DIGITAL FINANCE From the Desk of the Editor

A MONTHLY SPECIAL OF THE BANGLADESH EXPRESS

Dhaka, Wednesday, 12 May, 2021 KYC, Financial literacy should come

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Faruk Ahmed

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Message from CHAIRMAN

Bravo Bangladesh Bank!

 TOP 2 STORY

IFIC AAMAR ACCOUNT :

A Game Changer In
Banking Landscape
Shamim Ara Hit by the ongoing devastating Covid-19 pandemic,
Mr. Ahmed was about to close down his firm for lack
A comedian once said "Banks lend you an umbrella of a sum of cash he needed urgently to run his
when it is sunny and take it away when it rains". business and explore an opportunity to sustain his
But those days have gone. In today's interconnected business. When he discussed his problems with the
digital world, banking is changing too fast keeping the branch manager of IFIC Bank , Nayapolton branch, he
customers at central focus and banks are trying to saw a light at the end of the tunnel.
satisfy their customers playing tole role of an honest And this light was nothing but an innovative bank
friend in th needs with many product and service account- IFIC AAMAR ACCOUNT he opened some
innovations. months back. "It is a unique transactional account
IFIC AMAR ACCOUNT is a bright example of such where one can avail both deposit and loan facilities
innovation. The account is first of its kind in the with a unique customer centric policy- Earn more as
banking landscape of Bangladesh that offers its your Saving's grow", Mr. Ahmed said.
customers both deposit and loan facility against a Mr. Ahmed found that he has a good amount of
single account. deposits with high interest income and an avail a sum
"Today, business and life are like a bank account you of money as loan enough to meet his urgent needs.
can't take out more than you put in", said Mr. Ahmed, Bank manager instantly disbursed his loan money
a small businessman living in the capital city Dhaka. within a few minutes, which he invested in his
"Money is a terrible master but an excellent servant business immediately to earn a hefty profits.
also", he said. " Banks are now customer centric as a "It's an Interest bearing current account that reduces
matter of survival". account operation cost with lots of attractive
12 May 2021

05
 benefits. Deposit and loan facility is available against a Mrs. Shirin Akhter, an executive of a multinational
single account. Low Interest rate. No hidden company has also opened IFIC AAMAR ACCOUNT for,
charges", he said. what she said, its unique benefits and operational
For Reaz Ahmed, a shop owner in a shopping mall, IFIC advantages. " Not only lucrative interest, I can
AAMAR ACCOUNT is "a lender of the last resort" that operate this account without visiting bank branch. I
gives money quickly in any urgent needs. " I deposit can manage my funds with mobile phone".
money regularly and borrow occasionally within my " I had a deposit account with post office where
limit. With my mobile phone, I operate my accounts interest rate dropping. I had no scope to borrow
that helps me to reduce interest expense", he said. money from the post office to meet my urgent
Customers can also operate this account with their needs", she said.
mobile phone thanks to IFIC bank app which is robust IFIC bank officials said that 75.64% of AAMAR
and easy to operate. Slab wise attractive interest rate ACCOUNT holders live in urban areas while 24.36% live
which is calculated daily and paid monthly is the most in rural areas. Among the account holders, 47.56% are
attractive feature of this innovative bank account. service holders, 18.51% are businessmen and
industrialists, 11.32% are house wives and 3.79% are
Mr. Shah A Sarwar, Managing Directer and CEO of IFIC
land lord and lady.
bank launched this banking innovation in September
24, 2016 with a simple ceremony. And the journey of At its core, banking is not simply about profit, but
this new product gained momentum within a span of about personal relationships. Consumer banking -
time thanks to his One Stop Service model in the selling debt to middle class families - has been a gold
branches for the first time in Bangladesh. mine. The challenge for banks is providing value that
are comfortable paying for.
In 2020, the bank introduced free ATM withdrawal
for IFIC AAMAR ACCOUNT from any ATM around "Never spend your money before you have earned it",
the country. Since then, millions of people of all said Mofazzol Hossain, an executive of a private
walks of lives like businessman, industrialist, company. " I have learned it from IFIC bank after
professionals, service holder, retired persons, enjoying the benefits of IFIC AAMAR ACCOUNT", he said.
landlords and even farmers and house wives flocks Mr. Hossain opened his account with monthly deposit
to the IFIC Bank to enjoy benefits of this innovative instalment of Tk 10,000 in 2020. After one and half
bank account. years, he was in need of urgent money at a time when
Aamar Account balance stood at BDT 1,456.49 crore with his wife was rushed to the hospital. He borrowed Tk
a total of 99,399 no. of accounts in 2019. It is growing 80,000 against his deposits through IFIC AAMAR
geometrically day by day, IFIC bank officials said. ACCOUNT within a short time that enabled him to pay
hospital bills timely.
"It's really a game changer in banking landscape", said
Mrs Tahera Begum, a housewife residing at Malibagh " I borrowed money at 12 per cent interest rate- while
area under Dhaka city. Her husband works in Malaysia bank gives me 10 per cent interest against my deposits.
12 May 2021

and suggested her to open this account. Within a few months I paid loan amount as my loan
actually bears only 2 per cent interest", he said.
"It gives me trust and confidence. Hassle free
transaction. High deposit rates with daily interest "Interesting thing is that the branch gave me a loan
calculation helped me to build a strong financial base within half an hour keeping my deposit scheme alive.
within a short time", Tahera Begum said. It is growing day by day and giving me a good signal to
my future", Hossain said with a smile.
06
bKash becomes a happy tone
to millions of jakat receivers
7 lakh customers donated 200 million Taka to 50 organizations
by Fardin Ishrak Ahmed away from me. bKash helped to get donations and
zakat funds from them", she said with a smile.
Rahima Begum, aged 50 is a widow of Munsobdi Rahima Begum is not alone. Millions of
village under Matlab upzila of Chandpur district underprivileged and poor people are now alert to
remains alerts when her bkash account rings. She lost hear bkash ring tone in these days when millions of
her husband two years back and facing hardship to people across the country are going to celebrate Eid
maintain her live with two minor children. With bkash ul Fitre, the largest religious festival of Muslim
she sometimes receive donations from her affluent community.
relatives who live in different cities.
"I have received Tk 5000 yesterday from my son in law
As Eid is knocking at the door, Rahima Begum already through bKash app on the occasion of Eid", Ramzan
has received some money as donations from her Sheikh, a day labourer residing in Gazipur, the up skirt
cousins and is expecting zakat funds from more of Dhaka city said.
relatives. So, she kept her ears alert to hear bkash ring
tone. "My former boss sent this money as zakat from
Chottogram. I expect y relatives will also help me
"bkash is not just a mobile financial service, its a donating some cash to my bkash account as they
happy tone to me", she said. know I now unable to maintain my family in these
"My relatives love me a lot and always help me in my pandemic days", he said.
troubles times. But in this pandemic time, they are far

12 May 2021

07
 bKash has become a partner to many charity
organizations by providing a platform to collect
donations for the disadvantaged people. In this
context, Kishore Kumar Das, Founder and Chairman of
the renowned Bidyanondo Foundation said that
bKash has made it easier for our millions of well-
wishers to stand by us and donate.
"We have continued our efforts to stand by the
people with the small yet meaningful participation
of all segments of the society.Technology as the
likes of bKash gives us more courage to take this
movement forward. We hope for the continued
cooperation of all."
At present, bKash users can donate to many
organizations such as: Anjuman Mufidul Islam,
Bangladesh Thalassemia Foundation, BRAC, Center
for Zakat Management, Dhaka Ahsania Mission, Ek
Takay Ahar, Esho Sabai, Bagladesh Liberation War
Museum, Mastul Foundation, Mojar School, National
Liver Foundation of Bangladesh, Obhizatrik
Foundation, Quantum Foundation, Sajida Foundation
and Shakti Foundation for Disadvantaged Women-
Donation.
bKash donation platform has bridged the gap
between recipient and donor. Through bKash, one
can easily give Zakat/Fitra or make voluntary
Eid, the biggest religious festival of Muslims, brings donations from any part of the country at any time for
the opportunity for the well-off to stand by the the welfare of the people in need.
underprivileged people through donations including Many marginalized people wait year-long to receive
Zakat and Fitra. Over the past few years, many people zakat, many become self-sufficient by using the
have been providing financial aid to various charity money while others dream to build new home, fulfil
organizations and individuals through bKash basic needs or secure the future of children. By
especially during the Eid festival. providing zakat through bKash, anybody can be
"bKash becomes a happy toneto millions of jakat involved in such great initiative to change the lives of
receivers", said Faruk Ahmed, chairman of BJFCI- many and change the society as well.
Bangladesh Journalists' Foundation for Consumers &
Investors, the largest platform of senior journalists of To donate, customers need to select 'Donation' from
leading dailies and media. 'More' icon in the bKash app. Then the preferred
organization is to be selected. The amount of
"Last year BJFCI donated Tk 1.50 lakh as Eid gift to 30 donation has to be entered in the next step with
journalists on the occasion of Eid festival under the donor's name and email ID.
corona pandemic through bKash. bKash donation
platform has bridged the gap between recipient and If the customers want, they can also keep their
dono ", he said. identity hidden by selecting 'unwilling to reveal
bKash added 'Donation' icon to its app to make the identity' option. After tapping on 'submit' and
donation process easier and more systematic. This entering PIN number, the donation process will be
initiative has enhanced the capacity of the charity completed. In the last screen, customers can see the
receipt acknowledgement message.
12 May 2021

organizations to collect donations and enabled the

customers to donate more conveniently while sitting Customers will get the opportunity to know detailed
at home amid this pandemic. information about the organization in the next screen
Since then, bkash officials said 7 lakh customers have after selecting it. Donors can also contact the email
donated worth 200 million Taka approximately to 50 shown in that screen if they are interested to know
organizations till now. more about the expenditure of the donation.
08
 EDITOR’S PICK

Mobile Banking Leading

Eid Shopping
Faruk Ahmed mobile banking transactions. This has pushed up e-
commerce transactions and changing retail landscape
The Baily Star, a famous shopping mall at Baily Road of Bangladesh. Leading banks say the volume of
of Dhaka city was less crowded with shoppers at noon digital transactions has already jumped in recent days
on Monday. In the past, a sales man said this pre-Eid on the occasion of Eid festival.
time market remained crowded with huge shoppers.
Millions of younger millennium consumers are now
The second wave of Covid-19 pandemic kept most
preferring to pay with mobile phone in their shopping
people at their homes.
to enjoy lucrative offers announced by digital
But salesmen of most shops said they are happy with payment operators. Salesmen of super stores,
these sales volume and thanked the government to shopping malls and even grocery shops say the
open shops under the ongoing lockdown. The reason
is that people are buying Eid products from them
through online. Mobile banking facilities enables them
to pay from their homes after receiving products
delivered by the shops.
"Its an amazing shopping experiences for thee first
time I enjoyed", said a sales man with a smile. " Our
spot sales volume is below our expected level, but
our online sales volume is beyond our
expectation", he said.
The Eid shopping is gaining momentum
across the country despite a spike in second
wave of COVID-19. The important city's
shopping malls located at Malibagh,
New Market, Kawran Bazar, Mirpur
and old city seem fully crowded where
the violations of the standard
operating procedures against
coronavirus and lockdown continue
unabated.
The holy Ramadan is near to end the fasting
of millions of Muslims who spend more
12 May 2021

than billions of taka this time to buy goods

for them and gifts for their near and dear ones. And
mobile apps that allow them contact less payment to
shops in almost everywhere in Bangladesh.
Banks are not sitting idle. They are offering lucrative
cash incentives and bonus to the Eid shoppers in
09
 volume of mobile payment particularly with bKash people across the country are using this tool to meet
app is increasing day by day as this is more their needs and receive government's various aid
convenience, secure and smart way to pay. funds. Most banks have joined hands with bKash to
Since Covid-19 hit the country, commercial banks have facilitate their customers digital shopping, send
been engaged in e-commerce or related online receive money quickly in their needs at affordable
activities after the government slapped lockdown-like cost.
restrictions in the wake of the deadly second wave "With bKash app, people are buying goods from
that caused an alarming spike in Covid-19 infections shops and commercial banks are sending remittance
and deaths. to the recipients living in villages and even in remote
Two weeks after getting the government's nod to haor and chor areas where banks are yet to reach",
relax the restrictions, the banks came forward and Shamsuddin Haider Dalim, Head of Corporate
joined hands with the traders, who opened the Communications of bkash Limited said.
shutters of their businesses at the city's prime bkash, a Brac Bank subsidiary, is the leading MFS
business centres and shopping malls. player in Bangladesh with more than 30 millions
Some banks unleashed their erstwhile offers and customers across the country. Rocket of Dutch Bangla
some are adopting a slow-go policy because they are
still fearful of Covid-19 contagion and exercising
caution in terms of allowing in-person sales. Most of
the banks are offering discounts, cashback, and buy-
one-get-one free buffet/takeaway (dining and iftar)
offers besides their online facilities, as restrictions
begin to be relaxed.
Dhaka Bank Ltd, BRAC Bank, Mutual Trust Bank Ltd,
Bank Asia, Eastern Bank Ltd and Standard Chartered
are working on building tie-ups with various Bank and Nagad of Bangladesh Post office are also
merchants to come up with cashback and discount active in this race.
offers on cashless transactions before and after Eid.
bKash is offering up to 40% instant cashback on Eid
Mobile Banking Leads Eid Shopping shopping, iftar and grocery payment. Eid shoppers are
People spend billions of taka in Eid markets every year enjoying 5 to 40 percent instant cashback on bKash
12 May 2021

and people working abroad this time send millions of payment at around 4,500 shopping outlets across the
foreign currencies as remittance to their families country on the occasion of Ramadan and the
mostly living in villages. And banks are delivering upcoming Eid-ul-Fitr.
remittance quickly through mobile banking channels. And this has put magical impact on bKash
In this race, mobile financial service (MFS) operators transactions, which has increased significantly since
are playing leading role as more than 60 million the government reopened shops last month to
10
facilitate people eid shopping for their near and dears. "The number of e-shopping delivery orders was nearly
Another reason for such growth is donation and Eid 20,000 a day last year, which is now more than 25,000.
money are now being sent through MFS tool. bKash "The yearly turnover of the country's online shopping
officials said 7 lakh customers have donated worth is Tk 8-Tk 10 billioun," said the general secretary of e-
200 million Taka approximately to 50 organizations till CAB.
now. The main reason for this upward e-shopping trend is
A large number of poor people living in rural areas are mobile payment apps which is very easy, convenient,
waiting to receive "eid money' from their relatives secured, robust very user friendly. Another obvious
and social and political leaders through mobile reason is most people fear to carry cash mostly in
phones. bKash added 'Donation' icon to its app to festival time as muggers are too active in roads and in
make the donation process easier and more front of ATM booths. So, they use bKash app.
systematic. "Before start shopping, I load up my bKash account as
This initiative has enhanced the capacity of the charity this save me a lot of trouble with online shopping and
organizations to collect donations and enabled the the times I run out of cash at stores that do not accept
customers to donate more conveniently while sitting cards", Tomal, residing in Shanti Nagor said. With
at home amid this pandemic. bKash app, I feel easy to complete my shopping as
most shoppers now accept bKash payment.
Not only MFS transaction has gone up. Volume of
ATM transactions also increased in recent time. Dutch Another reason for more use of bKas app is its
Bangla bank officials said they witnessed higher lucrative cash back offer and people do not prefer to
transactions through their ATM booths in recent days carry cash fearing Covid-19 contamination.
as more people are preferring to buy goods online in An increasing number of people, mostly city dwellers,
these pandemic situation. choose e-shopping to save time as well as avoid traffic
To attract Eid shoppers, other MFS operators have chaos and other hazards in the busy city life. Like
already offered cash back offers ranging, discounts regular shopping malls and other shopping places,
and bonuses to shoppers on the occasion of Eid online shops also offer discount and other facilities to
shopping. Many shops also offer discount and other attract buyers ahead of the biggest religious festival
facilities to attract online buyers ahead of the biggest of Muslims.
religious festival of Muslims. As a result, more shoppers particularly younger
Digital hopping through mobile banking and plastic millennium consumers are preferring to pay with
cards is now a craze in Bangladesh. This pushed up e- mobile phone in their shopping. This is pushing up Eid
shopping by 30 per cent last year, according to e-Cab shopping in everywhere from big shopping malls to
association, an association of more than 900 e-shops. moving retailers at footpaths.

12 May 2021

11
 MARKET UPDATE

Millions of poor people

getting PM's cash aid
through bKash
Around 1 million beneficiaries will receive PM's grant through bKash
Express Report BKash, the leading MFS player in the country with
nearly 6 millions customers across the country will
Marginalized people who have lost their jobs during distribute the cash aid of Prime Minister Sheikh Hasina
pandemic are the beneficiaries of this aid. Each family to 1.05 million low-income group families affected by
is receiving cash aid of 2,500 Taka under this Covid-19.
humanitarian initiative of the Prime Minister.
The beneficiary will not need to bear any cash-out
The Prime Minister Sheikh Hasinainaugurated the charge. Utilizing the benefits of Digital Bangladesh
second phase of this financial aid program via video infrastructure, once again, the money is being
conferencing from Ganobhaban on May 1. Under this disbursed through MFS with transparency, swiftness
phase 3.6 million Covid-affected families are getting and security to the real beneficiaries through
cash aid directly to their mobile financial service (MFS) verification of their NID cards.
accounts through G2P system.
12 May 2021

12
 Tk15 from the total cash-out charge, while the
remaining Tk31.25 will be borne by bKash.
With the farsighted decision of the government, bKash
said, it is becoming possible to disburse financial aid
conveniently among the affected families amid such a
critical situation.
This is a significant step towards building Digital
Bangladesh. Last year too, bKash successfully
distributed the cash aid of the prime minister to nearly
1 million families.
The government, however, will pay 15 Taka from the
In 2020, the Prime Minister's cash aid was successfully total Cash Out charge, while the remaining 31.25 Taka will
disbursed through bKash to one million jobless people be borne by bKash. Being involved in this great initiative,
during pandemic, and this time also the cash aid is bKash has taken all arrangements to enable the family
reaching to the beneficiaries' bKash accounts within members to Cash Out the money without any hassle.
next few days. With the far-sighted decision of the government, it is
"In a unique initiative of the prime minister to stand by becoming possible to disburse financial aid
families who have lost their livelihoods, financial aid conveniently among the distressed families amid such
will be provided to each of them before the Eid, bKash critical situation. This is a significant step towards
said in a media release. building Digital Bangladesh and bKash is working
closely with the government to achieve the vision.
Each family is receiving cash aid of 2,500 Taka under
this humanitarian initiative of the Prime Minister. The bKash is also disbursing the stipends from Prime
money is being disbursed digitally with transparency, Minister's Education Assistance Trust, stipends for
swiftness, and security to the real victims through secondary level students, Social Safety Net allowance
verification of NID cards", it said. under Ministry of Social Welfare, allowance of Ministry
of Livestock, allowance of Ministry of Women and
During the month of Ramadan and the Eid festival, this
Children Affairs, allowance of Bangladesh Cricket
money will bring relief to the families and help them
Board and the allowance of Ministry of Bangladesh Fire
greatly in case of emergency. The government will pay
Service and Civil Defense among the beneficiaries.

Social safety net

7.6m poor people fail to receive

govt allowance in 6 months
Express Report allowance for more than two years. His allowances
too, have been stalled, his mother Fatema Begum
Mumtaz Bawa, 68, lives in the North Bishil Balur told Prothom Alo.
Math slum in the capital. She has been receiving the
old age allowance for the last four years. However, They went to the bank to inquire about the delay, but
this allowance has been stalled for the last six could barely understand the explanation of the
concerned officials. However, they were told that
12 May 2021

months. Ambia Khatun, 63, a resident of South

"their money will not be plundered."
Paikpara in Kallyanpur area, is also facing a similar
problem. An inquiry at the Department of Social Services into the
reason behind public allowances being held up,
Rabbi Islam, 15, son of a garment worker couple from
revealed that the allowances under the social security
the same area, has been receiving disability programme have been stuck for six months due to the
13
 digitisation process. Digital accounts of half of the created to provide the allowances electronically
beneficiaries have already been created. through the G2P method using the management
information system (MIS) software.
Farid Ahmed Molla, additional director (social security
programme) of the Department of Social Services, told Mobile banking accounts are being opened
Prothom Alo that a decision has been taken to provide countrywide through mobile financing services - bKash
allowances in the G2P (government to person) method and Nagad - using the national identity card of the
through mobile financial service. They are hoping to beneficiaries. All the information of the beneficiaries
pay all the pending allowances at a go before the Eid- will be preserved in the MIS.
ul-Fitr once the digital accounts of 80 to 90 per cent of
Shamsuddin Haider, head of corporate
the beneficiaries are created.
communications of bKash, told Prothom Alo, "bKash is
According to the finance ministry, a total of 123 social verifying the data of the mobile numbers sent by the
safety net programmes under various ministries are in government institution by matching it with the
operation in the fiscal year 2020-21, including seven information of national identity cards. bKash has also
new ones. It has a budget of Tk 955.74 billion (95 been asked to ensure that a same number is not
thousand and 574 crore). included in multiple allowance programmes."
A total of 8,850,000 beneficiaries are being provided Accounts are being opened of numbers that do not
with cash assistance under the old age allowance, have a bKash account, he added.
allowances for widows, destitute women deserted by
their husbands and disability allowance programmes in 4.5 million digital accounts in two months
2020-21 fiscal year through the Department of Social
Mumtaz Bawa, a widow, lives with her son Saddam
Services under the Ministry of Social Welfare.
Hossain, a garment worker, in the slum. Speaking to
This includes stipends of nearly 100,000 disabled Prothom Alo, the mother and the son said that they did
students. A database of the beneficiaries is being not know why she is not getting the allowances.
12 May 2021

14
Her fingerprint was collected last month. She was 30 pc excluded in an area
provided with a new SIM card as well. However, she
does not have a mobile phone. But her son's mobile Dewan Abdul Mannan, councillor of the ward 11 in
has slots for two SIM cards. Kallyanpur, told Prothom Alo that on 24 March,
beneficiaries were called to a local school ground for
The Department of Social Services said around 7.6 the digitisation of their accounts.
million (76 lakh) beneficiaries will be provided with the
allowances through mobile financing service (SFS) in A total of 529 people, including 313 elderly and 216
the current fiscal year. About 4.5 million digital disabled, have been added to the MIS. They all have
accounts of the beneficiaries have been activated till 5 opened Nagad accounts too.
April. He further said that there were about 750 beneficiaries
Upazila nirbahi officer (UNO) of Gurudaspur upazila in on the previous list. Some 30 per cent have of them
Natore, Md Tomal Hossain, told Prothom Alo that a been excluded. When asked why they have been
total of 12,687 beneficiaries are provided with the excluded, he said that many of them resorted to illegal
allowances for widows and destitute women deserted means to get on the list. These discrepancies were
by their husbands, disability allowance and freedom revealed while verifying the information of the
fighter allowances in his upazila. Some 12,108 among beneficiaries through the national identity card server.
them have already been added to the database. Some 225 people are being listed anew.
According to the Department of Social Services, the On 20 July, an observation report by the National
country started paying allowances through Sonali Social Security Strategy (NSSS) said more than 46 per
Bank, Agrani Bank, Janata Bank, Bangladesh Krishi cent of the beneficiaries are not eligible for the
Bank and Rajshahi Krishi Unnayan Bank from the 1997- allowances.
98 fiscal year. In 495 upazilas, cities and district towns, KAM Morshed, senior director of BRAC, said there are
the allowances were disbursed through 80 urban
mainly three types of discrepancies regarding the
community development (UCD) units under the
disbursement of allowances - including people who do
Department of Social Services.
not need the allowance, excluding the eligible people
Since the 2017-18 fiscal year, about 1.2 million elderly from the list and taking commission from the
women, widowed women and women abused by their beneficiaries.
husbands and disabled beneficiaries in 77 upazilas of 21
He told Prothom Alo that it cannot be said yet how
districts have been provided with the allowances
effectively the introduction of digital banking in this
through agent banking using biometric methods.
process would resolve these discrepancies.
Contract agents of Bank Asia, Modhumoti Bank Limited However, it is a positive initiative in a long term
and NRB Commercial Bank distribute allowances perspective.
through Union Digital Centre (UDC).
During the first outbreak of coronavirus in the
Speaking to Prothom Alo, the additional director country last year, a total of 5 million people were
(social security) of Department of Social Services, Farid provided with the financial assistance through
Ahmed said, the beneficiaries will be able to collect mobile phones from the prime minister's fund. In
their allowances at any place through mobile banking that continuity, digitisation initiatives have been
as their accounts are digitised. taken to pay the beneficiaries of social security
Information of the beneficiaries is being verified programmes.
through the national identity card server of the KAM Morshed said the discrepancies in making the list
Election Commission before adding any account to of beneficiaries of the mobile banking method could be
MIS. stopped with the help of mobile operators. It could be
12 May 2021

When asked how many have been excluded, he said easily determined whether a beneficiary really needs
they do not have any official number in this regard. the allowance or not, by making an account of how
However, very few have been excluded. People from much money a beneficiary is spending to talk over the
the waiting list are being included in the places of those phone in a year.
excluded.

15
 Lock down pushes up huge cash
withdrawal from ATM booths
Express Report amid sweltering heat. Struggling for maintaining
social distancing in lines, people said they are
Immediately after the government imposed stricter withdrawing money to meet their urgent needs and in
lockdown from April 21, banks faced huge cash fear of uncertainty.
withdrawals from their branches and ATM booths as Mrs Sayma Islam, a customer of IFIC bank said that the
the central bank slashed banking hour during the central bank should extend banking hours. "Most
lockdown. banks have kept open a few number of branches
Fear that the lockdown period might be extended up when movement is strictly restricted", she said.
to the Eid festival following rising Covid death toll However, the situation has boosted digital banking
India and the government's decision to seal boarder operations particularly mobile banking.
area also prompted cash withdrawals, executives of
some commercial banks said. Bangladesh Bank has asked all banks to focus digital
banking more to avoid contact. "Bank branches, sub-
"Now we are facing a huge rush at almost all of our branches, and its ATM booths located in the sea, land
branches and ATM booths," said an official of Sonali and airports, as well as customs areas should be
Bank. Another executive of a private bank said that opened at all times by consulting with the local
they were facing huge pressure from clients. "Most of administration and customs authorities", the central
them are withdrawing cash ahead of the strict bank said in a circular.
lockdown", he said.
Meanwhile, the daily withdrawal limit from ATM
"We are facing difficulties in handling a good number booths has been extended to Tk1 lakh during the strict
of clients waiting in long queues in front of the cash lockdown period. The central bank asked the banks to
counters', he said. keep adequate cash and internet services at their ATM
People were also seen standing in queues on the booths to ensure uninterrupted service to their
streets outside the bank branches and ATM booths clients.
12 May 2021

People stand in long queues inside a branch of Sonali Bank in Dhaka's Motijheel to settle their various transactions,
including cash withdrawal last week ahead of the strict lockdown.
16
Branchless banking gaining ground The pandemic also created obstacles for banks to set
up branches last year. In such a situation, both banks
Meanwhile, a good number of banks are going and customers learnt more techniques to do more
towards branchless banking in recent times by way of branchless banking than before.
rolling out different digital products as a part of their
efforts to reach out to more people both in rural and The country now faces a second wave of the Covid-19
urban areas. This helped them cut the cost of pandemic, which has already given another boost to
operations, said managing directors of some leading digital banking.
commercial banks.

Some banks have already allowed clients to open

accounts without visiting branches during the times
of the pandemic to expedite branchless banking to
Online Account Opening
push the clients' habit further. Customers also Digital account opening that takes a maximum of six
reduced bank visits to a great extent and preferring to minutes has put an end to fill out paper documents
settle transactions sitting from their homes by using and highlights the changes in the behaviour of banks
internet or mobile app-based banking in order to and customers brought in by the unprecedented
protect themselves from the coronavirus. crisis. Many people are nervous about leaving their
homes, let alone visiting bank branches. They have
For example, MTB, which has 118 branches across the
moved to digital platforms to work, shop,
country, has decided to expand its financial services in
communicate and get entertained.
the remotest parts of the country riding on the digital
means.The lender carrying out its banking services by It prompted many banks to embrace the new system
collaborating with bKash and other fintechs. based on the central bank's e-KYC (electronic know
"We are going to introduce a new method that will
allow clients to give instalments of their deposit
pension scheme (DPS) through mobile financial
services (MFS) providers,"a senior MTB official said.
IFIC bank officials said they recorded higher volume of
transactions through online thanks to its dynamic app
that enables customers to pay and transfer funds
within own accounts without visiting branches.
12 May 2021

People had been barred from going outside of their

homes amidst a lockdown that had also compelled
banks to close a good number of branches for the
time being, leaving clients with no choice but to use
technology to conduct transactions.

17
 opening product named "MTB Simple Account" last
month. The account can be opened from any digital
devices such as smartphone, laptop and desktop. The
debit card will be sent to clients' address.This has
helped people to a large extent carry out hassle-free
banking from their home or offices.
The digital account opening will help build a less-cash
society in the quickest possible time and give a boost
to branchless banking in future. The digital financial
inclusion programme of the government will receive a
shot in the arm as well, industry experts say.
The number of deposit accounts in the banking sector
stood at 12.23 crore as of December last year.
Eastern Bank Ltd introduced the product several
months ago, said Ahsan Ullah Chowdhury, head of its
card and digital banking department.The private
commercial bank is operating the digital service under
the brand name
"EBL Insta
Account"."We
have received a
huge response
from clients since
your customers) guideline unveiled in January last rolling out the
year.The guideline, which was formulated just two product, a bank
months before the pandemic hit the country, came in official said.
handy as it let the banks and other financial City Bank launched
institutions open accounts to help people access the the digital account-
essential service throughout the crisis period. opening product
People earlier had to fill in several papers, including "Ekhoni Account"
KYC, and submitted many documents to the bank to in September last
have an account.A willing customer has to take a year, said Mashrur
picture of his or her passport-sized photograph and Arefin, managing director of the lender.Some 17,000
the national identification card using the smartphone. clients have so far opened accounts from home.
The images have to be uploaded to the app.The Dutch-Bangla Bank has came up with the digital
person needs to insert some information required by product two months ago.Bank Asia, Mercantile Bank,
the app, including the name of the nominee. and Southeast Bank have already rolled out the
Mutual Trust Bank introduced an instant bank account service. IFIC Bank is also offering the service.
12 May 2021

18
COMPANY NEWS

HSBC Bangladesh digitizes supply

chain finance for supplier network
Express Report

The Hongkong and Shanghai Banking Corporation and

Unilever Bangladesh recently conducted their first
transaction using HSBC's supply chain finance
platform, known as the HSCF.
It also provides 'a single point of truth' when
The HSBC Supply Chain Finance (HSCF) is an electronic
managing data and supports all parties to save time,
platform which benefits both the bank's customers
reduce manual errors and provide quick and timely
and their trade partners through automation and
updates when conducting business.
enhanced usability.
"We see digitizing Unilever Bangladesh's supply chain
The digital solution provides working capital finance
finance as an enormous opportunity to make doing
at competitive prices to Unilever Bangladesh and its
business easier not only for our customers, but their
network of suppliers, said a press release.
suppliers too. The ability to offer competitive working
The solution digitizes the end-to-end process of financing capital finance across an entire supply chain means we
the invoices raised by Unilever Bangladesh's suppliers. can deliver a better experience and add value,
No manual intervention is required from approval of the especially to SMEs who can realise greater potential
invoices to crediting the proceeds to suppliers account. from the speed and simplicity of our digital services,"
said Md Mahbub ur Rahman, CEO of HSBC Bangladesh.
The proposition is small-to-medium-enterprise (SME)
friendly as suppliers do not need to set up a credit limit, "We are happy to partner with HSBC who has brought
or need to change their current banking providers. such innovative solution which will yield robust and
cost-effective financial services.

More than 2m NBL customers can now Add Money to bKash

Express Report banking/mobile banking app NBLiPower by filling
up necessary information. Once added, customer
From now, 2.18 million account holders of National can easily make transactions in few simple steps.
Bank Limited, the first generation bank in private
sector, can transfer fund instantly to any bKash After logging in to bank account with Internet
account 24/7 from anywhere without any charge. Banking user ID and password, customer needs to
find 'Fund Transfer' option, go to 'bKash Transfer',
With this latest integration, 27 select source bank account and bKash
commercial banks in the country are beneficiary from dropdown, insert
now connected to the largest Add amount and narration then click on
Money network of bKash. Recently, 'Next' button after selecting
12 May 2021

bKash and NBL jointly launched the preferred OTP Channel option.
service. Customer will then need to input the
To transfer fund, NBL account holders OTP received in his/her selected OTP
need to add bKash number as Channel and click on 'Submit' button
beneficiary first via online to complete the transaction.

19
bKash offers up to 40% instant
cashback on Eid shopping, iftar
and grocery payment
Express Report

Customers are enjoying 5 to 40 percent instant

cashback on bKash payment at around 4,500
shopping outlets across the country on the occasion
of Ramadan and the upcoming Eid-ul-Fitr. Starting on
1st May, this offer will continue till 15th May, 2021. A
customer can avail maximum 300 Taka in a day and
maximum 500 Taka during the whole campaign as
cashback. In addition, cashback on Iftar and grocery
payment at various outlets are also available.
Customers can get the offer through bKash app, USSD
code *247# or payment gateway.
Hotel Noorjahan Grand, Hotel Fountain and Adi Ashta
Customers can avail this offer by making bKash Banjan Restaurant to make Iftar more enjoyable
payment for purchasing various lifestyle products and during this month of Ramadan. The offer will be valid
services such as: accessories, clothing, e-commerce, till May 15, 2021.
footwear, electronics, superstore items, healthcare,
restaurant/cafe, and many more. This offer includes In order to make payment through bKash app,
Aarong, Anjan's, Kay Kraft, Banglar Mela, Bibiana, customer has to type the merchant number by
Deshal, Le Reve, Rong, Sadakalo, Sailor, Nogordola, tapping on the 'Make Payment' icon on the home
Bata, Zeil's, Lotto, Orange, SaRa, LG Butterfly, screen or by going to the merchant point and
Minister, Transcom, Singer, Sony Rangs, Kiva Han, scanning the QR code directly. Customers can easily
Cafe Euphoria, BAO, Nawab Chatga, Baoxi Kafei, go to the 'Offers' section of the bKash app as well and
Salam's Kitchen, Khazana Sweets, Peyala, Bangla check the ongoing offers around them.
Shoppers, Boi Bichitra, Al Amin Jewellers, Baby Shop, To know more details of the 500 Taka cashback offer,
Gentle Park, Foot Gear, Crescent, etc. and many other customers can visit bKash website:
renowned shopping outlets. https://www.bkash.com/payment/.
In addition, bKash customers can enjoy Buy 1 Get 1 On the occasion of Eid, more offers are there for bKash
offer at After Hours Hotel and Resorts, Platinum customers. There is a 10% discount available on
Grand, Platinum Residence, Hansa- A Premium payment of Walton products at selected outlets across
Residence, Best Western Plus Maya, Dhaka Regency, the country. In addition, if a customer purchases a
Best western Plus Maple Leaf, Asia Hotel and Resorts, Walton air conditioner, s/he will get a discount of 3,111
Shinepukur Suites and The Way Dhaka. However, Taka which is worth 6 months' electricity bill.
customers can avail Buy 1 Get 3 offer on bKash Customers can avail 5% cashback on bKash payment
12 May 2021

payment at Long Beach Suites Dhaka. Starting on 25th for groceries at the top superstores such as:
April, the offer will be valid till 14th May, 2021 and Shwapno, Daily Shopping, Agora, Meena Bazar, Prince
available through bKash APP & USSD code *247#. Bazar, Unimart, Gourmet Bazar, etc. A customer will
bKash is also offering up to 40% discount on various get a maximum cashback of 250 Taka during the offer
Iftar deals at Hotel Radisson, Hotel Sarina, Grace 21, period upon payment above 1000 Taka or more. The
Paragon Convention Hall, Munchery, Beans & Grills, offer will be valid till May 15, 2021.
21
 Foodpanda users can now
make bKash payment
Foodpanda and bKash partnership to take
cashless payment to the next level
Express Report To do this, customers have to add their bKash account
details to their list of saved payment methods. Once
Food Panda users from now on can pay bills through their account details have been added, customers are
bKash as both the company has made a unique free to go cashless as they wish.
partnership to serve foodpanda users and foster Users choosing bKash payment will also be able to
cashless journey in Bangladesh. enjoy exclusive offers in the coming days.
Now, people from anywhere can buy their favorite During the month of May, foodpanda users can obtain
meals, essentials, or kitchen goodies using a discount of 40% off up to BDT 70 on minimum order
foodpanda, and can pay their bills simply with a few of BDT 100 by using the code FPBKASH70 on
taps of the screen with the bKash payment module, restaurants. On pandamart, customers will receive a
said a press release.
12 May 2021

22
 signing the deal with bKash recently in the city.
"I believe having bKash as a payment partner will
further improve accessibility and convenience for our
customers."
Mizanur Rashid, Chief Commercial Officer of bKash is
also optimistic about the new partnership noting that
will bring more convenience to the life of foodpanda
users throughout Bangladesh.
"bKash payment module on the foodpanda platform
will provide a thousands of foodpanda customers
with access to the world of digital payments and enjoy
service from their home and offices', he said.
"Our partnership between foodpanda and bKash not
only aims to enhance the experience for consumers
but also enables the two organizations to widen their
scope and appeal to customers who have previously
been reluctant to try out the new methods and
simpler alternatives', he said.
5% discount, up to BDT 50, on minimum order value of From payment of utility bills to ordering food online,
BDT 500 by using the code FPBKASH50. cashless payment has been adopted by individuals
across the country due to the security, transparency
"Digital payment is fast, reliable and more convenient
and convenience it offers.
than cash transactions. We enabled digital payment
on foodpanda years back, and now we are introducing Online food delivery platform foodpanda enabled
bKash payment to ensure that a broader customer cashless payments a long time ago. The recent
base is able to enjoy the convenience of cashless pandemic has exposed the health risks that come with
payment", Ambareen Reza, Managing Director and carrying or handling cash bills, which are passed
Co-founder of foodpanda Bangladesh said after around with little regard for hygiene.

LankaBangla Finance launched

“Shikha” Chatbot
LankaBangla Finance Limited has launched ‘Shikha’ “Shikha” Chatbot. The service will be available
chatbot, a virtual assistance to provide faster, from the official website www.lankabangla.com
improved and convenient services to the
customers. Managing Director and CEO of
LankaBangla Finance Limited Mr. Khwaja Shahriar
said, “We at LankaBangla has been working
relentlessly on updating technology for better
service quality. As part of this effort- we have
launched the “Shikha” chatbot. Customer will get
12 May 2021

balance information of deposit, loans, and credit

card mini statement, Online Application for
deposit, loan and credit card, Recharging mobile
balances, and Customers will also be able to know
about other different Product Features through

23
 More than 3.5m small traders
use Tally Khata : Dr Khan
Express Report

TallyKhata, a widely used Bangla mobile app for small

businesses, has recently introduced its new logo with
the release of TallyKhata 3.0 with advanced features.
More than 3.5 million users have already downloaded
this mobile app, said Dr. Shahadat Khan, CEO of
Progoti Systems said.
TallyKhata app is a brand of Progoti Systems Limited.
It is available at Play Store to download or update at
free of cost. That is why it is very popular among small
businesses since it released version 2.0 last year. received low-interest loan facilities from banks to
expand their business through a pilot project.
"We want to bring the benefits of modern technology
to all the businesses in Bangladesh", Dr. Khan said New features in TallyKhata 3.0 include sending
noting that there are more than 10 million small tagada/reminder message to customers anytime,
businesses scattered around the country. sending SMS when new customers are added, and
customer-list view filter. Auto-logout feature will
"We have developed a simple Bangla business app increase data security of the businesses.
TallyKhata for them.This enables a merchant to keep
complete accounts of the business. It saves time and Moreover, some popular features of the previous
reduces hassle. It shows income-expense reports and version have also been improved in this new release.
simplifies running the business", Dr Khan said. This is a completely Bangla app. It can be used with a
Many micro and small merchants such as groceries, very simple 'Dilam-Pelam' interface. Accounts are
pharmacies and wholesalers are using this app to maintained automatically and income-expense
keep record of their daily business transactions. reports are available. As always, TallyKhata app is
Moreover, more than hundred merchants have completely free and can be used without Internet
connection.

Prime Bank customers can now

transfer fundto bKash instantly
The customers of Prime Bank can now instantly limit and other terms and conditions can be found
transfer fund to Mobile Financial Service provider- in Prime Bank website.
bKash-through the Internet Banking Service-ALTITUDE. This new feature in Internet Banking Service -
Fund transfer facility from Prime Bank account to ALTITUDE - will give more fund transfer options
bKash has gone live from May 10, 2021, says a press and convenience to the customers. The integration
release issued by Prime Bank. will allow the customers to enjoy wide range of
12 May 2021

To transfer fund to any bKash account, the payment services of the leading MFS of the
customers will need to log in to Prime Bank country.
internet banking portal and select "bKash The transaction is fully secured as each transaction
Transfer" under Transfer Menu. They can transfer requires OTP and PIN sent to the registered mobile
up to BDT 60,000 in a day. Details of transaction number, according to the press release.

24
 bKash offers up to Tk 500
cashbackon 'Add Money'
Express Report

bKash has brought three cashback offers from Tk 50

to 500 on 'Add Money' feature of its app.

Customers can transfer money from their Visa and/or

Mastercard-branded debit card to bKash account 24/7
without incurring any cost.
After using 'Add Money' feature of Tk 1,000 or more will be sent to the customer's account on the next
from Visa or Mastercard to own account or other working day of the transaction. More details can be
bKash account for the first time through bKash app, a found on the website: https://www.bkash.com/add-
customer can get Tk 100 as cashback. The offer is valid money-100tk-cashback.
till May 17, reports UNB citing a press release. In addition, customers can avail 50 Taka instant
A customer can receive the cashback only once during cashback up to 500 Taka, upon doing 'Add Money' of
the campaign. Cashback amount will be sent to the 4500 Taka from Visa or Mastercard through bKash
customer's account on the next 2-3 working days of app. Customer gets 50 Taka cashback each time after
the transaction. Customers can find the details of the doing 4,500 Taka Add Money, which means he/she
offer on the website: https://www.bkash.com/add- can get cashback up to 500 Taka in 10 times. This offer
money-new-user. will continue till 17th May 2021. For details, customers
Customers who have added money from Visa or can visit the website: https://www.bkash.com/add-
Mastercard to bKash account through bKash app in money-500tk-cashback.
2020, but did not avail the service from 1st January to Cashback under all these offers will be available on
12th April 2021, can avail 100 Taka cashback upon the bKash account to which the 'Add Money' has been
doing 'Add Money' of 1000 Taka or more from Visa or done. In case of Add Money from credit card to bKash,
Mastercard through bKash app. This offer will be valid charges might be applicable by certain banks.
till 17th May 2021. A customer can avail the offer only Customer can contact the bank for details.
once during the campaign and the cashback amount During this pandemic, the
facility of instant fund transfer
through Add Money service
has enabled customers to
enjoy convenient bKash
services like Send Money,
Mobile Recharge, utility bill
payment, offline/online
merchant payment, donation
to humanitarian organizations,
payment of fees of educational
institutions, payment of
various online registration
12 May 2021

fees, etc. In addition, they can

Cash Out the money in
emergency from 240,000
agent points spread across the
country by maintaining health
hygiene.
25