bKash customers have already opened over 3.2 million DPS with IDLC Finance, Mutual Trust Bank, Dhaka Bank, City Bank, and BRAC Bank through bKash app from the comfort of their homes.
This trailblazing achievement has been made possible in a span of just three years through the user-friendly bKash app, eliminating the need for paperwork and bank accounts. The overwhelming response from customers is a testament to bKash’s innovative technology and the trust in its partner banks. A remarkable 96% of the customers, whose DPSs have matured, have expressed the desire to continue their savings journey through the bKash app. By promoting savings habits, collaboration of banks and bKash is not only empowering individuals to secure their financial well-being but also contributing to the overall economic growth of the nation.
The country’s largest MFS provider bKash has introduced monthly DPS of IDLC Finance in its platform in 2021. Following the success of that product, four other commercial banks gradually onboarded in bKash’s platform. Later, weekly DPS service of two banks and a financial institution was added to the bKash app in early 2024. Apart from regular DPS, the customers interested in savings as per the Islami Shariah can avail Islamic DPS of City Bank and Dhaka Bank.
bKash has organised a view exchange programme today (Tuesday) with the stakeholders at a convention centre in the city to celebrate the success and discuss the way forward of digital savings by leveraging the collaboration between MFS and banking sector.
The invited guests at the programme discussed how to make financial inclusion sustainable through collaboration and utilising each other’s expertise to cater the financial services at everyone’s doorstep. Md. Zakir Hossain Chowdhury, Deputy Governor of Bangladesh Bank addressed the event as the chief guest. A view-exchange session was participated by M Jamal Uddin, CEO & Managing Director of IDLC Finance, Syed Mahbubur Rahman, Managing Director & CEO of Mutual Trust Bank, Sheikh Mohammad Maroof, Managing Director & CEO of Dhaka Bank, Mashrur Arefin, Managing Director & CEO of City Bank, and Selim R.F. Hussain, Managing Director & CEO of BRAC Bank. Meanwhile, Ahsan Zaman Chowdhury, Managing Director & CEO, Trust Bank and Kamal Quadir, founder and CEO of bKash, also spoke at the event.
In chief guest’s speech, Bangladesh Bank Deputy Governor Md. Zakir Hossain Chowdhury said, “Currently, upon maturity, DPS money is deposited into the customers’ bKash accounts without any hassle. On behalf of Bangladesh Bank and the people, I applaud bKash for this success. I also thank the renowned banks of the country who have joined with bKash’s initiative. The Payment Services Department (PSD) of the central bank is continuously working to make payments more efficient. bKash is also playing a role in this process for which I express my gratitude to the company.”
CEO & Managing Director of IDLC Finance M Jamal Uddin said, “After integration with bKash, we have acquired 1.2 million customers so quickly which has never happened before. Before getting connected with bKash, we had no idea that the people of Bangladesh were that much interested in savings. We have seen that the victims of flood during August-September this year, withdrew their savings to meet emergency needs; and the interesting thing is when the situation came to normal, people have again started opening new savings.”
Managing Director & CEO of Mutual Trust Bank Syed Mahbubur Rahman said, “The future is bleak without collaboration and co-creation. It is quite costly for banks to reach out to marginalised communities of their own. MFS has made this process easier. Such partnerships are assisting us to reach goals more efficiently.”
Managing Director & CEO of Dhaka Bank Sheikh Mohammad Maroof, said, “Everyone has some sort of responsibility to improve the financial ecosystem in the country. To bring the financial services to common people, issues like regulations, policy framework, and cyber security need to be emphasised by the regulatory authorities. Besides, the government should motivate and incentivise people to raise their trust on digital transactions.”
City Bank Managing Director and CEO Mashrur Arefin said, “bKash has changed the landscape for banks in Bangladesh. Banking services are reaching people in all corners of the country through bank-MFS collaboration. Like City Bank’s Islamic banking, City Bank’s Islamic saving is available in the bKash app. It has been brought to the customers in compliance with complete Shariah-based rules vetted by the Sharia Advisory Board.”
Managing Director & CEO of BRAC Bank Selim R. F. Hussain said, “Compared to many other countries, Bangladesh’s savings rate is quite low, which means there is room for more effort in this sector. When individuals save for various needs, it also becomes significant for the country’s economy. The more savings are there, banks can channel them into investments in various businesses. Investment should not only come from abroad, our local investment should come from our own savings.”
Speaking at the event, founder and CEO of bKash Kamal Quadir said, “Prosperity begins with savings. The day someone saves one taka, the future plan starts. That’s the beauty of savings on the bKash app. The policy support of Bangladesh Bank was crucial too in this regard. bKash would never be able to reach this point without the infrastructure of its partner banks.
Currently, bKash customers can open monthly and weekly DPS with four commercial banks and a financial institution. Subjecting to DPS type and organisation, customers can save from as little as Tk 250 to Tk 10,000. By following some simple steps, anyone can open DPS by tapping on ‘Savings’ icon in the bKash app. Besides, upon maturity of the DPS, customers can cash out the money without any charge.
