EBL-bKash agreement for online payment solution

bKash, the largest MFS in Bangladesh has signed an agreement with Eastern Bank PLC. (EBL) for online payment solution with Host-to-Host Connectivity through EBLConnect. Under this Agreement, EBLConnect will facilitate different payments of bKash (single and/or bulk payment instructions) without any manual intervention,which will ensure seamless and efficient transaction.

Ali Reza Iftekhar, MD and CEO of EBL and Kamal Quadir, CEO of bKash signed the agreement on behalf of their respective organisations at the former's head office in Gulshan recently.

 "bKash always strives for best technological integration that drives greater efficiency and security for our customers and partners. We are delighted to see online payment solution of EBLConnect is ensuring better operational efficiency for bKash and its stakeholders. Going forward, collaborations like this will create greater opportunities for introducing effective and advanced financial products and services," said Kamal Quadir, CEO of bKash.

 "We are delighted to have bKash with us. Today's agreement demonstrates bKash's confidence on EBLConnect platform as well our overall services. With this partnership we are embarking on a new level of cooperation. We still have many unexplored areas of engagements, and we should immediately start working on that for our mutual benefits and benefits of our customers," opined Ali Reza Iftekhar, MD and CEO of EBL.

Moinuddin Raghir, CFO of bKash, bKash Finance Team; Ahmed Shaheen, AMD, Riad Mahmud Chowdhury, DMD and Head of Corporate, Md. Jabedul Alam, Head of Transaction Banking and Senior Management of EBL were present on the occasion among others.

EBLConnect is a home-grown internet banking platform of EBL, which has been designed to provide digital and seamless payment and collection services to the bank's corporate and commercial clients. Due its unique and convenient feature, BDT 524,000 crore has been processed through this platform in past three years.  According to central bank data 'EBLConnect's share in country's total processing of internet banking transaction during the months of October and November, 2023 was 30%.