Islami Bank rebrands mCash service

Islami Bank Bangladesh PLC yesterday launched a rebranding drive for its mobile financial service, mCash, to boost digital transactions.

Ahsan H Mansur, governor of Bangladesh Bank, inaugurated the rebranding programme as the chief guest at the Pan Pacific Sonargaon Dhaka in the capital, according to a press release.

In his speech, Mansur said Islami Bank has a strong customer base, with more than 30 million customers connected to the bank.

He said mCash should be expanded by leveraging Islami Bank’s extensive network of 400 branches, 271 sub-branches and around 2,800 agent outlets. The service should also be integrated into the bank’s remittance flows, adding that mCash would play a key role in building a cashless society.

To strengthen mCash, long-term planning is needed along with building customer trust, he said. Customers should be encouraged through incentives and cashback offers, while efforts should be made to bring the retail market and SME sector under QR code-based transactions.

Besides cash-in and cash-out services, greater emphasis should be placed on digital transactions, Mansur said, adding that increased digital transactions would help reduce corruption, boost revenue by Tk 200,000 crore and strengthen the economy.

“We want the mobile financial services market not to remain a monopoly but to expand further. This will benefit both the economy and customers,” he added.

Presiding over the programme, Prof M Zubaidur Rahman, chairman of Islami Bank Bangladesh PLC, said mCash, with 30 million customers, would surpass its competitors. He called upon all stakeholders to encourage the use of mCash.

Arief Hossain Khan, executive director of Bangladesh Bank; Md Omar Faruk Khan, managing director of Islami Bank Bangladesh PLC; Mohammad Khurshid Wahab, chairman of the executive committee; Md Abdus Salam, chairman of the audit committee; Prof M Masud Rahman, chairman of the risk management committee; and Md Abdul Jalil, independent director, among others, were also present.