ShoreBank International Announces New Mobile Money Initiative | Bill & Melinda Gates Foundation
To build a highly scalable mobile money platform, allowing low income people in Bangladesh to store, transfer, and receive money safely thereby extending the reach of the financial system to unbanked individuals, households and entrepreneurs.
CHICAGO--ShoreBank International Ltd. (SBI) announced today that it has received a $10 million grant from the Bill & Melinda Gates Foundation to support a newly-established local enterprise build a highly scalable electronic payment platform in Bangladesh.
In a joint venture between BRAC Bank, Ltd. and Money in Motion, a new mobile money company called bKash will provide an electronic payment platform to increase access to a broader range of financial services for low income people of Bangladesh and promote sustainable micro-savings to achieve broader financial inclusion. By providing financial services that are convenient, affordable, and reliable, bKash aims to achieve greater financial inclusion, providing access for the unbanked to products and services that are safe and efficient. The international consulting firm SBI is partnering with bKash to provide services at a large scale that will allow low income people in Bangladesh to store, transfer, and receive money safely via an extensive network of community-based agents and existing technology, including mobile phones.
To read the full press release, visit the Shorebank International web site.