A mobile banking boom is boosting remittances to Bangladesh’s countryside
Kamal Quadir, a serial entrepreneur, is often on the money. After introducing e-commerce to Bangladesh via CellBazaar, an electronic marketplace sold to Norway’s Telenor in 2010, he joined forces with his brother to launch bKash, a mobile banking network. The six-year-old company now counts 29m accounts, the lion’s share of a national total of 58m. By providing unbanked people with an affordable solution to stash their cash, says Mr Quadir, bKash’s CEO, the payment system has become “the collective mattress for the whole country”.
The boom is not without precedent.Read More