bKash is a Bangladesh mobile financial service operated by Bangladesh Bank as a subsidiary of BRAC Bank Limited. This mobile money system began as a joint venture between BRAC Bank Limited, Bangladesh and Money in Motion LLC, United States. BKash users can deposit money into their mobile accounts and then access a range of services, notably to transfer and receive money on the domestic market, to pay for and recharge their recharging time. In April 2013, International Finance Corporation (IFC), a member of the World Bank Group, became a shareholder, and in March 2014, the Bill & Melinda Gates Foundation became an investor in the company and in April 2018 Ant Financial, an Alipay operator (the Chinese giant Alibaba Group) became a stock partner.
Fortune magazine ranked bKash among the 50 largest companies in the “Change the World” list in 2017. According to them, 22% of Bangladeshi adults use bKash with approximately 4.5 million transactions a day.
bKash was launched in July 2011 in Bangladesh, with basic services: cash, cash and money sending, bearing in mind that over 70% of Bangladesh’s population lives in rural areas where access to formal banking services is difficult for people. Multiple user-requested services such as recharging recharges, payment bills, buying train-movie tickets were introduced across its range. Now it has its own mobile app for easy access.
bKash is accessible through several telephone networks in Bangladesh. The bKash network of agents covers urban and rural areas in much of Bangladesh. Since 2018, bKash has been the largest mobile financial services provider (MFS) in Bangladesh.
Since March 2019, there are 16 mobile financial service providers (MFS), but the two largest bKash and Rocket have a combined market share of over 99%. In January 2019, total MFS transactions were higher than Tk 34,626.24 crore.
bKash has asked for official permission to provide credit and insurance services.