bKash launches weekly savings schemes

Short-term "weekly savings" schemes of two banks and a non-bank financial institution have been launched on the bKash app, allowing people to save money and build the habit of saving through the mobile financial service provider.

Without even opening a bank account, customers can start saving from Tk 250 to Tk 5,000 per week with IDLC Finance, Dhaka Bank and BRAC Bank through the bKash app.

The tenure for the weekly savings is 6 and 12 months, respectively, the mobile financial service provider said in a press release.

Cusomers can compare the interest rates offered by banks and financial institutions on the app and start saving in minutes.

Such savings can ensure financial security, especially for marginalised communities. The scheme will also offer low-income individuals and daily wage-earners to save little by little.

Ali Ahmmed, chief commercial officer of Kash, said: "It is almost impossible for people who earn on a daily or weekly basis to go to the bank or financial institution at regular intervals."

The monthly savings was launched in the bKash app back in 2021.

bKash customers opened nearly 2 million savings accounts with four banks and a financial institution due to the convenience of the product. About one-third of those customers were women.