Meet the Bkash Owner Who Made Mobile Money Accessible to Millions

In 2011, the mobile financial services platform Bkash was launched in Bangladesh with the goal of making financial services more accessible to the country's unbanked population.

The owner of Bkash, Iqbal Quadir, had a vision to bring financial inclusion to the masses, and his efforts paid off as Bkash quickly became one of the largest mobile financial services providers in the country.

With over 60 million registered users, Bkash has made it possible for millions of people in Bangladesh to send and receive money, pay bills, and make purchases using their mobile phones.

Bkash's success can be attributed to its innovative approach to financial services, which has helped to bridge the gap between the financially included and excluded populations in Bangladesh.

Take a look at this: Check Bkash Balance

bKash was launched by Kamal Quadir and Iqbal Quadir in Bangladesh, bringing mobile financial services to the country's rural areas where access to formal banking services is difficult.

The Quadir brothers drew inspiration from the success of mobile financial services in the Philippines, Kenya, and other emerging markets in the mid-2000s.

See what others are reading: Financial Planning for Business Owners

In need of a local partner, they engaged BRAC's founder, Sir Fazle Hasan Abed, in 2008, and discussions between them continued over a two-year period.

bKash was established as a joint venture between Money in Motion and BRAC Bank, and it launched on July 21, 2011, with basic services like Cash In, Cash Out, and Send Money.

Discover more: Send Money to Bangladesh Bkash

bKash started as a joint venture between BRAC Bank Limited, Bangladesh, and Money in Motion LLC, United States of America in 2011.

International Finance Corporation (IFC) became an equity partner in April 2013, bringing its expertise to the table.

The Bill & Melinda Gates Foundation invested in bKash in March 2014, demonstrating its commitment to financial inclusion.

In April 2018, Ant Financial, the operators of Alipay, became an equity partner, aiming to promote financial inclusion for unbanked and underbanked communities in Bangladesh.

SoftBank Vision Fund II invested $250 million in bKash in November 2021, acquiring a significant stake of over 10% and increasing bKash's valuation significantly.

A unique perspective: A Company Owner by the Holders of Its Capital Stock

bKash started as a joint venture between BRAC Bank Limited, Bangladesh, and Money in Motion LLC, United States of America in 2011.

International Finance Corporation (IFC), a member of the World Bank Group, became an equity partner in April 2013.

The Bill & Melinda Gates Foundation invested in the company in March 2014.

Ant Financial, the operators of Alipay, became an equity partner in April 2018, announcing a strategic partnership to promote financial inclusion for the unbanked and underbanked communities in Bangladesh.

SoftBank Vision Fund II invested $250 million in bKash in November 2021, acquiring a significant stake of over 10% and increasing bKash's valuation.

On a similar theme: Neo Bank Owner

Kamal Quadir, the founder and CEO of bKash, has been selected for the Aspen Institute's Finance Leaders Fellowship. He is among 23 leaders worldwide chosen for this prestigious program.

The Finance Leaders Fellowship is a global community of values-based senior finance leaders driving industry change to power societal progress. They join a wider community of over 3,500 values-based leaders in more than 60 countries.

The 2023 Class of Finance Fellows will embark on a two-year leadership journey that challenges them to reflect on their responsibilities as industry leaders. This journey will help them cultivate deep commitments to values-driven leadership and launch a social impact venture.

The finance ecosystem affects lives and livelihoods in every corner of the world, making systemic change in the industry crucial. The 2023 Class of Finance Fellows will pursue systems-level solutions to entrenched industry and societal challenges.

Bkash owner, BRAC Bank, has a governance structure that ensures transparency and accountability.

The bank's board of directors is responsible for overseeing the overall strategy and direction of the bank.

BRAC Bank's board of directors consists of 11 members, including the chairman, who is also the chairman of BRAC Bank's parent company, BRAC.

The bank's management team is led by a managing director who reports to the board of directors.

For your interest: Heritage Bank Nigeria Owner

The bKash management team is made up of experienced and accomplished individuals who have a proven track record in entrepreneurship and innovation. Arun Gore, Iqbal Z Quadir, and Mahmood Sattar are the key members of the team.

Arun Gore's work history is not mentioned in the provided information. Iqbal Z Quadir is an accomplished entrepreneur and a long-time champion of the critical role of entrepreneurship and innovations in creating prosperity in low-income countries. He realized that the cell phone could be a productivity tool to lift up the poorest in the world.

Iqbal Z Quadir's business model was proven right, and Grameenphone is the largest telephone company in Bangladesh with over fifty million subscribers. It provides telephone access to more than 100 million rural people living in 60,000 villages and generates revenues close to $1 billion annually. With infrastructure investments of more than $1 billion, Grameenphone is providing cellular coverage throughout Bangladesh.

Mahmood Sattar's work history is not mentioned in the provided information. Iqbal Z Quadir also serves as the founder and Director Emeritus of the Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology.

The bKash management team has a significant presence, with Iqbal Z Quadir and Mahmood Sattar both serving as members of the team.

Suggestion: Owner Seller Financing

The Board of Directors plays a crucial role in the governance of bKash.

Arun Gore is a member of the bKash Board of Directors. Iqbal Z Quadir and Mahmood Sattar are also part of the board.

Iqbal Z Quadir's experience in entrepreneurship and innovation is quite impressive. He founded Gonofone, a company that became the launch-pad for Grameenphone, the largest telephone company in Bangladesh with over 50 million subscribers.

Mahmood Sattar is also a member of the bKash Board of Directors.

bKash's Board of Directors includes: