Remittance thru bKash grew by 70% during Eid

On the occasion of Ramadan and Eid-ul-fitr, the rate of inbound remittances through bKash has increased by almost 70 per cent comparing to last year, the mobile financial service provider said yesterday.

Expatriates from more than 90 countries have sent remittances to their relatives’ bKash account for over six and a half lakh times, according to a bKash press statement issued Sunday.

The facility of sending remittances through legal channel via mobile wallets of money transfer organizations (MTO) or agent point at their convenient time is gradually gaining trust and popularity among the expatriates, it added.

Meanwhile, the relatives of expatriates living in the country are receiving the full amount with a government incentive of Tk 25 per Tk 1,000 instantly. With that money, they have done the Eid shopping easily.

Besides, they have used bKash from the comfort of their homes to access a variety of services like utility bill payment, send money, mobile recharge, payment of educational institution or government fees, zakat-fitrah, donation etc.

Moreover, they have also availed Cash Out facility anytime from 330,000 agent points spread across the country, if required.

Instant, hassle-free and secure remittance services through legal channel like bKash have brought dynamism to the country’s remittance flow and strengthened foreign exchange reserves.

According to media reports, Bangladesh received $958 million in remittance in the first two weeks of April as Bangladeshis working abroad sent more money to families ahead of Eid-ul-Fitr.

Bangladesh Bank data shows that $134 million came through six state-owned banks in the first 14 days of April.

Apart from this, $26 million came through the specialised Bangladesh Agricultural Bank.

Besides, $794 million came through private sector banks and $3 million came through foreign commercial banks.

In March, the expatriates sent home $2 billion remittance through the banking channel.

The remittance inflow increased in March after six months as bankers offered a maximum Tk 117 per dollar when BAFEDA set the rate at Tk 107.

Remittance inflow has been recorded below $2 billion since September last year after the Bangladesh Bank reduced the remittance rate to Tk107 from Tk108.

bKash, operating under the authority of Bangladesh Bank, is a subsidiary of BRAC Bank Limited. The mobile money system service company started as a joint venture between BRAC Bank Limited, Government of Bangladesh, and Money in Motion LLC.

In November 2021, bKash became the first ever unicorn startup -- a startup whose valuation is $1 billion or more -- company in Bangladesh.

Fortune magazine ranked bKash among the top 50 companies in their Change the World list in 2017. According to Fortune, 22 per cent of Bangladeshi adults use bKash with around 4.5 million daily transactions.

Asiamoney magazine declared bKash as the Best Digital Bank. Also, World HRD Congress declared it as one of Asia’s best employers in 2017.