Bangladesh’s first MFS-based digital savings scheme launched: IDLC

A 'Digital Savings Scheme' has been launched to enable people including the ones previously living outside financial inclusion to enjoy term-deposit services of IDLC Finance by using their bKash accounts.

Leading non-banking financial institution IDLC Finance has introduced the scheme at a launching event held at the corporate head office of IDLC Finance in Gulshan, Dhaka on Wednesday.

Thanks to this initiative, the first of its kind in Bangladesh, bKash customers can now open monthly savings anytime from anywhere, following a few simple steps, according to a news release.

It said users can deposit savings instalments from the bKash app on the scheduled date of each month and once the savings scheme is matured, customers will receive the money including profits in their bKash account.

“This collaboration between IDLC Finance and bKash to connect customers with traditional financial services through mobile financial services (MFS) will serve as an example for the industry,” said M Jamal Uddin, MD and  CEO of IDLC Finance.

He expressed hope that access to services like the monthly savings scheme would also contribute to the improvement of people’s living standards and economic development.

Kamal Quadir, CEO of bKash,added, “bKash, which has become a part of the lives of millions across the country, has once again utilised technological innovations to make it easier for customers to get access to savings service of financial institutions.”

“To further encourage the savings trend, IDLC's savings service has been brought to the doorsteps of marginalized people to enhance their efficiency and independence in financial management."

This new service, the partners believe,will inspire people from all walks of life to save money and it will make the savings process “easier, safer, more profitable and affordable”.

To open savings account in IDLC, customers need to click on 'Savings (in bank and financial institution)' icon from the home screen of bKash app and follow some easy steps, said the news release. Customers also need to provide their personal information and details of nominee.

Customers will be able to see all the important information ‘Live’ from the bKash app, including total savings amount, savings period, and profits, the release mentioned.