Sonali Bank has agreed to partner with bKash to enable the largest state-owned commercial bank’s 2.5 crore customers to use the mobile financial service (MFS) to conduct their banking transactions through the provider’s applications.
According to the official statement, it was stated that funds can be moved in both directions. The bank to bKash options through the ‘Add Money’ option and bKash to bank through the ‘Transfer Money’ option.
This agreement’s main target was to improve the living standard of people through digital financial inclusion which is a major step towards the realization of Digital Bangladesh. The customers of the 1225 branches of Sonali Bank can now experience seamless, secure, time-saving and cost effective banking services.
“Digital financial services have empowered people to meet the challenges of Covid crisis. At the same time the importance and usefulness of MFS has become more vivid,” said State Minister for ICT Zunaid Ahmed Palak.
Attending the partnership’s inauguration at a hotel in the capital, he said, “Such a joint venture between the two largest public and private financial service providers has undoubtedly paved the way for ensuring digital financial services in every sphere of life and thus enhancing financial inclusion.”
Md Ashadul Islam, senior secretary to Financial Institutions Division, Sonali Bank Chairman Ziaul Hasan Siddiqui and CEO Md Ataur Rahman Prodhan and bKash CEO Kamal Quadir were present.
Ziaul Hasan Siddiqui said that customers would be able to cash out from the nearest bKash agent points after doing bank to bKash add money anytime and also transfer money from bKash to Sonali Bank account as per their need.
In addition, CEO and MD of Sonali Bank Md Ataur Rahman Prodhan, said, “This digital integration of Sonali Bank with bKash has created an opportunity for bringing more diverse financial services to cater the emerging needs of customers.”
Chief Executive Officer of bKash Kamal Quadir said, “Through our integration with the customer-friendly largest state owned commercial bank, customers of bKash and Sonali Bank will be benefited as they can avail the services of both the organisations.”
In a few simple steps, customers can easily link their Sonali Bank credentials with the bKash app.
Customers can use services like payment of DPS or loan installments, depositing money to bank account, etc. from home through the transfer money service. The limit set by the central bank will be applicable for both services with the current regulations.