Jin-Yong Cai, chief executive officer of International Finance Corporation, visits a bKash agent shop in Dhaka recently. IFC, the private sector arm of the World Bank, made an equity investment in bKash in 2013. Photo: Bkash

IFC's Chief Executive Jin-Yong Cai said bKash, a mobile money service provider, built a foundation to strengthen financial inclusion in Bangladesh. 

The International Finance Cor-poration chief also lauded bKash for taking financial services to the unbanked population.

“Now common people can easily access essential financial services through a regulated service,” Cai said. He also visited several bKash agent points in Dhaka.

IFC, the private sector arm of the World Bank, made an equity investment in bKash in 2013.

Cai said: “bKash has set a global example in successful implementation of mobile money and is one of only a handful of efficiently operating mobile money services in the world.”

“Alongside our excellent shareholder partners, we are really excited to be a part of the bKash story.”

Cai also praised the financial regulator for setting up a customer centric policy and maintaining consistency in approach to mobile money.

Launched in 2011, bKash, initially a joint venture of BRAC Bank and US based company Money in Motion, has more than 14 million customers.

Following IFC's investment, Bill and Melinda Gates Foundation, one of the largest private foundations in the world, made an equity investment in 2014. The service provider has around 105,000 agent points nationwide to facilitate cash-in and cash-out services all over the country.

Besides money transfer, a bKash account holder can also use his or her mobile wallet for availing other services such as mobile phone top up, salary disbursement and shopping payments.