BRAC Bank signs deal with JBC

BRAC Bank has signed an agreement with Jiban Bima Corporation (JBC) to collect insurance premiums through BRAC Bank’s various physical and digital channels along with the bank’s subsidiary, bKash.

Under the arrangement of the country’s sole state-owned life insurance entity, JBC’s policy-holders can now pay insurance premiums through the bKash app and USSD code *247#, said a press release.

In addition, JBC can collect the premium from its policy holder’s bank account through the ‘Direct Debit Pull’ service of BRAC bank. The arrangement enables JBC with real-time accounts reconciliation as BRAC Bank and bKash have established API connectivity with JBC’s central accounts management system.

bKash and ‘Direct Debit Pull’ solutions were launched at a ceremony at The Westin, Dhaka, on Wednesday. Other solutions under this arrangement, such as BRAC Bank’s Agent Banking, Branch/Sub-Branch Network, Payment Gateway and Mobile App’ Astha” will soon become available.

About the partnership, Selim RF Hussain, managing director of BRAC Bank, said, “Over the last couple of years BRAC Bank has enhanced its Transaction Banking capacity by developing various value-adding collection and payment solutions, especially for the insurance industry.

‘‘Our partnership with Jiban Bima Corporation will greatly benefit the valued customers as they can pay their premiums from anywhere anytime. The customers do not have to visit the JBC office anymore to deposit the premium; instead, they can use an app to pay with just a few clicks. We thank JBC for making BRAC Bank and its subsidiary bKash Limited a partner of the digital initiative that is aligned with the government’s vision of Digital Bangladesh. As a customer-centric bank, BRAC Bank always explores new ways to provide a delightful customer experience.”

Sheikh Mohammad Salim Ullah, secretary, Financial Institutions Division, Ministry of Finance, said, “In the insurance sector, the most important thing is to establish trust among the customers. Through this initiative of BRAC Bank, Jiban Bima Corporation and bKash, the customers will be benefited as there will be an opportunity to pay premium anytime from anywhere.