Bkash Bangladesh: an innovative start for mobile financial services and its impact on long term poverty

Abstract

After 2011, Bangladesh's mobile financial service industry has grown rapidly. bKash Limited revolutionized banking by offering user-friendly services and products to the majority of Bangladeshis who were previously unable to access the country's conventional banking system. Its mission is to provide affordable, suitable, convenient and consistent financial service towards the consumers. More than 70 people among each 100 of the population of the country live in rural areas where access of the formal financial services is difficult. But these are the people mostly in need of such services. And that is why bKash’s main focus is to serve the deep rural people.The goal of this article is to present the impact of bKash on long term poverty. During my internship, I learned that the company not only understands the significance of mobile financial services, but also works hard to offer its customers with the best service possible by integrating advancements into their processes on a daily basis. bKash is constantly improving its services with the goal of assisting both banked and unbanked individuals in their economic endeavors. For the purpose of determining the effect of bKash on people's economic development, I performed a fixed questionnaire-based survey in which 91 individuals answered, of whom 88 people were bKash users. A large majority of users felt that bKash saves them time and effort, assists them in determining their most economical purchasing patterns, allows them to save money at bKash, and has simplified their lives. As a result, bKash has had a significant effect on people's economic advancement and contribute a positive impact on long term poverty.