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DHAKA, Jan 7, 2025 (BSS) - Another six leading microfinance institutions (MFI) have signed agreements with bKash to avail the services of installment payments for their savings and loan schemes.

Some 7 lakh members of these MFIs can pay their installments through the convenient, fast and secured ‘Microfinance’ payment option in bKash app following few simple steps.

In this regard, bKash has signed agreements with People's Oriented Program Implementation (POPI), Society for Development Initiatives (SDI), Grameen Jano Unnayan Sangstha (GJUS), Integrated Development Foundation (IDF), Nabolok Parishad and Modern Development Organization (MDO), said a press release.
 
With these additions, now nearly 15 million members of 25 MFIs can easily pay their loan installments and deposit savings.

Recently, Ali Ahmmed, Chief Commercial Officer of bKash has signed separate agreements with the executives of these organisations at a hotel in the capital.

On behalf of the organizations, Md Moshihur Rahman, Director-EES of People's Oriented Program Implementation; Shamsul Haque, Executive Director of Society for Development Initiatives; Zakir Hossain Mohin, Executive Director of Grameen Jano Unnayan Sangstha; Zahirul Alam, Executive Director of Integrated Development Foundation; Md Altaf Hossain, Deputy Executive Director (F&C) of Nabolok Parishad; Md. Masud Ahmed Rokoni, Executive Director of Modern Development Organization; M Monjur Mahmud, President of DataSoft and other high officials from all the organisations were present at the signing ceremony.

The release said bKash has brought this user-friendly solution to simplify and digitise the payment collection process of the microfinance sector.

This solution is ensuring convenient and secured payment option for members and also enabling the MFIs to manage their finance more efficiently by saving time and resources.

Microfinance has been making significant contributions to Bangladesh's economy, particularly in poverty reduction, employment generation, disaster management, small and medium enterprises, family health, educations, better livelihood and many other areas.