bKash Limited, the largest mobile financial service provider in the country, has signed an agreement with Shakti Foundation recently for Disadvantaged Women, a leading NGO, to facilitate loan disbursement and repayment for its members through bKash.
Besides, around 0.5 million members of Shakti Foundation will also be able to deposit their instalment for savings scheme maintained with the microcredit lender through bKash, a subsidiary of BRAC Bank.
Mizanur Rashid, chief commercial officer of bKash, and Mahfuzur Rashid, deputy executive director and head of finance of Shakti Foundation, signed the agreement on behalf of their respective organisations at the Shakti Foundation's head office.
Kamal Quadir, chief executive officer of bKash, and Humaira Islam, founder and executive director of Shakti Foundation, along with senior officials of the both the organisations, were present at the signing ceremony.
Currently, Shakti Foundation disburses loan to the beneficiaries through its 421 branches across the country.
The collaboration with bKash will allow the organisation to deliver loans directly into the bKash accounts of their beneficiaries while the members can also make the loan instalment payment via bKash without the need for visiting any branches.
The fund transfer will significantly reduce the cost and time for both Shakti Foundation and its beneficiaries.