladesh, with basic services: Cash In, Cash Out and Send Money, keeping in mind that more than 70% of the population of Bangladesh lives in rural areas where access to formal banking services is difficult for people.[21][22] More user-demanded services like airtime top-up, bills payment, train-movie ticket purchase were introduced over its span. Now it has its own mobile application, it has been recognized as the best innovation at the Financial Innovation Category in Bangladesh Innovation Award 2018 for its simplified and useful features.[23]

bKash started in 2011 as a joint venture between BRAC Bank Limited, Bangladesh, and Money in Motion LLC, United States of America. In April 2013, International Finance Corporation (IFC), a member of the World Bank Group, became an equity partner, in March 2014, Bill & Melinda Gates Foundation became an investor in the company,[24] and in April 2018 Ant Financial, the operators of Alipay (an affiliate company of Chinese giant Alibaba Group), became an equity partner,[25] announced a strategic partnership to promote financial inclusion for the unbanked and underbanked communities in Bangladesh. Later, in November 2021, bKash announced an investment from SoftBank Vision Fund 2[26] to promote financial inclusion by building a digital financial ecosystem in Bangladesh.

Sponsorship

References
  1. "Bangladesh's bKash revolution". The Banker.
  2. "BKash".
  3. "What does bKash mean?".
  4. "bKash and Ant Financial in strategic partnership to promote financial inclusion for the unbanked in Bangladesh". bKash. Archived from the original on 28 July 2019. Retrieved 26 February 2019.
  5. "MFS Provider" (PDF). Bangladesh Bank.
  6. "Bangladesh's bKash revolution". The Banker.
  7. "Business Model of bKash" (PDF). Archived (PDF) from the original on 4 November 2021. Retrieved 26 December 2020.
  8. Harmachi, Abdur Rahim. "1% bonus on bKash remittance along with 2% govt incentive". bdnews24.com. Archived from the original on 10 December 2020. Retrieved 11 April 2022.
  9. "Startups that made headlines this year". The Daily Star. 21 December 2021. Archived from the original on 2 May 2023. Retrieved 14 May 2023. bKash became country's first Unicorn
  10. "Remittance thru bKash grew by 70% during Eid". The Business Post. 1 May 2023. Archived from the original on 14 May 2023. Retrieved 14 May 2023.
  11. "bKash CEO on the Transformative Impact of Financial Inclusion". Bkash (bkash.com). 12 May 2023. Archived from the original on 14 May 2023. Retrieved 14 May 2023.
  12. "SoftBank investment to raise bKash's valuation to $2bn". The Business Standard. 14 November 2021. Archived from the original on 16 January 2022. Retrieved 11 April 2022.
  13. "La Asociación del Fútbol Argentino presenta su primer acuerdo de patrocinio regional en Bangladesh, con la compañía bKash" [The Argentine Football Association presents its first regional sponsorship agreement in Bangladesh, with the company bKash]. afa.com.ar. 8 May 2023. Archived from the original on 8 May 2023. Retrieved 8 May 2023.
  14. "Love for Argentina recognised as AFA, bKash tie up". The Daily Star. 8 May 2023. Archived from the original on 8 May 2023. Retrieved 8 May 2023.
  15. "bKash becomes 1st regional sponsor for Argentina national team". Dhaka Tribune. 9 May 2023. Archived from the original on 13 May 2023. Retrieved 13 May 2023.
  16. "BKash ranked 23rd on Fortune's 'Change the World' list". 15 September 2017.
  17. "Fortune lists bKash among 50 companies that are changing the world". Dhaka Tribune. 11 September 2017. Archived from the original on 21 September 2017. Retrieved 20 September 2017.
  18. Kamal Quadir (24 July 2023). "You can set up a company, remaining honest and transparent" (Interview).
  19. "Best for digital solutions in Bangladesh 2022: BKash". Asiamoney. 17 July 2022.
  20. "IFC Inclusive Business Case Study | bKash" (PDF). IFC.org. Archived (PDF) from the original on 27 November 2020. Retrieved 24 December 2020.
  21. "BRAC Bank's bKash Launches Mobile Banking Services in Bangladesh". brac. Archived from the original on 29 July 2017. Retrieved 29 July 2017.
  22. "bKash: Tip of the Iceberg". The Daily Star. 7 April 2017. Archived from the original on 29 July 2017. Retrieved 29 July 2017.
  23. "BKash wins Best Financial Innovation award". Dhaka Tribune. 23 October 2018. Archived from the original on 24 October 2019. Retrieved 18 November 2019.
  24. Al-Mahmood, Syed Zain (24 June 2015). "Mobile Banking Provides Lifeline for Bangladeshis". The Wall Street Journal. Archived from the original on 30 August 2017. Retrieved 4 August 2017.
  25. "Alibaba buys 20pc stake in bKash". The Daily Star. 27 April 2018. Archived from the original on 22 May 2019. Retrieved 18 March 2019.
  26. "SoftBank investment to raise bKash's valuation to $2bn". The Business Standard. 14 November 2021. Archived from the original on 16 January 2022. Retrieved 16 January 2022.
  27. "Country's premier e-sports tournament D1 Cup Bangladesh, powered by Bkash offers a price money of Tk40L". Dhaka Tribune.
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