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5 mobile financial service providers in Bangladesh

By Leandra Monteiro

May 11, 2022

  • Bangladesh
  • Bkash
  • Digital Money Transfers

Payments, BangladeshThe FinTech market in Asia-Pacific is expected to cross $150 billion by 2025, as per research. According to EY Global FinTech Adoption Index 2019, China and India led the FinTech Adoption Index at 87%. Bangladesh, a neighbouring country is also accelerating its FinTech adoption by leveraging mobile technology.

As a good portion of the country is unbanked, Bangladesh’s FinTech industry revolves around Mobile Financial Services (MFS). MFS refer to branchless banking or mobile banking services offered to both the banked and unbanked population groups at affordable rates. Through MFS, users in remote locations can add money to their mobile accounts at nominal charges without visiting a physical bank branch.

Furthermore, due to COVID-19 contactless transactions and e-wallet adoption got an even bigger boost. Bangladesh has approximately 85 million MFS-registered accounts. Here are the some of the prominent ones leading the digital payments way:


bKash Limited (bKash) is a Bank-led Mobile Financial Service Provider in Bangladesh operating under the license and approval of the Central Bank (Bangladesh Bank) as a subsidiary of BRAC Bank Limited. bKash provides safe, convenient and easy ways to make payments and money transfer services via mobile phones to both the unbanked and the banked people of Bangladesh.

bKash started as a joint venture between BRAC Bank Limited, Bangladesh and Money in Motion LLC, USA in 2010. In April 2013, International Finance Corporation (IFC), a member of the World Bank Group, became an equity partner and in March 2014, Bill & Melinda Gates Foundation became the investor of the company.

The ultimate objective of bKash is to ensure access to a broader range of financial services for the people of Bangladesh. It aims to serve the low-income masses of the country to achieve broader financial inclusion by providing services that are convenient, affordable and reliable.

Dmoney Bangladesh

Dmoney is a digital wallet that provides lifestyle, payment and financial services within a single app. Its mission is to break cash-to-digital barriers, transform the digital payment experience and leverage technology to build an ecosystem by bringing together partners, stakeholders and consumers on to the Dmoney platform and network.

Dmoney users can transfer money to Dmoney wallets, pay for purchases, add and withdraw money from bank accounts, pay utility bills, book tickets, make savings, and make donations through the wallet. It also offers a bill collection platform for businesses.

iPay Systems

iPay is a digital payments company with a goal to build a secure payments ecosystem that people and businesses in Bangladesh choose to securely transact with each other online, in stores and on mobile devices.

iPay provides high value to the safety of people’s financial information and smoothness  nd ease of use in payment experience. Keeping this fact in considerations iPay is determined to create a safe network of payment for individuals and businesses.

iPay has a solid investment portfolio to build, operate and scale the network for Bangladesh and international market. iPay investors include proven entrepreneurs who are involved in many Banks, financial institutions and high-tech industries in Bangladesh and abroad.


Bangladesh Post Office (BPO) launched ‘Nagad’ a Digital Financial Service (DFS) in November 2018 with the aim to spearhead the DFS revolution in Bangladesh. Nagad combines the Electronic Money Transfer System (EMTS) and Postal Cash Card service previously announced by the BPO.

Nagad MFS platform covers money transactions via Cash-In, Cash-Out, and Send Money. It also includes popular services like mobile recharge. The upcoming services include utility bills payment and an e-commerce payment gateway.


SureCash is one of the fastest growing FinTech Companies in Bangladesh. Starting its services in 2014, it has created an open payment network in partnership with 5 local banks, including one of the largest state banks and more than 650 payment partners.

SureCash has developed its own proprietary technology and software development team initially focusing on connecting schools, colleges, government education programs reaching the last mile and utilities that touch most lives. This has resulted in a broad and deep network and customers with a low median age, acquired at minimal Customer Acquisition Cost (CAC) by aligning and leveraging its payment partners and securing a young customer base with significant Customer Long-term Value (CLV).

ALSO READ: Global Payments Vendors and Landscape Report Q4 2021

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