Agrani Bank Limited, one of the leading state-owned commercial banks in the country and bKash, the country's largest mobile financial service provider, have jointly launched a digital money transfer service.
In this respect, the two organisations signed an agreement.
Under this deal, all transactions of Agrani Bank and transfer of money from Agrani Bank account to bKash account and the vice versa can now be done through bKash.
Consequently, banking transaction system has become easier, safer, time and cost effective for over one crore customers of Agrani Bank across the country, said a press statement.
Finance Minister AHM Mustafa Kamal as the chief guest inaugurated the service through a virtual event on Saturday.
Md Asadul Islam, senior secretary, department of financial institutions, finance ministry, Dr Zayed Bakht, chairman, Agrani Bank and Ahmed Jamal, deputy governor of Bangladesh Bank were present as special guests at the event.
Among others, Mohammad Shams-ul Islam, managing director of Agrani Bank, Kamal Qadir, CEO at bKash and Mizanur Rashid, chief commercial officer of bKash joined the virtual programme.
In order to maintain social distancing and ensure health safety of customers in time of the Covid-19 pandemic, the Agrani Bank introduced this two-way digital transaction service with bKash, the press statement said.
Agrani Bank's customers now can add their bank information to the bKash app simply in few steps and conduct their necessary transactions round the clock without coming to bank premises.
Moreover, customers each can get Tk100 cashback if they do transactions of over Tk500.
Customers can also avail various types of payment services of bKash— utility bill payments, mobile recharge, ticket purchase and all other payment services by adding money from Agrani Bank accounts to bKash account.
Moreover, customers can pay installments of DPS or loan, deposit money in their account or transfer money using the bkash app at home.
These small transactions on bKash app will reduce pressures on the bank's branches and create an opportunity for the bank to give more attention to the customers who come for specialised services.
On the other hand, as there is no obligation to visit the branch within the banking hour, a customer will be able to acquire the freedom and ability to transact 24 hours a day from anywhere as per his or her requirement.
Commenting on the issue, Finance Minister Mustafa Kamal said, Agrani Bank's services will reach out to the mass people through bKash in public-private partnership with the willingness of the government to improve the living standards of the people by realising the dream of Digital Bangladesh."
"Our country's mobile financial services is globally renowned, and today's initiative adding another feather to this success," he added.
Agrani Bank Chairman Dr Zayed Bakht said this initiative will play a pioneer role in reaching out mobile banking services to the marginalised people of the country. It will increase the quality of customer service of the bank.
Agrani Bank Managing Director Mohammad Shams-ul Islam said customers need not come to the bank, rather the bank will go to the customers— this is the reality of Agrani Bank's transaction opportunities by bkash.
"Using our customer-friendly digital transaction technology, banks can deliver their services to customers more creatively," said Kamal Qadir, CEO of bKash.
He said this joint venture between Agrani Bank and bKash is a good start towards effective financial inclusion in the country.