How strategic investment in building digital ecosystem pays off bKash

When launched in 2011, bKash, the country's largest mobile financial service provider (MFS), offered only a few basic services, but today it provides more than 200 services.

bKash has invested heavily in building a strong technology infrastructure and driving product innovation over the years, introducing features tailored to customer needs.

As a result, the platform has evolved from a simple transaction service into a comprehensive personal finance platform, reshaping customer behaviour.

The company's long-term strategic investments over the past decade in building a digital ecosystem are now paying off, making it one of the highest profit earners in the industry.

bKash, a subsidiary of BRAC Bank, reported its highest-ever profit of Tk676.33 crore in 2025, more than double the Tk315.77 crore recorded in 2024, according to the bank's latest annual financial disclosure statement. 

Back in 2021, the company incurred a strategic loss of Tk117.29 crore.

The surge in profit in 2025 was driven by new services and technological advancements, which expanded access across business sectors. The company's market share doubled to over 60% in 2021, while registered customers rose by 150% to 8.2 crore by the end of 2025.

From the beginning, the company's investors have followed a "patient capital" approach. Instead of taking dividends, they have continuously reinvested profits back into the business. This strategy has enabled bKash to build a strong technological foundation and scale its services effectively.

The company incurred strategic losses for three consecutive years from 2019 to 2021, as it focused on growing the industry and advancing financial inclusion rather than pursuing immediate profit.

Even during this loss-making period, foreign investors continued to join the company, drawn by its long-term vision and sustained investment in technology, which was expected to yield returns in the coming years.

For instance, SoftBank came on board as an equity partner in 2021, when the company was still incurring losses. 

Since its inception, bKash has secured about $381 million in foreign direct investment, equivalent to over Tk4,500 crore.

bKash's journey demonstrates how a long-term vision, continuous investment in technology, and a focus on changing customer behaviour can reshape an entire industry.

How bKash became personal financial manager in daily life 

Earlier, people used MFS mainly for mobile recharge and sending money, which were the core services. However, bKash continued investing in product innovation to make money movement easier for users.

The company built a vast distribution network to enable money transfers across locations. In rural areas, where digital money often needed to be converted into cash, it developed a wide agent network.

Initially, its services were limited to four: send money, cash out, cash in, and mobile recharge.

As users became familiar with the platform, services expanded significantly. Today, the bKash app offers more than 200 services.

For example, mobile recharge now includes several added features. Customers can use auto-pay, removing the need for manual recharges each time.

There are many such incremental services. For instance, if a customer regularly sends money to a relative at the beginning of each month, the transaction can now be automated, eliminating the need to remember it manually.

If you look at our journey, it began with financial inclusion. We then focused on empowering daily transactions, followed by strengthening the ecosystem.

Shamsuddin Haider Dalim, head of Corporate Communications, bKash

Similarly, for electricity bills, customers receive due-date reminders. They can also view graphical insights, such as how much they have spent on utilities over the past six months or a year.

These features help users manage their finances more effectively, particularly those on limited incomes. bKash is increasingly acting as a facilitator of everyday financial management, giving users greater control.

At the same time, bKash is building a digital financial ecosystem by integrating with businesses and financial institutions. It is currently connected with about 45 banks and has partnerships with Visa, Mastercard, American Express, and others.

The platform has also simplified remittance channels. Expatriates can now send money directly to a bKash number, while money transfer organisations and local banks handle processing and settlement in the background.

bKash is connected with around 140 money transfer organisations across 170 countries.

Initially, receiving remittances was a basic service. Now, customers have additional features, such as the ability to download remittance statements for tax purposes.

'Seems small, but serious investment behind it'

Shamsuddin Haider Dalim, head of Corporate Communications, said some features may seem small, but they require serious investment and dedicated teams working continuously.

"For example, when sharing a payment screenshot, users previously had to hide their balance manually," he told The Business Standard. "Now the app automatically conceals it. This small change has significantly improved the user experience."

There are many such features, he said, including saving card details, adding or removing cards, and storing bill information so users no longer need to search for paper bills.

"We continuously work to improve every moment of the user experience. That is why each app update introduces new features," he said.

Dalim said bKash's broader goal is to expand the payment network. "If we want a cashless society, payments must be possible everywhere. We have already onboarded around 10 lakh merchants. Customers can now pay at these outlets using QR codes."

He added that the next step is to reach roadside vendors, noting that a truly cashless society will emerge only when daily payment habits evolve.

"If you look at our journey, it began with financial inclusion. We then focused on empowering daily transactions, followed by strengthening the ecosystem," he said.

He added, "Today, customers can pay tuition fees at around 1,800 educational institutions and for more than 2,400 utility services. Around 10 lakh garment workers now receive salaries through bKash."

The platform has also introduced savings and loan services through partnerships with banks and financial institutions, allowing many previously unbanked users to access formal financial products, he said.

"For example, users can start saving from as little as Tk250 per month up to Tk20,000. After we introduced this, many banks began offering similar products," said Dalim.

He mentioned that bKash is now connected with about 45 banks, and savings services are available through several banks and non-bank financial institutions.

He added that banks are increasingly using transaction data to offer loans more easily, allowing customers to access credit without collateral based on their financial behaviour. 

"One example is IDLC, which had around 50,000 clients before partnering with bKash. That number has since grown to 14 lakh," he said.

bKash's role is to innovate, introduce new products, and promote digital literacy. We continuously invest in technology and infrastructure," he mentioned. 

"This includes regular upgrades to servers, cloud systems, and security. Technology evolves quickly, so constant investment is essential. Our investors understand this, which is why they reinvest rather than take dividends," added Dalim.

He said the company's current profitability reflects years of sustained investment in technology, infrastructure, product innovation, and digital literacy. 

"We also focus on awareness, teaching users how to conduct digital transactions safely and avoid fraud. As a result, not only bKash but the entire industry benefits."

Dalim further noted that the company has introduced major app upgrades, including the 'My bKash' feature, which personalises the interface based on user behaviour.

"Each user's app looks different, showing frequent contacts, preferred agents, savings, loans, and more. This requires advanced technology, including AI and secure data storage," he said. "All these efforts over the past 15 years have contributed to our current position and profitability."