bKash Limited, the largest mobile financial service provider in Bangladesh, and MutualTrust Bank Limited (MTBL) on Wednesday launched an international remittances service, enabling bKash customers to receive remittances directly into their bKash accounts.
State Minister for the ICT Division Zunaid Ahmed Palak inaugurated the service at hotel Westin as the chief guest, with Payment Systems Department Bangladesh Bank General Manager Lila Rashid as 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 along with other senior officials of both organizations.
The newly launched service allows Bangladeshis around the world to use MTBL’s partner exchange houses and its affiliated money transfer operators abroad for sending cross-border remittance that can be received by bKash customers instantly, 24/7. bKash currently has around 30 million registered customers.
Customers can utilize the account balance to make person to person fund transfers, top-up mobile airtime, pay bills and make in-store payments or they can cashout the money via 180,000 bKash agent locations across Bangladesh. They can also store the money in their bKash accounts and earn interest on savings.
bKash CEO Kamal Quadir said: “The integration of mobile financial services with commercial banks to provide delivery of remittance will boost the formal remittance inflow to the country, particularly in the rural and remote areas where the presence of bank branches is limited.”
He hoped the newly launched service with MTB would encourage more commercial banks to come forward and build partnerships with MFS providers to leverage the latter’s vast countrywide agent networks to deliver remittance faster, more efficiently, and securely.
MTB CEO Anis A Khan said: “The partnership with bKash will help us deliver remittance services at the doorsteps of our customers at low cost. These digital transactions will bring more efficiency in the remittance delivery system by cutting costs and travelling times of our customers.”
Earlier, bKash launched several international remittance receiving services in partnership with Brac Bank, Western Union and Transfast.
Receiving remittance directly into bKash accounts is becoming more convenient amid the rising interest rate of banks, exchange houses and international money transfer operators.