bKash: How a homegrown fintech steering the nations’ cashless journey

The Bengali word 'bikash' means growth or progress, while the MFS brand 'bKash' has taken on a profound new meaning over the past 15 years. The brand has become so deeply integrated into everyday life that 'bKash kora' has become synonymous with sending or transferring money. It is a testament to how deeply this homegrown fintech has woven itself into Bangladesh's social and financial fabric.

This transformation was built over a decade and a half of expanding financial access. Since beginning operations in 2011 under the regulatory framework of Bangladesh Bank, bKash has developed a comprehensive financial ecosystem serving both unbanked and banked populations. With nearly 85 million verified registered customers, it now serves seven out of 10 adults in the country.

Ensuring sustainable financial inclusion

Financial inclusion goes beyond access; it requires meaningful engagement. bKash enables customers to save, borrow, spend and track transactions from a single platform, helping people manage their finances while reducing the digital divide between different socio-economic groups and locations.

Strengthening the digital transaction ecosystem

bKash has built its ecosystem through collaboration with banks, NBFIs, government departments, utility providers, telecom operators, NGOs and other organisations. These partnerships allow financial products and services to reach wider sections of the population while reducing transaction costs and improving access to savings, credit and payments.

Financial tools on one platform

Built around the philosophy of 'radical simplicity', the bKash app was designed for everyone from digital natives to first-time smartphone users. What began with services such as Send Money, Cash In, Cash Out and mobile recharge has expanded to utility payments, education fees, government payments, e-ticketing, insurance, donations, remittances, savings and loans.

Customers can now access DPS and FDR products from banks and NBFIs through the app, alongside digital loans and a wide range of everyday financial services.

Building local talent and financial literacy

bKash has developed its technology and operations largely through Bangladeshi talent. Local graduates receive training in infrastructure, security, regulatory compliance, research and development and emerging technologies, while many Bangladeshi professionals returning from global technology companies have also joined the company.

The company has also focused on digital and financial literacy. Its visual, icon-driven interface is designed to reduce complexity for users with different levels of literacy. Customer education is supported through digital platforms as well as television, billboards, press advertising and agent points.

Bridging the rural-urban divide

By leveraging mobile and internet networks, bKash allows people to access financial services without visiting a bank branch. Remittances, city-to-village transfers, digital loans, payroll solutions and bill payments are helping bring rural capital into the formal economy, supporting entrepreneurship, e-commerce and disaster response.

Democratisising access to finance

bKash has integrated banking services into its platform, allowing customers to open DPS and FDR accounts digitally. Customers have opened more than 7.5 million DPS accounts with five commercial banks and an NBFI, with women accounting for more than 30% of these savers.

Its digital lending service offers collateral-free loans ranging from Tk 500 to Tk 50,000 based on transaction behaviour. Customers have so far availed more than Tk 100 billion in digital loans, with a reported default rate of less than 1%.

Facilitating remittances

bKash enables expatriate Bangladeshis to send remittances directly to the bKash accounts of family members. Customers can currently send money from more than 140 countries through over 130 international money transfer operators, with funds settled through 27 commercial banks.

bKash has developed its technology and operations largely through Bangladeshi talent. Local graduates receive training in infrastructure, security, regulatory compliance, research and development and emerging technologies, while many Bangladeshi professionals returning from global technology companies have also joined the company.

Becoming part of everyday financial management

The bKash app has evolved into a daily financial management tool. Features such as Auto Pay allow recurring Send Money, mobile recharge and bill payments, while the 'My bKash' section provides graphical insights into spending. By bringing transactions, savings and loans together, the platform supports both everyday financial needs and longer-term planning.

Driving the shift towards a cashless lifestyle

The availability of Bangla QR payments across bKash merchants is encouraging customers to move from cash towards digital transactions. The combination of merchant payments, bill payments, savings, loans and remittances within one platform is gradually changing everyday financial behaviour.

Employment and entrepreneurship

bKash's nationwide reach is supported by more than 350,000 agents, often described as 'Human ATMs'. These agents bring financial services closer to customers, particularly those with limited digital literacy, while creating income opportunities for thousands of micro-entrepreneurs.

Digital payments have also helped entrepreneurs, particularly in e-commerce and f-commerce, launch and operate businesses from home. Add Money and bKash to Bank provide businesses with round-the-clock fund transfers.

bKash has also partnered with BRAC Bank to offer eligible merchants collateral-free digital loans of up to Tk 50,000. Creditworthiness is assessed through merchants' transaction records, allowing working capital to be accessed without traditional collateral or extensive paperwork.

Supporting women's economic participation

A Bangladesh Institute of Development Studies study on bKash found that women using mobile financial services experienced increases in wealth ownership, control over financial resources and participation in income-generating activities. Women account for about 30% of DPS accounts opened through bKash and around 25% of digital loan recipients. The platform has also supported women-led e-commerce and f-commerce businesses by enabling digital payments and formal cash-flow management.

Transparency, governance and sustainability

Digital transactions create electronic records that can strengthen financial transparency and reduce opportunities for leakage, corruption and tax evasion. Direct government disbursements and social safety-net payments can also reduce intermediaries and improve the efficiency of fund delivery.

bKash has additionally contributed to the financial sector's shift towards paperless and 'zero-commute' services. Digital receipts, paperless loans, contactless payments and more than 200 digital services can reduce the need for physical paperwork, travel and branch visits.

Ownership and global partnerships

Established in July 2011 as a joint venture between BRAC Bank PLC and Money in Motion LLC of the US, bKash has attracted strategic investments from IFC, the Gates Foundation, Ant Financial and SoftBank. These investors have brought capital, global expertise, technology transfer and international best practices in digital finance.

Consumers have also recognised the brand. According to Bangladesh Brand Forum surveys, bKash has been named the overall Best Brand in Bangladesh for seven consecutive years.

Over 15 years, bKash has evolved from an MFS provider into a comprehensive financial platform. Its journey reflects the ability of local talent and technology to build a financial ecosystem serving millions while expanding access to payments, savings, credit and other essential services across Bangladesh.