# BKash

bKash (Bengali: বিকাশ) is a mobile financial service (MFS) in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank PLC. This mobile financial service company started as a joint venture between BRAC Bank Limited, and Money in Motion LLC.

## History

bKash was launched by Kamal Quadir and Iqbal Quadir. In the mid-2000s, mobile financial services Mobile Service Internet Service Value Added Service had taken off in the Philippines, Kenya, and other emerging markets when the two Quadir brothers decided to bring it to Bangladesh. In need of a local partner, the Quadir brothers began to engage BRAC's founder, Sir Fazle Hasan Abed, in 2008. Discussions between them and Abed continued over a two-year period. In 2010, they committed to establishing a joint venture between Money in Motion and BRAC Bank. bKash launched on 21 July, 2011 in Bangladesh, with basic services: Cash In, Cash Out and Send Money, keeping in mind that more than 70% of the population of Bangladesh lives in rural areas where access to formal banking services is difficult for people.

### Funding and shareholding

bKash started in 2011 as a joint venture between BRAC Bank Limited, Bangladesh, and Money in Motion LLC, United States of America. In April 2013, International Finance Corporation (IFC), a member of the World Bank Group, became an equity partner, in March 2014, Bill & Melinda Gates Foundation became an investor in the company, and in April 2018 Ant Financial, the operators of Alipay (an affiliate company of Chinese giant Alibaba Group), became an equity partner, announced a strategic partnership to promote financial inclusion for the unbanked and underbanked communities in Bangladesh. Later, in November 2021, SoftBank Vision Fund II has invested $250 million in bKash, acquiring a significant stake of over 10%. This investment has significantly increased bKash's valuation.

## Services

As a mobile financial service (MFS) provider in Bangladesh, bKash users can transfer money into their mobile accounts and then access a range of services. In particular, transferring and receiving money domestically and making payments. Services like mobile recharge prepaid and postpaid package internet service Value Added Service Customer Service or paying utility bills are also possible through bKash USSD (*247#) and bKash App. A user can receive remittance on bKash. In November 2021, bKash became the first ever unicorn startup (a startup whose valuation is $1 billion or more) company in Bangladesh.

### bKash App

bKash has become an integral part of Bangladeshi daily life, revolutionizing the country's financial landscape. The mobile financial service (MFS) app offers a wide range of features, from sending and receiving money to paying bills and availing loans. Launched in 2018, bKash quickly gained popularity due to its convenience, security, and regulated transactions. The app's user-friendly interface and diverse services have made it accessible to millions. it has been recognized as the best innovation at the Financial Innovation Category in Bangladesh Innovation Award 2018 for its simplified and useful features. Key features include:
* Transaction Services: Send money, mobile recharge, cash out, payment, add money, pay bill, tickets, bKash to bank, remittance, insurance payments, microfinance, education fees, and donations.
* Financial Services: Savings schemes, digital nano loans, and reward points.
* Security: Two-factor authentication and QR code scanning.
* Accessibility: A vast network of merchants, agents, customer care points, and ATMs.
bKash has significantly improved financial inclusion, especially among the unbanked and underbanked population. Its impact on people's lives is evident in the increased access to financial services, reduced reliance on cash, and enhanced convenience. The app's popularity among young people further underscores its role in shaping the future of digital payments in Bangladesh.

## Recognition

Fortune magazine ranked bKash 23rd among the top 50 companies in their Change the World list in 2017. According to the Prothom Alo, a leading national newspaper, bKash has reached a consumer base of 70 million registered Bangladeshi adults. Asiamoney magazine declared bKash as the Best Digital Solution

## Sponsorship

In May 2023, bKash became the regional sponsors of the Argentina Football Association. Same year, bKash was the key sponsor of D1 Cup Bangladesh 2023.