An integrated transaction service has been launched between bKash and Community Bank.
Now the customers of Community Bank, including all the members of Bangladesh Police, can add money instantly to their bKash accounts and also transfer money.
Community Bank customers can now make transactions 24/7 through the bKash app. Also, 55 million bKash customers will be able to "cash out" at a 1.49% charge from 165 ATM booths of Community Bank, according to a media statement.
Saturday, Dr Benazir Ahmed, inspector general of police and chairman of Community Bank, inaugurated the joint service of Bangladesh Police Welfare Trust's financial institution and mobile financial service provider bKash at a hotel in the capital.
Masihul Huq Chowdhury, managing director and CEO of Community Bank, and Kamal Quadir, CEO of bKash, along with other senior officials of both organisations were present on the occasion.
To avail of the new service, a customer will have to set up a link between his bKash account and the Community Bank account using the bKash app.
The Know Your Customer (KYC) information of both accounts should be the same while setting up the link. Once the link is established, money can easily be transferred from the Community Bank account to the bKash account through the "Add Money" option of the bKash app.
Customers can also add money to their own or loved one's bKash accounts from Community Bank's "Community Cash" app.
Also, they will be able to deposit money, pay DPS and loan instalments through the bKash app's "Transfer Money" service. The transaction limit set by the Bangladesh Bank will be applicable to both add money and transfer money services.
Dr Benazir said, "bKash has brought revolutionary changes in the mobile financial services (MFS) sector of Bangladesh. As a result, MFS has gained more popularity. The partnership between Community Bank and bKash will play a vital role in the financial transactions of the bank."
Masihul Huq Chowdhury, the managing director and CEO of Community Bank, said: "We have added modern technology-based services to ensure uninterrupted banking services to a vast number of customers, including police members, in just two years of operation. This two-way transaction with bKash has brought the opportunity to use more diverse and creative services for our customers."
Kamal Quadir, CEO of bKash, said, "Members of police are constantly working to ensure our safety across the country. Our joint initiative with Community Bank will simplify their daily banking needs and urgent financial transactions."