Information and Communication Technologies (ICT) have played a critical role in driving innovation, bridging the digital divide which eventually facilitated transforming economies and lifting millions out of poverty particularly in developing countries of the world. However, true prosperity requires an inclusive economy that benefits all of society and minimiz- es inequality.
Bangladesh, a land of fertile plains and mighty rivers has been working tirelessly to achieve 'financial inclusion' over a decade. Here is where bKash steps in as a champion to serve the unbanked and underbanked population of the country. bKash is a powerful example of how financial technology can drive positive changes in the lifestyle of common mass. By promoting financial inclusion and empowering people, bKash is paving the way for a brighter, more sustain- able future for Bangladesh.
Bangladesh is all set to push towards a "Smart Bangladesh" by 2041, a vision that unites people, government, and the economy. bKash, a mobile banking platform, is at the forefront of this cashless revolution. Technological Innovation by bKash, coupled with a widespread agent and merchant network across the country, have made it easy for people to send money, cash out and cash in from the agent points recharge their mobile phones, receive salary and government allowances, receive inward foreign remittance, make different categories of bill and merchant payments. bKash is also playing an pivotal role in strengthening the country's digital financial ecosystem through continued commitment to roll out new products and services, focusing on customer need, and maintaining the highest compliance standards.
bKash: Facilitating a Sustainable Future through Acceleration of the SDGs in Bangladesh
Imagine a Bangladesh where millions, especially in rural areas, have been excluded from traditional banking. Saving for emergencies or unexpected bills was nearly impossible. This is where mobile financial services (MFS), like bKash, step in and become champions for a more inclusive and sustainable future.
bKash is a key player in facilitating the achievement of a significant number of Sustainable Development Goals (SDGs) set by the United Nations. Some of those are as follows:
• Fighting Poverty (SDG 1) & Hunger (SDG 2): With bKash, 
even those in remote areas can receive digital money, and use it based on requirement from the store value preserved in respective bKash wallet. This financial security helps them weather emergencies as well as meet the regular expenses on food and other essential expenses. A store value digital wallet like bKash allows the customer for a planned and controlled expenditure and avoid getting stuck in the poverty trap and hunger.
• Better Health (SDG 3): The breadwinner of the family generally needs to work in urban and 
suburban areas where job opportunities are available leaving their families in village homes. bKash empowers these breadwinners to send money home as and when necessary. The regular inflow of funds allows consistent nutrition intake by the family members leading to a healthier population. Besides, digital store value helps families cover unexpected healthcare expenses, mitigating stress and anxiety.
• Education for All (SDG 4): Digital savings product of bKash has earned popularity among female customers owing to the advantage that they get to utilize the saved money for better education of their children. Even during school closures for unavoidable reasons, parents can use bKash to pay for online learning platforms, ensuring the continuity of the knowledge development of their children. GENDER EQUALITY
• Women's Empowerment (SDG 5): Traditionally, women in Bangladesh often lacked access to formal financial services. bKash empowers women by providing them with an MFS account, allowing them to have control over their fund. This newfound financial independence fosters self-reliance for women.
At the same time, bKash acts as a springboard for women entrepreneurship. With access to financial services, women can invest in small businesses, enhance their income, and build their assets. This economic empowerment allows them to participate more actively in the decision making of the family and contribute to the even distribution of financial resources based on their prudent understanding of family management. Moreover, bKash's extensive network reaches even the remotely located rural women often facing greater financial exclusion. This financial inclusion empowers them to overcome geographical barriers and participate in the formal economy.
Besides, bKash encourages women to become agents, acting as intermediaries for mobile financial services within their communities. This not only provides them with a source of income but also positions them as trusted figures who can educate other women about financial literacy and the benefits of a cashless society.
DECENT WORK AND ECONOMIC GROWTH
• Decent Jobs and Economic Growth (SDG 8): bKash has a widespread network of more than 300,000 Agents who are supervised by more than 300 Distribution Houses. This has generated job opportunities and economic benefits to all associated to MFS business. A business linked to formal financial transactions allows them to have a dignified identity in their respective community and a steady earning for economic emancipation.
bKash facilitates instant and secure transactions for businesses compared to cash. Digital transactions save time and reduce administrative costs, allowing businesses to focus on core activities and improve their overall productivity and economic benefits. Besides, cash transactions are often undocumented, hindering economic transparency and growth. bKash transactions create a digital record, encouraging businesses to formalize their operations and comply with regulations. This fosters a more stable and predictable business environment.
Many small businesses in Bangladesh lack access to traditional banking services. bKash provides them with a mobile banking platform, allowing them to receive and make payments, manage cash flow, and even access nanoloans. This access to finance empowers them to grow their businesses, create jobs, and contribute to the economy. At the same time, bKash allows businesses, especially those in rural areas, to connect with a wider customer base. They can accept online payments, participate in e-commerce platforms, and reach new markets which were previously inaccessible due to cash-based transactions.
• Innovation and Infrastructure (SDG 9): The product and services provided by bKash to its large customer base has only been made possible through technological innovations. bKash makes consistent and constant efforts to develop new features and functionalities, making financial services more accessible and user-friendly. This nurture a more competitive and dynamic FinTech landscape in Bangladesh. Moreover, the widespread use of bKash creates a demand for reliable internet connectivity and robust mobile phone network. This incentivizes investments in these areas, improving overall infrastructure development across Bangladesh.
• Sustainable Cities and Communities (SDG 11): Cash transactions often involve physical visits to banks or agents, leading to traffic congestion. By promoting cashless payments, bKash encourages digital transactions, potentially reducing traffic flow in urban areas. At the same time, bKash allows for quick and convenient payment of utility bills (water, electricity) and transportation fares. This streamlines service delivery, reduces queues, and saves time for both citizens and service providers.
•Climate Action (SDG 13): By promoting financial inclusion, bKash reduces reliance on cash, a hidden environmental villain. Cash requires printing, transportation, and securing - all activities with a carbon footprint. bKash, on the other hand, is a digital marvel as it empowers people with mobile banking, eliminating the need for physical cash and its environmental baggage. This translates to less energy consumption, fewer carbon emissions, and a step towards a green environment for Bangladesh. bKash works towards inclusion and encompasses people, especially in rural areas, to have digital wallets. This allows them to accessing the required financial services to recover from climate-related disasters, like floods, droughts and tidal surges.
•Peace, Justice and Strong Institutions (SDG 16): Cash transactions are often opaque, creating opportunities for corruption. bKash, with its digital records, promotes transparency in financial dealings. This discourages corruption and fosters a business/commercial environment with due accountability. Moreover, Digital transactions through bKash leave a clear audit trail, making it easier for the government to collect taxes. This bolsters public finances, allowing for investments in essential services like education and healthcare, leading to a more just society.
bKash understands the critical role of regulatory and AML&CFT compliance. Since its inception, it has prioritized adherence to regulations, building trust and ensuring a secure platform for millions of customers. This commitment to compliance, integrated with a spirit of innovation, positions bKash perfectly to leverage the power of FinTech and contribute to a brighter financial future for Bangladesh. While innovation races forward in the financial technology sector, a strong regulatory framework is the guardrail that ensures growth and stability. In Bangladesh, the government plays a key role in fostering a supportive environment for MFS providers like bKash. This includes flexible yet compre- hensive regulations that encourage innovation while maintaining consumer protection and financial integrity, the two most important pillars of MFS. In its entirety, bKash remains steadfast in powering economic progress of the nation through providing innovative financial services in the days to come.
