bKash, DataSoft's joint initiative to increase digital payments in microfinance

Integrating digital payments in the microfinance sector can save work hours, enhance productivity, simplify instalment and deposit collection, ensure 24/7 transaction reporting, reduce cash-carrying risk, and increase efficiency of cash management, experts have said.

They also said digital payments will ensure overall efficiency and bring dynamism to the country's microcredit activities.

The speakers said this while speaking at a seminar jointly organised by bKash and DataSoft to raise awareness on digital payments, reads a press release issued today (27 March).

Representatives from different Microfinance Institutes (MFIs) using Microfin360 solution by DataSoft participated in the seminar arranged recently at a city hotel where Kamal Quadir, chief executive officer (CEO) of bKash, M M Manjur Mahmud, president of DataSoft Systems, Ali Ahmmed, chief commercial officer (CCO) of bKash, among other top officials were present in the occasion.

At the event, speakers also discussed the benefits of using digital payments in MFIs through bKash specially on automatic bank settlement, digital receipt and passbook, receiving instalments and savings from clients any time and place, microfinance payment by dialling *247#, payment from agent points etc. They also discussed about making overall microcredit activities more effective, efficient, easier, faster and safer through digital transactions.

Meanwhile, Mahfuzur Rahman Chowdhury, executive director of Muslim Aid Bangladesh and Md Moshihur Rahman, microfinance director of People's Oriented Program Implementation (POPI) spoke on digital inclusion in microcredit activities.

Besides, Farmina Hossain, operations director of BURO Bangladesh, Mifta Nayeem Huda, Executive Director of Centre for Development Innovation and Practices (CDIP) and AKM Sirajul Islam, executive director of BASA Foundation also addressed the programme through a video message.

DataSoft has long been providing data management and accounting system services to various MFIs through their Microfin360 solution. Around 10 million customers of more than 200 MFIs use DataSoft's solution to enjoy hassle-free loan instalment repayment through bKash, saving valuable time and cost.

They also said that the joint service of bKash and DataSoft will add a new dimension to the microcredit activities conducted across the country.