Savings scheme

Bangladesh’s first MFS-based digital savings program launched: IDLC

| Update:
04 September 2021 16:38:38

A “digital savings plan” was launched to enable people, including those who previously lived outside of financial inclusion, to take advantage of IDLC Finance’s term deposit services using their bKash accounts.

Leading non-bank financial institution IDLC Finance presented the program at a launch event held at IDLC Finance headquarters in Gulshan, Dhaka on Wednesday.

Through this initiative, the first of its kind in Bangladesh, bKash customers can now open monthly savings anytime from anywhere, following a few simple steps, according to a press release.

He said that users can deposit savings installments from the bKash app on the due date of each month and that once the savings plan expires, customers will receive the money including the profits, on their bKash account.

“This collaboration between IDLC Finance and bKash to connect clients to traditional financial services via mobile financial services (MFS) will serve as an example for the industry,” said Mr. Jamal Uddin, MD and CEO of IDLC Finance.

He expressed the hope that access to services such as the monthly savings plan would also contribute to improving people’s standard of living and economic development.

Kamal Quadir, CEO of bKash, added: “bKash, now part of the lives of millions of people across the country, has once again used technological innovations to make it easier for customers to access services from savings of financial institutions.

“To further encourage the savings trend, IDLC’s savings service was offered to marginalized people to improve their efficiency and independence in financial management. “

This new service, say the partners, will inspire people from all walks of life to save money and make the savings process “easier, safer, more profitable and more affordable”.

To open a savings account in IDLC, customers need to click on the “Savings (in bank and financial institution)” icon on the home screen of the bKash app and follow a few simple steps, says the press release. Customers must also provide their personal information and candidate details.

Customers will be able to see all important “Live” information from the bKash app, including total amount saved, savings period and profit, depending on the version mentioned.

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