bKash Limited and Mutual Trust Bank Limited on Monday jointly launched an international remittances service, enabling bKash customers to receive cash directly into their mobile money accounts.
State Minister for ICT Zunaid Ahmed Palak inaugurated the service at a hotel in the city as the chief guest along with General Manager of Payment Systems Department of Bangladesh Bank Lila Rashid, who was the special guest.
Kamal Quadir, Chief Executive Officer of bKash, and Anis A. Khan, Managing Director and Chief Executive Officer of MTB, were present at the launching ceremony.
The newly-launched service allows Bangladeshis living across the world to use MTBL's partner exchange houses and its affiliated money transfer operators abroad for sending cross-border remittances that can be received by bKash customers instantly-in 24 hours.
bKash has around 30 million registered customers and the number is growing.
The funds can be accessed instantly. Customers can utilise the account balance to make person to person fund transfer, top-up mobile airtime, pay bills and make in-store payment or they can cashout the money via 180,000 bKash agent locations across the country.
They can also store the money in their bKash accounts and earn interest on savings.
Speaking at the programme, Lila Rashid requested the MFS providers to self-regulate their agents across the country to prevent digital hundi.
She also asked them to bring down charges for money transfer at and abroad.
Kamal Quadir, CEO of bKash, said, "The Integration of mobile financial services with commercial banks to provide the last mile delivery of remittances will boost the formal remittances inflow in the country, particularly in the rural and remote areas where the presence of bank branches is limited."
He expressed the hope the new service would encourage more commercial banks to come forward and build partnership with MFS providers to leverage the latter's large agent networks to deliver remittances in more efficient, secured and faster way.
Anis A. Khan, MD and CEO of MTB said, "The partnership with bKash will help us deliver the remittances service at the doorsteps of our customers at low cost. This digital transaction will bring more efficiency in remittances delivery system by cutting cost and travelling time of our customers."
Earlier, bKash had introduced several international remittance-receiving services in partnership with BRAC Bank and several global money transfer networks including Western Union and TRANSFAST.
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