Trust Bank’s savings services have now been integrated into the bKash app.
In the coming days, some other services of the bank, including loans and pay-later services, will be added to bKash app accordingly.
The two organizations have joined hands to enable greater customer base so that they can digitally access advanced financial solutions at ease.
To ensure sustainable financial inclusion, bKash continuously integrates services from various institutions into its platform, leveraging shared capabilities to deliver advanced financial solutions to a broader customer base.
Advancing this goal, services of Trust Bank are getting added to the bKash app.
The announcement was made at an event titled “Expanding Access, Empowering Possibilities” in presence of top officials from both organizations at a hotel in the capital.
Major General Mohd Hossain Al Morshed, vice-chairman of trust bank and adjutant general of the Bangladesh Army, addressed the event as chief guest.
Meanwhile, Md Sirajul Islam and Arief Hossain Khan, executive directors of Bangladesh Bank, were present as special guests.
Ahsan Zaman Chowdhury, managing director and chief executive officer of Trust Bank, and Kamal Quadir, founder and chief executive officer of bKash, also spoke on the occasion.
Major General Mohd Hossain Al Morshed, vice-chairman of Trust Bank, said: “Although technology has changed the nature of financial transactions, it still remains difficult for many, especially for small entrepreneurs and people with limited income, to obtain financial assistance when needed. Keeping this reality in mind, we are announcing this joint initiative today.”
He added: “Trust Bank has been providing responsible banking services for a long time, while bKash has simplified daily transactions for many in the country. By utilizing combined experience and capabilities of two organizations, essential financial services can be delivered to extended number of people.”
Special guest Md Sirajul Islam, executive director of Bangladesh Bank, said: “bKash’s advancement has accelerated financial inclusion in the country, and the regulatory body hopes that their partnership with Trust Bank will strengthen this inclusion further. It is encouraging to see two leading organizations working together on initiatives to improve people’s living standard.”
Arief Hossain Khan, executive director of the central bank, said: “There are different types of loans in Bangladesh. The concept of nano-loan has emerged from the idea of informal loans. I am hopeful that the initiative taken by the two organizations will be successful. Essential services will reach marginalized people and promote inclusive development.”
Ahsan Zaman Chowdhury, managing director and chief executive officer of Trust Bank, said: “The core idea behind this partnership was simple. Trust Bank brings trust, extensive banking experience, and history of working with small and medium entrepreneurs; conversely, bKash possesses nationwide digital platform, robust agent network, and trust of people. Relying on this shared trust, banking services will now reach marginalized people through the collaboration of these two organizations. Agents or small entrepreneurs will now be able to access Trust Bank loans directly from the bKash app when needed. Additionally, services like DPS, FDR, and pay-later will make customer transactions easier.”
Kamal Quadir, founder and chief executive officer of bKash, said: “Technology is allowing us to build right partnerships. As a result, anyone can now open an FDR of even Tk10,000. This kind of technology will help eliminate various barriers and deliver creative, compliant, and appropriate financial services to people across the line. When the right opportunities are created, everyone makes good use of them. That is why today, we are unlocking opportunities for the people.”
Services of Trust Bank available on bKash app
DPS: Customers can now open monthly DPS of Trust Bank from the bKash app. DPS of various tenures and amounts ranging from Tk500 to Tk20,000 can be opened.
- FDR: The opportunity to avail Fixed Deposits (FDR) of various amounts and tenures will be introduced soon.
- Agent Loan: Collateral-free loan for bKash agents from Trust Bank will be launched shortly.
- Customer Loan: Eligible customers will receive Trust Bank loans from the bKash app without collateral.
- Pay-Later: A pay-later service for payments and mobile recharges will be added on the bKash app. Through the pay-later service, a customer can purchase any product or service within their loan limit and repay the amount in full without interest within next 7 days or repay it in monthly instalments.
- Remittance: The two organizations are also committed to working together to further simplify the process of sending remittances for expatriate Bangladeshis.
Currently, over 85 million bKash users can access banking services like savings and loans from five other banks and one financial institution, in addition to Trust Bank.
bKash’s digital savings service commenced in 2021 with monthly DPS of IDLC Finance; subsequently, Dhaka Bank, Mutual Trust Bank, City Bank, Brac Bank, and Eastern Bank have been added to this service.