IFC takes a stake in bKash

 IFC takes a stake in bKash

Thursday, April 11, 2013








International Finance Corporation (IFC), a member of the World Bank Group, has made an equity investment in bKash Limited. Headquartered in Washington D.C., IFC is a financial institution which offers investment, advisory, and asset management services to encourage private sector development in developing countries.

The two parties recently signed an agreement in this regard in Dhaka, Bangladesh.Kyle F. Kelhofer, Country Manager of IFC and Moinuddin Mohammed Rahgir, Head of Finance and Accounts of bKash signed the agreement on behalf of their respective organizations. Muhammad A. (Rumee) Ali, Chairman of bKash and Managing Director of BRAC Enterprise, Syed MahbuburRahman, MD and CEO of BRAC Bank, Kamal Quadir, CEO of bKash, M.Rehan Rashid, Senior Country Officer of IFCand other senior officials were also present at the signing ceremony.

bKash, a joint venture of BRAC Bank of Bangladesh and Money in Motion of the USA, focuses to ensure access to a range of financial services for the people of Bangladesh. With more than 40,000 community-based agents all over the country, bKash is facilitating financial inclusion for millions of unbanked people and is the market leader in Bangladesh for mobile financial services.  
Source:  Thursday, April 11, 2013