A big Mobile Money step for Bangladesh with bKash

Kamal Quadir is a Bangladeshi American entrepreneur, probably best known for starting CellBazaar. Last year, Kamal got involved with mobile banking in emerging markets and was instrumental in the launch of bKash in Bangladesh. In January the Bangladesh Bank Governor Dr Atiur Rahman inaugurated bKash for GrameenPhone (see photo and Read here). This was a major milestone in the provision of full mobile banking services to the underbanked in Bangladesh.
Mobile Banking is one of the latest tools for easy and convenient banking in the current world. Day by day mobile payment has become popular and it’s fulfilling consumer’s demand. The large numbers of Bangladeshi people are facing many harassments duo to the lack of modern banking modern banking facilities. The government banks don’t have the internet banking and ATM services; only few of private banks have some ATM booths. There are only about 650 ATM booths forthe huge population and branches of bank are not available in the rural area. For paying utilities bill,money transfer and doing banking activities people needto go to the bank by physically and waiting in bigqueue. This is due to the fact that Bangladesh has more than 40 banks but still now banks couldn’t introduced fully internet and mobile banking services. Another problem is that 46% of the population lives below the poverty line and wretched transportation system overall the country

That is why the new bKash service launched in collaboration with BRAC bank, conforming to the central bank guidelines, backed by Visa and offering a comprehensive service is such a big step forward. Utilisation of an extensive agent network through small retailers, this service is available in all parts of the country and has already shown good growth since it was launched in July 2011.

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