Over 3.2 million DPS opened thru bKash app

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 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, a collaboration of banks and bKash empowers individuals to secure their financial well-being and contributes to the nation's overall economic growth.

The country's largest MFS provider, bKash, introduced monthly IDLC Finance DPS in its platform in 2021. Following the success of that product, four other commercial banks gradually joined bKash's platform. Later, in early 2024, the weekly DPS service of two banks and a financial institution was added to the bKash app. Apart from regular DPS, customers interested in savings as per Islami Shariah can avail of Islamic DPS of City Bank and Dhaka Bank.

bKash 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 for digital savings by leveraging the collaboration between MFS and the banking sector.

The guests at the programme discussed how to make financial inclusion sustainable through collaboration and utilising each other's expertise to cater to 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 and CEO of BRAC Bank. Meanwhile, Ahsan Zaman Chowdhury, Managing Director and CEO of 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, "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 country's renowned banks who joined with bKash's initiative. The central bank's Payment Services Department (PSD) is continuously working to make payments more efficient. bKash also plays a role in this process, and I express my gratitude to the company."

CEO and Managing Director of IDLC Finance M Jamal Uddin said, "After integration with bKash, we have acquired 1.2 million customers 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 flood victims during August-September this year, withdrew their savings to meet emergency needs; the interesting thing is when the situation came to normal, people have again started opening new savings."

Managing Director and 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 and CEO of Dhaka Bank Sheikh Mohammad Maroof said, "Everyone has some sort of responsibility to improve the financial ecosystem in the country. To bring 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 incentivize people to raise their trust in digital transactions."

City Bank Managing Director and CEO Mashrur Arefin said, "bKash has changed the landscape for banks in Bangladesh. Banking services reach people in all the country's corners through bank-MFS collaboration. Like City Bank's Islamic banking, City Bank's Islamic savings are 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 and 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, the more banks can channel them into investments in various businesses. Investment should not only come from abroad; our local investment should come from our savings."

Speaking at the event, bKash founder and CEO 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. bKash would never be able to reach this point without the infrastructure of its partner banks.

BKash customers can open monthly and weekly DPS with four commercial banks and a financial institution. Depending on the type and organisation of the DPS, customers can save from as little as Tk two hundred and fifty to Tk ten thousand. Anyone can open a DPS by tapping on the 'Savings' icon in the bKash app. Upon maturity of the DPS, customers can cash out the money without any charge.