BRAC Bank Ltd. has signed an agreement with the state-owned Jiban Bima Corporation (JBC) on collecting insurance premiums through BRAC Bank’s various physical and digital channels along with the bank’s subsidiary, bKash, a press release said Friday.
Under the arrangement, the JBC policy-holders across the country can pay insurance premiums through bKash app and USSD code *247#. In addition, JBC can collect the premium from its policy holder’s bank account through the ‘Direct Debit Pull’ service of BRAC bank. The arrangement enables JBC with real-time accounts reconciliation as BRAC Bank and bKash have established API connectivity with JBC’s central accounts management system.
bKash and ‘Direct Debit Pull’ solutions were formally launched at a ceremony at The Westin Dhaka on June 15, 2022. Other solutions under this arrangement, such as BRAC Bank’s agent banking, branch/sub-branch network, payment gateway and mobile app ‘Astha” shall be made available gradually in a short period.
Sheikh Mohammad Salim Ullah, Secretary, Financial Institutions Division, Ministry of Finance, was the Chief Guest at the ceremony. Md Asadul Islam, Chairman, Jiban Bima Corporation, was present as the Special Guest.
Md Saiful Islam, Managing Director (Additional Secretary), JibanBima Corporation; Selim R. F. Hussain, Managing Director& CEO, BRAC Bank; Major General Sheikh Md Monirul Islam (Retd), Chief External & Corporate Affairs Officer, bKash Limited; and Tareq Refat Ullah Khan, Deputy Managing Director and Head of Corporate Banking, BRAC Bank; were also present.
Live transactions of bKash and BRAC Bank’s Direct Debit Pull were demonstrated at the ceremony to mark the digital service launch.
