How strategic investment in building digital ecosystem pays off bKash

When launched in 2011, bKash, the country's
largest mobile financial service provider (MFS), offered only a few basic
services, but today it provides more than 200 services.
bKash has invested heavily in building a strong
technology infrastructure and driving product innovation over the years,
introducing features tailored to customer needs.
As a result, the platform has evolved from a
simple transaction service into a comprehensive personal finance platform,
reshaping customer behaviour.
The company's long-term strategic investments
over the past decade in building a digital ecosystem are now paying off, making
it one of the highest profit earners in the industry.
bKash, a subsidiary of BRAC Bank, reported its
highest-ever profit of Tk676.33 crore in 2025, more than double the Tk315.77
crore recorded in 2024, according to the bank's latest annual financial
disclosure statement.
Back in 2021, the company incurred a strategic
loss of Tk117.29 crore.
The surge in profit in 2025 was driven by new
services and technological advancements, which expanded access across business
sectors. The company's market share doubled to over 60% in 2021, while registered
customers rose by 150% to 8.2 crore by the end of 2025.
From the beginning, the company's investors have
followed a "patient capital" approach. Instead of taking dividends,
they have continuously reinvested profits back into the business. This strategy
has enabled bKash to build a strong technological foundation and scale its
services effectively.
The company incurred strategic losses for three
consecutive years from 2019 to 2021, as it focused on growing the industry and
advancing financial inclusion rather than pursuing immediate profit.
Even during this loss-making period, foreign
investors continued to join the company, drawn by its long-term vision and
sustained investment in technology, which was expected to yield returns in the
coming years.
For instance, SoftBank came on board as an
equity partner in 2021, when the company was still incurring losses.
Since its inception, bKash has secured about
$381 million in foreign direct investment, equivalent to over Tk4,500 crore.
bKash's journey demonstrates how a long-term
vision, continuous investment in technology, and a focus on changing customer
behaviour can reshape an entire industry.
How bKash became personal financial manager in
daily life
Earlier, people used MFS mainly for mobile
recharge and sending money, which were the core services. However, bKash
continued investing in product innovation to make money movement easier for
users.
The company built a vast distribution network to
enable money transfers across locations. In rural areas, where digital money
often needed to be converted into cash, it developed a wide agent network.
Initially, its services were limited to four:
send money, cash out, cash in, and mobile recharge.
As users became familiar with the platform,
services expanded significantly. Today, the bKash app offers more than 200
services.
For example, mobile recharge now includes
several added features. Customers can use auto-pay, removing the need for
manual recharges each time.
There are many such incremental services. For
instance, if a customer regularly sends money to a relative at the beginning of
each month, the transaction can now be automated, eliminating the need to
remember it manually.
If you look at our journey, it began with financial inclusion. We
then focused on empowering daily transactions, followed by strengthening the
ecosystem.
Shamsuddin Haider
Dalim, head of Corporate Communications, bKash
Similarly, for electricity bills, customers
receive due-date reminders. They can also view graphical insights, such as how
much they have spent on utilities over the past six months or a year.
These features help users manage their finances
more effectively, particularly those on limited incomes. bKash is increasingly
acting as a facilitator of everyday financial management, giving users greater
control.
At the same time, bKash is building a digital
financial ecosystem by integrating with businesses and financial institutions.
It is currently connected with about 45 banks and has partnerships with Visa,
Mastercard, American Express, and others.
The platform has also simplified remittance
channels. Expatriates can now send money directly to a bKash number, while
money transfer organisations and local banks handle processing and settlement
in the background.
bKash is connected with around 140 money
transfer organisations across 170 countries.
Initially, receiving remittances was a basic
service. Now, customers have additional features, such as the ability to
download remittance statements for tax purposes.
'Seems small, but serious investment behind it'
Shamsuddin Haider Dalim, head of Corporate
Communications, said some features may seem small, but they require serious
investment and dedicated teams working continuously.
"For example, when sharing a payment
screenshot, users previously had to hide their balance manually," he told
The Business Standard. "Now the app automatically conceals it. This small
change has significantly improved the user experience."
There are many such features, he said, including
saving card details, adding or removing cards, and storing bill information so
users no longer need to search for paper bills.
"We continuously work to improve every
moment of the user experience. That is why each app update introduces new
features," he said.
Dalim said bKash's broader goal is to expand the
payment network. "If we want a cashless society, payments must be possible
everywhere. We have already onboarded around 10 lakh merchants. Customers can
now pay at these outlets using QR codes."
He added that the next step is to reach roadside
vendors, noting that a truly cashless society will emerge only when daily
payment habits evolve.
"If you look at our journey, it began with
financial inclusion. We then focused on empowering daily transactions, followed
by strengthening the ecosystem," he said.
He added, "Today, customers can pay tuition
fees at around 1,800 educational institutions and for more than 2,400 utility
services. Around 10 lakh garment workers now receive salaries through
bKash."
The platform has also introduced savings and
loan services through partnerships with banks and financial institutions,
allowing many previously unbanked users to access formal financial products, he
said.
"For example, users can start saving from
as little as Tk250 per month up to Tk20,000. After we introduced this, many
banks began offering similar products," said Dalim.
He mentioned that bKash is now connected with
about 45 banks, and savings services are available through several banks and
non-bank financial institutions.
He added that banks are increasingly using
transaction data to offer loans more easily, allowing customers to access
credit without collateral based on their financial behaviour.
"One example is IDLC, which had around
50,000 clients before partnering with bKash. That number has since grown to 14
lakh," he said.
bKash's role is to innovate, introduce new
products, and promote digital literacy. We continuously invest in technology
and infrastructure," he mentioned.
"This includes regular upgrades to servers,
cloud systems, and security. Technology evolves quickly, so constant investment
is essential. Our investors understand this, which is why they reinvest rather
than take dividends," added Dalim.
He said the company's current profitability
reflects years of sustained investment in technology, infrastructure, product
innovation, and digital literacy.
"We also focus on awareness, teaching users
how to conduct digital transactions safely and avoid fraud. As a result, not
only bKash but the entire industry benefits."
Dalim further noted that the company has
introduced major app upgrades, including the 'My bKash' feature, which
personalises the interface based on user behaviour.
"Each user's app looks different, showing
frequent contacts, preferred agents, savings, loans, and more. This requires
advanced technology, including AI and secure data storage," he said.
"All these efforts over the past 15 years have contributed to our current
position and profitability."
















