TOP 25 Bangladesh Payment Systems

bKash — Bangladesh’s Mobile Money Revolution

Overview
When people talk about financial inclusion in South Asia, one name shines brightest — bKash. 🌟
Launched in 2011, bKash transformed Bangladesh from a cash-driven economy into one of the world’s most vibrant mobile financial service (MFS) ecosystems.

Today, more than 70 million Bangladeshis use bKash to send money, pay bills, receive salaries, and shop online — even without a bank account.
With a market share exceeding 75% of the MFS sector, bKash is not just a fintech; it’s a national infrastructure for digital money.

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Founding, Ownership & Governance

• Founded: 2011

• Parent Company: bKash Limited

• Founders: Kamal Quadir & Iqbal Quadir (also founder of Grameenphone)

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank

• Major Shareholders: BRAC Bank (51%), Ant Group (Alibaba Group), Bill & Melinda Gates Foundation, IFC (World Bank Group)

• CEO (2025): Kamal Quadir

• Employees: 2,500+

The combination of local banking (BRAC) and global investors (Ant Group, IFC) gave bKash both financial depth and technological sophistication — a rare blend in developing markets.

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Service Portfolio

Core Services

• Person-to-Person (P2P) Transfers — instant mobile money transfers nationwide.

• Cash In / Cash Out — 350,000+ agent points across all districts.

• Bill Payments — utilities, telecom, and government services.

• Merchant Payments — QR-based and NFC acceptance.

• Mobile Recharge & Salary Disbursement.

• International Remittance — from over 50 countries via MoneyGram, Western Union, Remitly.

Advanced Offerings

• bKash App: smart UI for savings, e-commerce, donations, and tickets.

• bKash Pay: digital checkout gateway for online stores.

• Micro-Savings & Loans: in partnership with BRAC Bank and City Bank.

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Geography & Market Reach 🌍
bKash operates nationwide in Bangladesh, reaching both urban and rural populations equally.
It serves 100% of districts and nearly every village, with agents located within 1 km for 95% of residents.
Cross-border remittance partnerships cover the Middle East, Malaysia, Singapore, UK, and USA.

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Nuances & Expert Insights 💡
bKash succeeded because it bridged the formal and informal economy.
Instead of replacing cash overnight, it digitized the same behavior people already had — sending money to family, paying school fees, topping up phones.

Expert note:

“bKash didn’t just launch an app; it created a culture of trust in digital money.” 💬

Strengths:
1️⃣ Massive agent network for accessibility.
2️⃣ Strong regulatory and investor backing.
3️⃣ Simple UI and local-language support.

Challenges:

• High transaction fees on small transfers.

• Competition from Nagad and Rocket.

• Dependence on cash-out still high (70%).

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Research & Key Metrics (2025)

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Conclusion 💬
bKash is the backbone of Bangladesh’s digital payments revolution — an inclusive, regulated, and trusted system that brought millions into the financial mainstream.
It shows how technology, policy, and purpose can combine to reshape an entire nation’s economy.

👉 “bKash — money in your mobile, trust in your hand.” 📱💰🇧🇩

Nagad — The Digital Finance Powerhouse Bridging Innovation & Inclusion

Overview
In a nation dominated by bKash for nearly a decade, few imagined another player could challenge its dominance — until Nagad arrived. ⚡
Launched in 2019, Nagad (meaning “cash” in Bangla) rapidly became Bangladesh’s second-largest Mobile Financial Service (MFS), powered by the Bangladesh Post Office (BPO).

By combining state infrastructure with private-sector innovation, Nagad created a model of public–private fintech partnership — one that today serves over 85 million accounts and processes $12 billion+ annually.
Its mission: “Digital financial services for every citizen.” 🇧🇩💰

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Founding, Ownership & Governance

• Founded: 2019

• Parent Entity: Third Wave Technologies Limited

• Regulatory Partner: Bangladesh Post Office (Government of Bangladesh)

• Founder & CEO: Tanvir A. Mishuk

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank

• Key Stakeholders: Government of Bangladesh (via BPO), Third Wave Technologies, Private Fintech Investors

• Employee Base: ~2,000

Nagad operates under a special regulatory framework that allows it to leverage BPO’s 9,886 post offices nationwide, creating unmatched reach — even beyond where traditional banks operate.

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Service Portfolio

Core Digital Services

• P2P Money Transfer: Instant mobile-to-mobile transactions.

• Cash In / Cash Out: 250,000+ active agents & post offices.

• Mobile Recharge & Utility Bill Payments.

• Merchant Payments: QR-based and online checkout.

• Salary, Stipend, and G2P Disbursement: Used by the Government for welfare and pension schemes.

Advanced Offerings

• Nagad Islamic: Shariah-compliant mobile banking option. 🕌

• Digital KYC (eKYC): Introduced world’s first “instant onboarding through mobile network verification.”

• Savings & Microloans: Partnership with multiple local banks.

• International Remittance: Integrated with WorldRemit, Western Union, and Ria.

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Geography & Market Reach 🌍
Nagad operates across all 64 districts of Bangladesh, serving both urban users and hard-to-reach rural communities.
Through its post office infrastructure, Nagad reaches nearly 95% of households, including those outside the coverage area of private banks.

It has also begun cross-border experiments in digital remittances with Malaysia and the UAE, targeting Bangladeshi expatriates.

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Nuances & Expert Insights 💡
Nagad’s key innovation lies in eKYC through mobile SIM verification, which reduced onboarding time from 48 hours to under 1 minute — a first in South Asia.
This innovation allowed the company to scale faster than any other MFS in history.

Expert note:

“Nagad didn’t just digitize cash — it reimagined how citizens access money.” 😎

Strengths:
1️⃣ Government partnership ensures trust and scale.
2️⃣ Fastest onboarding via SIM-based verification.
3️⃣ Deep integration with public welfare programs.

Challenges:

• Regulatory friction with Bangladesh Bank.

• Lower merchant acceptance than bKash.

• Needs stronger global remittance channels.

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Research & Metrics (2025)

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Conclusion 💬
Nagad’s growth is a story of national vision meeting fintech speed.
It took the trust of a government institution, the reach of post offices, and the efficiency of digital innovation — and built an inclusive payments ecosystem from the ground up.

👉 “Nagad — from post office to pocket, transforming Bangladesh one tap at a time.” 🇧🇩💳✨

Rocket — The Pioneer That Started Bangladesh’s Mobile Banking Era

Overview
Before bKash or Nagad became household names, Rocket laid the foundation for digital banking in Bangladesh. 🚀
Launched in 2011 by Dutch-Bangla Bank Limited (DBBL), Rocket became Bangladesh’s first bank-led Mobile Financial Service (MFS) — connecting traditional banking with mobile convenience long before fintechs arrived.

Today, Rocket remains a trusted platform for salary transfers, remittances, government payments, and merchant transactions, serving over 30 million users nationwide.
Its simple USSD and app-based ecosystem continues to reach both urban professionals and rural families, bridging the gap between the banked and unbanked. 💳📲

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Founding, Ownership & Governance

• Founded: 2011

• Parent Organization: Dutch-Bangla Bank Limited (DBBL)

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank

• Chairman: Sayem Ahmed

• Managing Director & CEO: Abul Kashem Md. Shirin

• Key Partner: Bangladesh Telecommunications Company Ltd (BTCL)

• Employee Base: 3,000 +

• Ownership Type: Fully bank-owned and operated MFS

Unlike other mobile money services that evolved from telecom companies or private fintechs, Rocket is a pure bank innovation — directly regulated, highly compliant, and deeply integrated with the national banking network.

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Service Portfolio

Core Services

• Mobile-to-Mobile Money Transfer (P2P): Instant fund transfers between Rocket users.

• Cash In / Cash Out: 300,000+ agents and DBBL branches nationwide.

• Merchant Payments: QR and POS-based acceptance through DBBL network.

• Bill Payments: Electricity, water, gas, telecom, and education fees.

• Salary & G2P Disbursements: Used by government programs and NGOs.

• Bank-to-Rocket Transfers: Direct integration with DBBL accounts.

Advanced Offerings

• Rocket App: A modernized version of its USSD service with biometric login.

• Remittance Integration: Supports Western Union and 15+ international partners.

• Rocket Business: Payment gateway for SMEs and small online shops.

• Microcredit Access: In collaboration with DBBL microfinance initiatives.

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Geography & Market Reach 🌍
Rocket operates across all 64 districts and serves millions in rural Bangladesh, particularly in areas with poor banking infrastructure.
Its agent network rivals that of bKash, with 300,000+ touchpoints, ensuring accessibility in villages, marketplaces, and bus terminals.

DBBL’s strong reputation and presence in education, remittance, and government sectors helped Rocket remain relevant despite fierce competition.

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Nuances & Expert Insights 💡
Rocket’s biggest strength is its integration with the formal banking system — giving users access to both cash and account-based finance.
It was the first MFS to introduce interoperability between bank accounts and mobile wallets in Bangladesh.

Expert note:

“Rocket didn’t chase hype — it built the foundation every other fintech stands on.” 💬

Strengths:
1️⃣ Backed by a trusted commercial bank (DBBL).
2️⃣ First-mover advantage and strong regulatory compliance.
3️⃣ Robust infrastructure for G2P and remittance payments.

Challenges:

• Outpaced by more aggressive marketing from bKash and Nagad.

• Limited app innovation until recent years.

• Need for deeper merchant integration in e-commerce.

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Research & Key Metrics (2025)

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Conclusion 💬
Rocket may not make daily headlines, but it remains Bangladesh’s original digital banking success story.
It paved the way for MFS regulation, interoperability, and mass adoption — setting the stage for bKash, Nagad, and others.

👉 “Rocket — Bangladesh’s first digital launchpad toward cashless finance.” 🇧🇩🚀💳

Upay — The Smart Bank-Led Fintech Revolution in Bangladesh

Overview
In a landscape once dominated by pioneers like bKash and Rocket, Upay emerged as the modern challenger redefining mobile banking in Bangladesh. 🚀
Launched in March 2021 by United Commercial Bank Limited (UCB), one of Bangladesh’s largest private banks, Upay (meaning solution) delivers next-generation Mobile Financial Services (MFS) with a clean interface, low fees, and deep banking integration.

Within just four years, Upay has become a major player with 15 million registered users and 250,000+ agents, processing more than $4.5 billion annually.
Its tagline — “Digital Finance, Simplified” — reflects its goal to merge the security of banking with the ease of fintech. 💳✨

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Founding, Ownership & Governance

• Founded: 2021

• Parent Organization: United Commercial Bank Limited (UCB)

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank

• Chairman (UCB): Anisuzzaman Chowdhury

• CEO (Upay): Sydul Haque Khandaker

• Employee Base: 1,500 +

• Ownership Type: 100% subsidiary of UCB

Upay operates as a bank-owned MFS, giving it a strong foundation in compliance, liquidity, and partnerships, while also allowing fintech-style agility through its app and APIs.

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Service Portfolio

Core Financial Services

• P2P Transfers: Instant person-to-person money transfers across all networks.

• Cash In / Cash Out: 250,000+ registered agents.

• Mobile Recharge & Bill Payments: Electricity, water, gas, telecom, and internet.

• Merchant Payments: QR code and NFC-based transactions at 100K+ stores.

• G2P Disbursement: Government allowances, stipends, and COVID-relief funds.

Advanced Offerings

• Upay Salary Accounts: For corporates and SMEs.

• Digital Loan & Micro-Savings: In partnership with UCB Bank.

• Upay Visa Debit Card: Linked directly with MFS balance (first of its kind in Bangladesh). 💳

• International Remittance: Integration with Western Union and UAE Exchange.

• In-App QR Pay: Unified across bKash, Nagad, and Rocket for full interoperability.

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Geography & Market Reach 🌍
Upay’s digital-first strategy gives it strong penetration in urban and semi-urban centers, especially Dhaka, Chittagong, Sylhet, and Khulna.
Through UCB’s existing 200+ branch network, Upay also expands into rural markets, giving financial access to millions of unbanked citizens.

By 2025, Upay is accepted by over 120,000 merchants, including e-commerce platforms, fuel stations, hospitals, and universities.

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Nuances & Expert Insights 💡
Upay combines banking-grade reliability with startup-level innovation.
Its instant Visa card linkage and low transaction fees (0.7%) make it one of the most competitive MFS providers in the country.

Expert note:

“Upay’s strength lies in trust — users get fintech speed backed by a real bank.” 💬

Strengths:
1️⃣ Backed by a full-fledged commercial bank (UCB).
2️⃣ Interoperable QR payments (Bangladesh’s first).
3️⃣ Digital card integration and global remittance.

Challenges:

• Late entry compared to bKash and Nagad.

• Needs stronger rural awareness campaigns.

• Intense competition in merchant ecosystem.

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Research & Key Metrics (2025)

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Conclusion 💬
Upay represents Bangladesh’s next generation of digital finance — efficient, secure, and fully bank-backed.
It’s bridging the gap between mobile money and traditional banking, offering citizens an ecosystem that’s both trustworthy and tech-forward.

👉 “Upay — where fintech meets the future of Bangladeshi banking.” 🇧🇩💳📲

SureCash — Empowering Payments Through Education & Partnerships

Overview
While most Mobile Financial Services (MFS) in Bangladesh focused on peer-to-peer money transfer, SureCash took a different route — integrating education, government payments, and mobile banking into one accessible platform. 📱💡
Launched in 2014, SureCash quickly became one of the most trusted payment networks for universities, schools, and government programs, building a unique ecosystem that connects students, institutions, and banks.

By 2025, SureCash serves over 10 million customers, connects 400+ educational institutions, and processes more than $3 billion annually. Its platform represents the perfect blend of bank-led stability and fintech innovation for developing economies. 🇧🇩

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Founding, Ownership & Governance

• Founded: 2014

• Parent Organization: Progoti Systems Limited

• Founder & CEO: Dr. Shahadat Khan (former BUET professor and IT entrepreneur)

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank

• Partner Banks: Rupali Bank, Bank Asia, Bangladesh Krishi Bank, Social Islami Bank

• Employee Base: ~1,200

• Ownership Type: Private fintech company under multi-bank partnership

SureCash operates as a multi-bank mobile financial service platform, one of the few in Bangladesh not tied to a single bank.
This allowed it to connect users from various banks and government entities under one interoperable framework.

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Service Portfolio

Core Services

• P2P Money Transfer: Instant mobile transactions through USSD & app.

• Cash In / Cash Out: 150,000+ agents nationwide.

• Bill Payments & Mobile Recharge.

• Merchant Payments: QR-based and POS-enabled transactions.

• Government Payments: Stipends, scholarships, and welfare disbursements.

Specialized Education Ecosystem 🎓

• Integrated with 400+ schools, colleges, and universities.

• Tuition and exam fee payments directly via mobile wallet.

• Partnership with National University, Dhaka University, and Bangladesh Open University.

• Education Ministry e-Payments managed via SureCash since 2018.

Other Offerings

• Remittance Support: Partnered with Transfast and Western Union.

• Savings & Micro-loans: Through partner banks.

• Merchant API Gateway: Enables e-commerce integration.

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Geography & Market Reach 🌍
SureCash operates across all 64 districts with a focus on urban and semi-rural educational hubs.
It’s widely used in Dhaka, Rajshahi, Sylhet, and Chittagong, especially by students and teachers.
The platform’s academic partnerships give it a loyal and recurring customer base that few other MFS operators can match.

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Nuances & Expert Insights 💡
SureCash’s biggest differentiator is its education-first approach — something no other fintech in Bangladesh prioritized.
By embedding itself in everyday payments like school fees, it created long-term trust among young users and families.

Expert note:

“SureCash made fintech part of the learning experience — not just a financial tool.” 🎓

Strengths:
1️⃣ Multi-bank connectivity ensures flexibility and resilience.
2️⃣ Deep integration with the education sector.
3️⃣ Strong compliance with government and academic institutions.

Challenges:

• Slower user growth compared to bKash and Nagad.

• Needs broader merchant coverage outside education.

• Digital app interface less modern than competitors.

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Research & Key Metrics (2025)

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Conclusion 💬
SureCash represents the academic and civic heart of Bangladesh’s digital payments movement.
It connected schools, students, and state programs — turning financial inclusion into a tool for empowerment and progress.

👉 “SureCash — when education meets innovation, every transaction teaches something new.” 🇧🇩💳🎓

Tap — Bangladesh’s First All-Digital Banking Platform for a Cashless Future

Overview
Among the new wave of Bangladeshi fintechs, Tap stands out as a pioneer of digital-first banking — a financial ecosystem designed for the smartphone era. ⚡
Launched in 2021, Tap is licensed as a Payment Service Provider (PSP) under Bangladesh Bank, aiming to create a fully interoperable, cardless, and paperless payment experience for individuals and businesses alike.

With its minimalist app, instant onboarding, and unified payment APIs, Tap became a trusted platform for startups, freelancers, and retail merchants.
By 2025, Tap has grown to serve 7 million users, powering over $2.8 billion in annual transactions, and positioning itself as one of the fastest-growing digital payment providers in the country.

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Founding, Ownership & Governance

• Founded: 2021

• Parent Entity: Green & Red Technologies Limited

• Founder & CEO: Arifuzzaman Arif

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank

• Ownership: Privately held PSP with institutional fintech investors

• Strategic Partners: Mastercard, Mutual Trust Bank (MTB), LankaBangla Finance

• Employees: 500 +

Tap operates under a Payment Service Provider (PSP) license — not as a bank, but with regulatory access to interbank and merchant payment infrastructure, ensuring speed and security.

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Service Portfolio

Core Digital Services

• Account-to-Account (A2A) Payments: Real-time transfers between users via Tap ID or QR code.

• QR & NFC Merchant Payments: Accepted at 80,000+ outlets nationwide.

• Online Checkout Gateway: API-based integration for e-commerce platforms.

• Bill Payments & Recharges: Electricity, telecom, gas, and broadband.

• Business Dashboard: Multi-user wallet and accounting features for SMEs.

Advanced Offerings

• Tap for Freelancers: International payout service for Upwork, Fiverr, and Payoneer users. 🌍

• Tap Card (Virtual & Physical): Prepaid Mastercard linked to wallet balance.

• Salary Disbursement for Corporates.

• Tap Biz API: Enables fintech startups to embed payments, payouts, and KYC verification.

Security & Compliance 🔒

• ISO 27001 Certified

• PCI DSS Compliant

• 2FA Authentication & Biometric Login

• AI-powered fraud detection

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Geography & Market Reach 🌍
Tap is active in all major urban centers — Dhaka, Chittagong, Sylhet, Rajshahi, and Khulna — with rapid expansion into semi-urban and SME-heavy zones.
Its network includes 80,000+ merchants, 12+ banks, and 4+ financial institutions.

Tap’s focus on digital-native users, especially young professionals, freelancers, and online sellers, gives it a distinct demographic advantage over legacy MFS platforms.

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Nuances & Expert Insights 💡
Tap’s approach differs from bKash or Nagad — instead of focusing on cash-in/cash-out, it pushes digital money circulation through online purchases, salary deposits, and cardless merchant payments.

Expert note:

“Tap is Bangladesh’s closest model to Revolut or Paytm Bank — agile, data-driven, and 100% digital.” 💬

Strengths:
1️⃣ Seamless app design for fintech-native users.
2️⃣ Business tools for SMEs and online platforms.
3️⃣ Global partnerships with Mastercard & Payoneer.

Challenges:

• Still building agent coverage outside urban centers.

• Relatively new, competing against large incumbents.

• Needs broader government or remittance integration.

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Research & Key Metrics (2025)

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Conclusion 💬
Tap is shaping the next generation of digital banking in Bangladesh, bridging fintech innovation with everyday usability.
It’s sleek, smart, and secure — a platform built for a future without cash or cards.

👉 “Tap — pay, earn, and grow digitally with confidence.” 🇧🇩💳⚙️

CellFin — Bangladesh’s First Shariah-Compliant Digital Banking Super App

Overview
In a market filled with conventional digital wallets and MFS platforms, CellFin offers something truly distinct — a Shariah-compliant, all-in-one digital banking ecosystem built on Islamic finance principles. 🌙
Launched in 2020 by Islami Bank Bangladesh Limited (IBBL), CellFin combines banking, payments, investments, and lifestyle services within a single mobile app.

With over 10 million users by 2025, CellFin stands as Bangladesh’s largest Islamic fintech platform, offering secure, compliant, and modern digital finance options for both individuals and businesses.

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Founding, Ownership & Governance

• Founded: 2020

• Parent Organization: Islami Bank Bangladesh Limited (IBBL)

• Chairman (IBBL): Prof. Md. Nazmul Hassan

• Managing Director & CEO: Mohammed Monirul Moula

• Regulator: Bangladesh Bank

• Headquarters: Dhaka, Bangladesh

• Ownership Type: Fully bank-owned fintech division

• Employee Base: 2,000 +

• Strategic Partners: Visa, Mastercard, and multiple Islamic microfinance organizations

CellFin’s foundation rests on IBBL’s legacy as the first and largest Islamic bank in South Asia, ensuring complete Shariah supervision under certified Islamic scholars.

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Service Portfolio

Core Financial Services

• Digital Account Opening: Fully online Shariah-compliant Mudaraba savings accounts.

• Fund Transfer: Instant transfers between CellFin, IBBL, and other banks.

• Bill & Utility Payments: Electricity, gas, water, internet, and telecom.

• Mobile Recharge & Merchant Payments: Via QR and NFC acceptance.

• Remittance Services: Integration with IBBL’s international remittance network across 80+ countries.

Advanced Offerings 🕌

• Zakat & Donation Module: Automates religious giving to registered institutions.

• Halal Investment Options: Access to Islamic mutual funds and sukuk.

• Microfinance Access: Integration with Islamic microcredit institutions.

• Salary Disbursement & SME Tools: Payroll management for Shariah-compliant businesses.

• Islamic Lifestyle Features: Prayer time, Qibla direction, and zakat calculators built into the app.

Security & Compliance 🔒

• Dual-layer biometric login and PIN protection.

• PCI DSS and ISO 27001 certified.

• Supervised by IBBL’s Shariah Supervisory Committee for all financial products.

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Geography & Market Reach 🌍
CellFin is operational in all 64 districts of Bangladesh, with its strongest presence in Dhaka, Sylhet, Chittagong, Rajshahi, and Mymensingh — regions with high Islamic banking penetration.
By leveraging IBBL’s 380+ branches and 1,500 sub-branches, CellFin delivers rural reach unmatched by standalone fintechs.

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Nuances & Expert Insights 💡
CellFin represents the fusion of faith and fintech — catering to millions of users who prefer interest-free, Shariah-compliant finance.
Its modular design allows users to move seamlessly between prayer, zakat, remittance, and digital banking within one interface.

Expert note:

“CellFin proves that fintech innovation and Islamic ethics can grow together — without compromise.” 💬

Strengths:
1️⃣ Shariah-compliant ecosystem under IBBL supervision.
2️⃣ Largest rural and remittance reach in Bangladesh.
3️⃣ Strong lifestyle integration and community trust.

Challenges:

• Interface modernization needed to compete with newer fintech apps.

• Slower onboarding compared to pure digital wallets.

• Limited appeal among non-Islamic corporate clients.

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Research & Key Metrics (2025)

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Conclusion 💬
CellFin marks a milestone in Bangladesh’s digital transformation — a super app that merges spirituality, trust, and technology.
It empowers millions with ethical finance options, reaffirming that modern banking can align with religious principles.

👉 “CellFin — where faith meets fintech, and every transaction stays Halal.” 🇧🇩🌙💳

TallyPay — Empowering SMEs Through Smart Business Payments

Overview
As Bangladesh’s economy rapidly digitizes, small and medium enterprises (SMEs) remain the country’s growth engine — yet they often face bottlenecks in managing invoices, collections, and employee payments.
Enter TallyPay, launched in 2022, a B2B payment automation platform built to simplify business-to-business (B2B) and business-to-consumer (B2C) transactions for the SME sector. ⚙️💳

Backed by a consortium of Bangladeshi tech entrepreneurs and financial institutions, TallyPay integrates accounting, payroll, and payments into one digital dashboard — helping business owners track cash flow, pay vendors, and collect dues instantly.

By 2025, TallyPay serves over 250,000 businesses, processes $2 billion in annual transactions, and has become the go-to platform for digital SME finance. 🇧🇩

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Founding, Ownership & Governance

• Founded: 2022

• Parent Organization: TallyPay Fintech Limited

• Founders: Asif Rahman (ex-BASIS), Nazia Islam (ex-BKash), and Mahmudul Hasan (ex-Banglalink)

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank (PSO license, 2023)

• Investors: Startup Bangladesh Limited (Govt. VC), IDLC Finance, and Global Ventures Singapore

• Valuation (2025): ~$120 million

• Employees: 350 +

TallyPay’s early success comes from combining fintech efficiency with local business workflows, tailored to Bangladesh’s retail and trading environment.

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Service Portfolio

Core Business Services

• Invoice Management: Auto-generate, send, and track invoices with payment links.

• Digital Collections: Receive payments through QR, cards, or mobile wallets.

• Vendor Payments: Batch transfer via bank or MFS.

• Payroll Automation: Salary disbursement with one-click approval.

• Expense Tracking & Analytics Dashboard.

Advanced Features

• TallyPay Gateway API: Enables integration with e-commerce platforms and ERP software.

• TallyPay Card: Prepaid Mastercard for business expenses.

• SME Lending Integration: Connects to IDLC and Brac Bank for working capital loans.

• Tax & Compliance Tools: Auto-calculates VAT and generates digital reports.

• Multilingual App: Available in English and Bangla for regional accessibility. 🇧🇩📲

Security & Compliance 🔒

• ISO 27001 & PCI DSS certified.

• AML/KYC verification powered by National ID and EKYC.

• 2FA authentication for all transactions.

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Geography & Market Reach 🌍
TallyPay operates in 42 districts, with high concentration in Dhaka, Narayanganj, Gazipur, and Chittagong, where SME activity is strongest.
Its partnerships with e-commerce and logistics companies like Daraz, Pathao, and RedX have expanded digital invoicing adoption among small merchants and online retailers.

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Nuances & Expert Insights 💡
TallyPay’s main strength lies in SME digitization — it targets the underserved business segment often ignored by retail-focused fintechs.
By automating payroll, invoicing, and compliance, it reduces the friction that small businesses face daily.

Expert note:

“TallyPay isn’t just a payments platform — it’s a financial operating system for Bangladeshi SMEs.” 💬

Strengths:
1️⃣ Business-centric design and integration.
2️⃣ Real-time settlement across MFS and banks.
3️⃣ Strong government and institutional backing.

Challenges:

• Still building brand awareness among rural SMEs.

• Needs more integration with international payment systems.

• Competition from regional ERP startups.

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Research & Key Metrics (2025)

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Conclusion 💬
TallyPay is paving the way for a digital-first SME economy in Bangladesh.
By bringing automation, transparency, and integration into small business finance, it’s unlocking new growth potential for entrepreneurs across the country.

👉 “TallyPay — your business, simplified and digitized.” 🇧🇩💼⚙️

Dmoney — Connecting Banking, Lifestyle, and Fintech Through APIs

Overview
In Bangladesh’s rapidly evolving fintech ecosystem, Dmoney stands out as one of the first platforms to merge digital banking, payments, and lifestyle services under one intelligent, API-driven ecosystem. ⚙️📲
Launched in 2019, Dmoney was designed to empower individuals and enterprises to manage money, payments, and daily financial activities seamlessly — both online and offline.

With its modern app interface, open API system, and lifestyle integrations, Dmoney has positioned itself as Bangladesh’s PayPal + GrabPay hybrid, serving both end-users and businesses.
By 2025, it supports 5.5 million users, 40,000+ merchants, and handles $1.8 billion in annual transactions.

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Founding, Ownership & Governance

• Founded: 2019

• Parent Organization: Dmoney Bangladesh Limited

• Founders: Anjan Chowdhury (Square Group) & Kamal Quadir (ex-bKash advisor)

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank (Payment Service Provider license)

• Investors: Square Group, ICT Division of Bangladesh, and local venture funds

• Employee Base: 600 +

• CEO (2025): Kamal Quadir

Dmoney is notable for being one of Bangladesh’s first government-licensed Payment Service Providers (PSP), bridging banks, merchants, and mobile users under a single digital framework.

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Service Portfolio

Core Financial Services

• P2P Transfers: Instant fund transfers between Dmoney wallets or linked bank accounts.

• Bill Payments: Utilities, tuition fees, and telecom recharges.

• QR & Online Merchant Payments: Unified platform for physical stores and e-commerce.

• Business Collections: API-based invoicing and digital checkout.

• Payroll & Disbursement Services for SMEs and NGOs.

Advanced Offerings 💡

• Dmoney Lifestyle: Pay for groceries, rides, and services from within the app.

• Remittance Integration: Receive money from abroad directly into wallet or linked account.

• Savings & Microloans: Partnerships with BRAC Bank and LankaBangla Finance.

• API Ecosystem: Businesses can plug Dmoney’s APIs for payments, authentication, and KYC.

• Dmoney App Superstore: Integrated ecosystem for ordering food, tickets, and shopping. 🛍️

Security & Compliance 🔒

• Licensed under Bangladesh Bank PSP framework.

• PCI DSS Level 1 & ISO 27001 certified.

• End-to-end encryption, biometric login, and fraud monitoring engine.

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Geography & Market Reach 🌍
Dmoney operates across all 64 districts, with strong merchant networks in Dhaka, Chittagong, and Sylhet.
It is especially popular among young professionals, online sellers, and freelancers, serving as both a wallet and mini-bank.

Dmoney’s API infrastructure also enables fintech startups and government entities to integrate payment capabilities directly into their platforms.

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Nuances & Expert Insights 💡
Dmoney’s strength lies in ecosystem integration — it’s not just a wallet but a “digital hub” connecting users, banks, and service providers.
It builds trust by combining corporate credibility (Square Group) with technological innovation.

Expert note:

“Dmoney is building Bangladesh’s fintech backbone — one API at a time.” 💬

Strengths:
1️⃣ Strong enterprise and API capabilities.
2️⃣ Lifestyle integration within the payments ecosystem.
3️⃣ Trusted corporate backing from Square Group.

Challenges:

• Intense competition from larger MFS providers.

• Needs deeper penetration in rural markets.

• Merchant network smaller than bKash or Nagad.

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Research & Key Metrics (2025)

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Conclusion 💬
Dmoney is helping Bangladesh transition toward a connected, API-driven financial future.
By linking payments, banking, and lifestyle in one secure platform, it’s redefining how people interact with money.

👉 “Dmoney — Bangladesh’s smarter, simpler way to live digitally.” 🇧🇩💳⚙️

TapPay — Accelerating Bangladesh’s Shift Toward Contactless Living

Overview
As Bangladesh’s cities grow smarter, the need for fast, frictionless payments in transport, retail, and entertainment has become essential.
TapPay, launched in 2021, emerged as the country’s first large-scale contactless payment network, built to modernize how people pay in public transport, toll gates, and retail stores. 🚍💳

By combining NFC, QR, and wearable payment technology, TapPay provides instant offline and online payments even in low-connectivity zones — bridging modern tech with everyday convenience.
By 2025, TapPay serves 2.5 million active users, partners with 12 banks, and operates across Dhaka, Chittagong, and Gazipur, processing $900 million+ annually.

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Founding, Ownership & Governance

• Founded: 2021

• Parent Company: TapPay Technologies Bangladesh Limited

• Founder & CEO: Farzana Rahman (ex-Mastercard Bangladesh)

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank (Payment Service Provider license)

• Strategic Partners: Mastercard, NCC Bank, Dhaka Transport Coordination Authority (DTCA)

• Investors: Startup Bangladesh Ltd., Orbit Capital, and several local VCs

• Employee Base: 300 +

TapPay was designed to reduce cash dependency in mass mobility and urban retail sectors, pioneering Bangladesh’s first unified contactless card system across buses and metro rails.

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Service Portfolio

Core Services

• Contactless Travel Card: NFC-enabled prepaid card for metro, buses, and ferries.

• Retail POS Acceptance: Accepted at 50,000+ outlets.

• TapPay Wallet App: For loading, tracking, and managing transactions.

• QR Payments: Interoperable across bKash, Nagad, and Rocket merchants.

• Online Checkout Integration: Seamless payments for e-commerce and ticketing platforms.

Advanced Offerings 🚀

• Wearable Payments: NFC bracelets for students and commuters.

• Corporate Transit Cards: Linked to company payroll accounts.

• TapPay API Gateway: For transport companies and retailers to accept TapPay through POS terminals.

• AI Transaction Monitoring: Predictive fraud analytics and offline caching for high-speed processing.

Security & Compliance 🔒

• EMV & PCI DSS certified.

• Real-time transaction encryption and 2FA.

• Fully interoperable under Bangladesh Bank’s QR Standard 2023.

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Geography & Market Reach 🌍
TapPay operates primarily in Dhaka Metro, Gazipur BRT, and Chittagong Transport, covering 200+ transit routes.
It also partners with supermarkets, universities, hospitals, and petrol stations for retail adoption.
Pilot programs are expanding into Rajshahi and Sylhet by late 2025.

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Nuances & Expert Insights 💡
TapPay’s strength lies in its mobility-first model, capturing daily commuters who make millions of small transactions each day.
Unlike mobile wallets that focus on online payments, TapPay builds a real-world network that integrates fintech directly into physical infrastructure.

Expert note:

“TapPay made public transport smarter — and cash obsolete — one tap at a time.” 💬

Strengths:
1️⃣ Unified transit and retail payment ecosystem.
2️⃣ Strong partnerships with banks and transport regulators.
3️⃣ Offline transaction capability ensures reliability.

Challenges:

• High initial infrastructure costs for transport deployment.

• Limited awareness outside major cities.

• Reliance on metro expansion for user growth.

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Research & Key Metrics (2025)

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Conclusion 💬
TapPay is redefining how Bangladesh moves, shops, and pays — making every journey and purchase as easy as a single tap.
It’s not just a payment system, but a smart infrastructure layer driving the nation toward cashless, contactless living.

👉 “TapPay — your city, your card, your tap.” 🇧🇩🚍💳

Trust Axiata Pay (TAP) — Bridging Telecom Power with Banking Trust

Overview
In a market where mobile money drives financial inclusion, Trust Axiata Pay (TAP) emerged as a game-changing collaboration between a telecom giant and a military-backed bank — a rare fusion of technology, security, and national credibility. ⚡

Launched in 2021, TAP is a joint venture between Trust Bank Limited (owned by the Bangladesh Army Welfare Trust) and Axiata Digital Services, a subsidiary of Robi Axiata Ltd., one of the country’s leading telecom operators.

By 2025, TAP has gained 12 million users, connected 200,000+ agents, and processed $5.8 billion+ in annual transactions.
Its tagline — “Simple. Safe. Smart.” — perfectly captures its focus on convenience and reliability for both retail users and corporate clients. 🇧🇩💳

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Founding, Ownership & Governance

• Founded: 2021

• Parent Entities: Trust Bank Ltd. (TBL) & Axiata Digital Services

• CEO (2025): Major General (Retd.) Rahat Khan

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank

• Key Stakeholders: Bangladesh Army Welfare Trust, Robi Axiata Ltd.

• Employee Base: 1,000 +

This hybrid ownership model gives TAP a unique dual advantage:

• Telecom reach (via Robi’s 55M+ mobile users), and

• Bank-grade stability (via Trust Bank’s infrastructure and regulation).

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Service Portfolio

Core Financial Services

• P2P Transfers: Instant fund transfers between TAP accounts or linked banks.

• Cash In / Cash Out: 200,000+ agents nationwide.

• Bill Payments & Mobile Recharge.

• Merchant Payments: QR and NFC-based transactions.

• Remittance Services: Integration with Western Union and MoneyGram.

• G2P & Salary Disbursement: Trusted platform for government and defense-sector payments.

Advanced Offerings ⚙️

• TAP Microloan Program: Credit scoring based on transaction patterns.

• Corporate Payroll Integration: For government, military, and private organizations.

• TAP Business App: Merchant dashboard for transaction insights and e-invoicing.

• Card Services: Virtual TAP Mastercard linked to wallet balance.

• TAP for Youth: Financial literacy and student allowance program.

Security & Compliance 🔒

• Multi-layer encryption & biometric login.

• Full compliance with Bangladesh Bank’s MFS Regulations (2022).

• AML monitoring through Trust Bank’s compliance network.

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Geography & Market Reach 🌍
TAP operates nationwide across all 64 districts, with strongholds in military cantonments, Robi coverage zones, and university hubs.
It’s accepted at 150,000+ merchant outlets, covering everything from pharmacies to e-commerce.

Its integration with Robi’s telecom infrastructure allows users to register and operate TAP wallets directly through SIM-linked identity — simplifying onboarding and compliance.

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Nuances & Expert Insights 💡
TAP’s greatest strength lies in trust and accessibility.
By combining a defense-backed bank with a telecom network, it guarantees security, scale, and rural reach — three pillars often missing in standalone fintechs.

Expert note:

“TAP didn’t just build a wallet — it built confidence in digital money.” 💬

Strengths:
1️⃣ Hybrid power of telecom + banking.
2️⃣ High security and defense-grade reliability.
3️⃣ Ideal for government and institutional transactions.

Challenges:

• Complex dual governance slows innovation cycles.

• Needs greater focus on lifestyle and youth services.

• Competes in a crowded MFS field with bKash and Nagad.

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Research & Key Metrics (2025)

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Conclusion 💬
Trust Axiata Pay (TAP) represents the new era of institutional fintech in Bangladesh, combining telecom agility with banking discipline.
It’s secure, fast, and inclusive — ideal for a country bridging tradition and technology.

👉 “TAP — powered by trust, driven by innovation.” 🇧🇩📲💳

OK Wallet — The Smart Banking Extension for Bangladesh’s Digital Future

Overview
Before the boom of telecom-led mobile money, One Bank Limited took a visionary step toward digitizing retail finance by launching OK Wallet in 2016.
It became one of Bangladesh’s earliest bank-led Mobile Financial Service (MFS) platforms — bridging traditional banking with digital convenience long before it was mainstream. 🏦📱

By 2025, OK Wallet has evolved into a complete digital ecosystem offering banking, merchant payments, and remittance services through a single app.
Serving 6 million+ customers and 80,000+ merchants, OK Wallet continues to strengthen the bank-led alternative to private fintechs like bKash and Nagad.

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Founding, Ownership & Governance

• Founded: 2016

• Parent Organization: One Bank Limited (OBL)

• Chairman: Sayeed Hossain Chowdhury

• Managing Director & CEO: Md. Muntasirul Islam

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank (MFS License)

• Ownership Type: Fully owned by One Bank Limited

• Employees: 1,200 +

OK Wallet represents the One Bank Group’s commitment to digital transformation, integrating conventional banking with modern fintech infrastructure.

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Service Portfolio

Core Services

• Wallet-to-Wallet Transfers: Instant P2P transactions nationwide.

• Cash In / Cash Out: 80,000+ agents and One Bank branches.

• Utility Bill Payments: Gas, electricity, water, and broadband.

• Mobile Recharge & e-Tickets.

• Merchant Payments: QR, NFC, and dynamic payment codes.

• Remittance Service: Receive international money directly into wallet.

Advanced Offerings ⚙️

• Bank-to-Wallet & Wallet-to-Bank Transfers: Linked with One Bank accounts.

• Corporate Payroll & G2P Disbursement.

• OK Wallet Card: Dual-interface debit card for online and POS payments.

• Savings & Loan Features: Integrated with One Bank’s retail lending system.

• Merchant Dashboard: Real-time analytics, settlement, and reconciliation tools.

Security & Compliance 🔒

• PCI DSS Level 1 Certified.

• Biometric login, PIN, and two-factor authentication.

• Regulated under Bangladesh Bank’s MFS Guidelines (2022 Update).

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Geography & Market Reach 🌍
OK Wallet operates across all 64 districts, with strong adoption in Dhaka, Sylhet, and Chittagong.
It serves both retail customers and merchants, enabling payments across restaurants, hospitals, schools, and e-commerce stores.

Through One Bank’s 130+ branches, OK Wallet maintains cash support and customer service even in semi-rural areas.

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Nuances & Expert Insights 💡
OK Wallet’s defining advantage lies in its bank-backed liquidity and integration with One Bank’s ecosystem, allowing users to enjoy the stability of a bank with the speed of a fintech.
It’s particularly popular among small merchants, freelancers, and salaried professionals who want safe, compliant digital banking without relying on telecom-led apps.

Expert note:

“OK Wallet stands for order, knowledge, and convenience — a perfect blend of banking and technology.” 💬

Strengths:
1️⃣ Deep integration with One Bank’s retail banking network.
2️⃣ Robust security and full compliance with central regulations.
3️⃣ Growing merchant base with QR interoperability.

Challenges:

• Lags behind bKash in brand visibility.

• Interface modernization and UX improvement needed.

• Limited partnerships beyond One Bank.

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Research & Key Metrics (2025)

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Conclusion 💬
OK Wallet remains one of the most stable, compliant, and integrated digital wallets in Bangladesh.
By blending banking-grade trust with modern payment innovation, it continues to drive financial inclusion and digital empowerment across the nation.

👉 “OK Wallet — your bank, your wallet, your way.” 🇧🇩💳📲

MeghnaPay — Powering Digital Payments with Industrial Strength

Overview
While many Bangladeshi fintechs evolved from telecom or banking sectors, MeghnaPay stands out as a corporate-backed fintech driven by one of the country’s largest industrial conglomerates — Meghna Group of Industries (MGI). 🏭💳

Launched in 2022, MeghnaPay leverages MGI’s vast ecosystem — spanning consumer goods, cement, steel, and financial services — to deliver fast, scalable, and secure digital payments for both individuals and businesses.
Within three years, it became a top-tier PSP (Payment Service Provider) under Bangladesh Bank, processing $1.2 billion+ annually and serving over 3 million users.

Its vision is simple: “Digital finance for every Bangladeshi, built on local trust.” 🇧🇩💰

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Founding, Ownership & Governance

• Founded: 2022

• Parent Organization: Meghna Group of Industries (MGI)

• Founder & Chairman: Mostafa Kamal

• CEO: Shafqat Rahman

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank (PSP license)

• Employees: 500 +

• Strategic Partners: BRAC Bank, MasterCard, Nagad interoperability network

MeghnaPay benefits from MGI’s financial infrastructure, including its own bank, insurance, and consumer network, making it one of the few vertically integrated fintechs in Bangladesh.

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Service Portfolio

Core Financial Services

• Wallet-to-Wallet Transfers: Instant peer-to-peer payments nationwide.

• Cash In / Cash Out: 120,000+ agent points.

• QR Payments: Accepted in Meghna retail stores, fuel stations, and partner merchants.

• Bill & Utility Payments: Gas, electricity, water, and education fees.

• Mobile Recharge & Gift Cards.

• E-commerce Checkout Integration.

Advanced Offerings ⚙️

• Corporate Payment Solutions: For payroll and supplier settlements across MGI and partners.

• Cross-Industry Loyalty Program: Rewards users across MGI brands (Fresh, No.1 Cement, Meghna Life Insurance).

• Remittance Integration: Direct wallet credits from the Middle East and Malaysia.

• Microfinance Tools: In partnership with Grameen Trust.

• Tap-to-Pay & NFC Card: Linked to Meghna Bank accounts.

Security & Compliance 🔒

• PCI DSS & ISO 27001 certified.

• AI-based fraud monitoring engine.

• Supervised by Bangladesh Bank under PSP guidelines.

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Geography & Market Reach 🌍
MeghnaPay has a nationwide presence through MGI’s retail and industrial network — including over 200 distribution hubs, 800 corporate clients, and tens of thousands of retail touchpoints.
Its wallet and merchant network have particularly strong adoption in Chittagong, Narayanganj, and Khulna, where MGI’s factories and trading partners operate.

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Nuances & Expert Insights 💡
MeghnaPay is unique because it builds fintech capability on top of an industrial foundation.
This gives it deep corporate reach, financial muscle, and logistical scale — something few fintechs can match.

Expert note:

“MeghnaPay is what happens when a manufacturing empire meets digital innovation.” 💬

Strengths:
1️⃣ Corporate ecosystem guarantees liquidity and adoption.
2️⃣ Seamless integration with MGI’s consumer brands.
3️⃣ Rapid scaling through existing retail and logistics networks.

Challenges:

• Needs stronger consumer branding beyond MGI ecosystem.

• Limited international visibility.

• Competes with established wallets for daily-use payments.

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Research & Key Metrics (2025)

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Conclusion 💬
MeghnaPay shows how Bangladesh’s traditional industries are embracing fintech innovation.
By leveraging manufacturing scale, retail trust, and banking connections, it delivers a robust, homegrown alternative to foreign-influenced payment systems.

👉 “MeghnaPay — from factory floor to fintech frontier.” 🇧🇩🏭💳

PrimePay — Redefining Corporate & SME Banking in the Digital Era

Overview
In a market dominated by retail mobile wallets, Prime Bank Limited took a bold step to create a digital-first payment platform built specifically for SMEs, corporates, and professionals.
Launched in 2021, PrimePay combines corporate banking tools, online payments, payroll, and expense management in a single platform. 💳💼

Unlike consumer-focused apps such as bKash or Nagad, PrimePay focuses on digital enterprise transformation, giving businesses the ability to automate payments, handle collections, and link directly with accounting systems.
By 2025, PrimePay serves over 80,000 business users, 1.2 million end customers, and processes $3.5 billion+ annually through its integrated payment ecosystem.

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Founding, Ownership & Governance

• Founded: 2021

• Parent Organization: Prime Bank Limited

• Chairman: Tanjil Chowdhury

• Managing Director & CEO: Hassan O. Rashid

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank

• Employee Base: 700 +

• Strategic Partners: Mastercard, Visa, Tally Solutions, and Shohoz Tech

PrimePay reflects Prime Bank’s commitment to innovation and SME empowerment, aligning with the central bank’s push for digital enterprise inclusion.

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Service Portfolio

Core Business Solutions

• Payroll Automation: Schedule and distribute employee salaries via mobile or web.

• Vendor & Supplier Payments: Batch transfer with automated reconciliation.

• Collections Gateway: Receive customer payments via QR, UPI-style links, or cards.

• Corporate Wallets: Manage company funds securely, assign spending limits.

• Invoice Management & e-Receipts.

Advanced Offerings ⚙️

• PrimePay API Suite: Allows ERP, POS, and fintech startups to integrate payments.

• Expense Cards: Reloadable Visa cards for employee or travel expenses.

• PrimePay Merchant App: Unified dashboard for analytics and settlement tracking.

• SME Financing: Access to Prime Bank’s collateral-free business loans.

• Cross-Border B2B Payments: Integrated with SWIFT and regional PSPs.

Security & Compliance 🔒

• PCI DSS & ISO 27001 certified.

• Real-time fraud detection using AI anomaly modeling.

• End-to-end encryption and multi-level approval workflows.

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Geography & Market Reach 🌍
PrimePay serves all 64 districts of Bangladesh through both digital and branch-linked services.
Its key sectors include manufacturing, logistics, education, healthcare, and IT services, particularly in Dhaka, Gazipur, and Narayanganj.

Internationally, PrimePay partners with Payoneer, Mastercard Cross-Border Services, and Singapore-based PSPs, enabling B2B and freelancer payments. 🌏

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Nuances & Expert Insights 💡
PrimePay stands out because it brings corporate-grade functionality to SMEs — a sector often ignored by consumer fintechs.
Its seamless ERP integration and payroll automation make it the preferred digital banking tool for growing businesses.

Expert note:

“PrimePay didn’t just digitize payments — it digitized Bangladesh’s business backbone.” 💬

Strengths:
1️⃣ Enterprise-grade API ecosystem.
2️⃣ Backed by one of the country’s most reputable banks.
3️⃣ Dual benefit: banking reliability + fintech efficiency.

Challenges:

• Needs to build brand awareness beyond business circles.

• Competition from new SME fintechs (TallyPay, Dmoney Biz).

• Limited offerings for individual retail customers.

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Research & Key Metrics (2025)

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Conclusion 💬
PrimePay has become the digital bridge between banking and business, helping thousands of Bangladeshi enterprises operate smarter and faster.
It’s transforming how companies pay, get paid, and grow — all within a secure, regulated digital environment.

👉 “PrimePay — powering business, simplifying payments.” 🇧🇩🏦💳

PayStation — Bangladesh’s Next-Gen Payment Gateway Powering Digital Commerce

Overview
In the rapidly growing Bangladeshi e-commerce and startup ecosystem, PayStation has emerged as a key digital payment gateway that connects merchants, consumers, and financial institutions under one reliable, API-driven platform. ⚙️💳

Founded in 2018, PayStation enables seamless online and in-store payments via cards, mobile wallets, bank transfers, and QR codes — supporting both local and international transactions.
By 2025, PayStation serves 35,000+ online merchants, processes $4 billion+ annually, and is one of the country’s fastest-growing Payment Service Providers (PSPs) approved by Bangladesh Bank.

Its mission: “To simplify payments for digital Bangladesh.” 🇧🇩✨

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Founding, Ownership & Governance

• Founded: 2018

• Parent Organization: CloudWell Limited

• CEO & Co-Founder: Mirza Asif Baig

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank (Payment System Operator license)

• Employees: 500 +

• Strategic Partners: Visa, Mastercard, BRAC Bank, Bank Asia, and bKash

• Investors: Startup Bangladesh Limited, Global Fintech Ventures

PayStation operates under a Payment System Operator (PSO) license, allowing it to handle large-scale digital transactions and serve fintech startups, government agencies, and e-commerce giants like Daraz, Evaly, and Pathao.

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Service Portfolio

Core Services

• Payment Gateway: Accept cards, wallets, and bank payments online.

• POS & QR Acceptance: For retail stores and micro-merchants.

• Recurring Billing & Subscriptions: Ideal for SaaS and service-based companies.

• Refund & Dispute Management: Automated reconciliation tools.

• Multi-Currency Support: For cross-border e-commerce.

Advanced Offerings ⚙️

• PayStation API Suite: Integrates with Shopify, WooCommerce, Magento, and custom ERP systems.

• PayStation Checkout SDK: Plug-and-play for mobile app developers.

• Payment Links & Smart Invoicing: For freelancers and SMEs.

• Fraud Prevention Engine: AI-based risk scoring & velocity monitoring.

• Settlement Gateway: Same-day fund settlement to merchants’ bank accounts.

Security & Compliance 🔒

• PCI DSS Level 1 certified.

• SSL encryption, tokenization, and real-time fraud detection.

• Compliant with Bangladesh Bank’s PSP/PSO Guidelines (2022).

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Geography & Market Reach 🌍
PayStation operates nationwide, with merchant hubs in Dhaka, Chittagong, Khulna, and Sylhet.
It serves clients in retail, education, healthcare, government services, logistics, and ride-sharing sectors.
The platform also integrates with international payment networks for Bangladeshi exporters and freelancers. 🌏

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Nuances & Expert Insights 💡
PayStation’s edge lies in its omni-channel infrastructure — one system that works for both online and physical payments.
It’s a trusted partner for hundreds of fintech startups and e-commerce brands that rely on its APIs for checkout, verification, and settlement automation.

Expert note:

“PayStation isn’t just a gateway — it’s the backbone of Bangladesh’s digital commerce engine.” 💬

Strengths:
1️⃣ Unified API platform for all payment modes.
2️⃣ Fast settlements and transparent pricing.
3️⃣ Trusted by top-tier banks and fintechs.

Challenges:

• Competes directly with Razorpay-style players entering Bangladesh.

• Requires stronger branding to attract small merchants.

• Needs higher awareness in rural e-commerce.

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Research & Key Metrics (2025)

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Conclusion 💬
PayStation has become the digital highway for Bangladeshi payments, empowering thousands of merchants and startups to transact securely and efficiently.
With its strong compliance, technology, and reliability, it’s one of the key enablers of Digital Bangladesh 2.0.

👉 “PayStation — powering every payment, every business, everywhere.” 🇧🇩💻💳

iPay — The Pioneer of Digital Wallet Licensing in Bangladesh

Overview
Before the boom of mobile money and PSPs, iPay Systems Limited was the trailblazer that introduced the concept of a digital wallet under full regulatory supervision in Bangladesh. 💳
Founded in 2015, iPay became the first company to receive a Payment Service Provider (PSP) license from Bangladesh Bank in 2018, marking the beginning of a new fintech era.

By combining bank-grade security with an easy-to-use app, iPay created the foundation for peer-to-peer transfers, QR payments, and merchant checkout, setting the standard that later players like Dmoney and Tap followed.
By 2025, iPay serves 3.8 million users, partners with 25 banks, and processes $1.1 billion+ annually across its network.

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Founding, Ownership & Governance

• Founded: 2015

• Launched Publicly: 2018

• Parent Organization: iPay Systems Limited

• Founder & CEO: Zakaria Swapan (former IT executive at British Telecom, UK)

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank (first PSP license holder)

• Employee Base: 250 +

• Strategic Partners: BRAC Bank, City Bank, Bank Asia, and MasterCard

iPay’s early partnerships with leading banks gave it real-time interoperability, making it the first PSP to enable fund transfers across all major banks and wallets in Bangladesh.

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Service Portfolio

Core Features

• Digital Wallet: Securely link bank accounts and store funds digitally.

• P2P Transfers: Instant wallet-to-wallet and bank-to-wallet payments.

• Merchant Payments: QR-based and online checkout services.

• Bill & Utility Payments: Electricity, internet, water, and tuition.

• Mobile Top-ups: Prepaid and postpaid recharge for all operators.

Advanced Offerings ⚙️

• iPay Business: Merchant dashboard for analytics, invoicing, and settlement.

• API & SDK Integrations: For fintech startups and e-commerce companies.

• Cashless Events & Ticketing: QR payment support at events and venues.

• Cross-Border Payment Gateway: Pilot partnerships with UAE and Singapore PSPs.

• Corporate Payroll Module: Employee salary disbursements for SMEs.

Security & Compliance 🔒

• PCI DSS Level 1 certified and ISO 27001 compliant.

• End-to-end encryption and tokenization.

• Real-time transaction notifications with AI fraud detection.

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Geography & Market Reach 🌍
iPay operates in all major districts, with particularly strong presence in Dhaka, Sylhet, and Chittagong.
Its early adoption by urban professionals and students helped it build a loyal base in the tech-savvy segment, later expanding to SMEs and freelancers.

The company also collaborated with government programs and utility boards for direct payment integration, expanding its ecosystem across education, energy, and e-commerce.

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Nuances & Expert Insights 💡
iPay’s strength lies in its regulatory leadership — being the first PSP to receive Bangladesh Bank approval gave it unmatched credibility.
Although newer fintechs like bKash and Nagad grew faster, iPay remains a trusted, secure, and developer-friendly platform.

Expert note:

“Every PSP that came after iPay followed the rails it laid down.” 💬

Strengths:
1️⃣ First licensed PSP in Bangladesh.
2️⃣ Bank-agnostic and interoperable.
3️⃣ API-first approach built for fintech scalability.

Challenges:

• Limited marketing visibility after 2022.

• Slower user growth than telecom-led wallets.

• Needs modern UI/UX revamp to compete with newer players.

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Research & Key Metrics (2025)

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Conclusion 💬
iPay will always hold a historic place in Bangladesh’s fintech evolution — as the first digital wallet to turn cash into code, legally and securely.
It laid the groundwork for a generation of digital payment platforms and continues to serve as a trusted PSP for secure, compliant transactions.

👉 “iPay — Bangladesh’s first step toward a digital financial future.” 🇧🇩💳📱

eWallet — Where Traditional Banking Meets Modern Fintech

Overview
Bangladesh’s banking sector has been steadily modernizing, but few institutions have embraced full-scale digital transformation as boldly as Midland Bank Limited.
Launched in 2021, eWallet is Midland Bank’s proprietary mobile financial and lifestyle banking app, designed to merge branchless banking, payments, and savings under one seamless ecosystem. 📱💳

Unlike standalone mobile wallets, eWallet connects directly to Midland Bank’s core banking system, offering a unified experience where users can open accounts, transfer funds, invest, and pay — all within a single super app.
By 2025, it has reached 4.5 million users, with a transaction volume exceeding $2.1 billion annually.

Its tagline: “Your Bank, Always With You.” 🇧🇩✨

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Founding, Ownership & Governance

• Founded: 2021

• Parent Organization: Midland Bank Limited

• Chairman: Nilufer Zafarullah

• Managing Director & CEO: Md. Ahsan-uz Zaman

• Headquarters: Gulshan, Dhaka

• Regulator: Bangladesh Bank

• Employees: 1,000 +

• Strategic Partners: Mastercard, Visa, PathaoPay, and Nagad interoperability

As a bank-led fintech, Midland’s eWallet is fully backed by regulated banking infrastructure, giving users high confidence in liquidity, compliance, and deposit safety — something most MFS cannot guarantee.

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Service Portfolio

Core Banking & Payment Services

• Digital Account Opening: Fully paperless onboarding with NID & facial recognition.

• P2P Fund Transfers: Instant bank-to-bank and wallet-to-wallet.

• QR Payments: Interoperable with bKash, Nagad, and Rocket networks.

• Bill & Utility Payments: Electricity, water, gas, and internet.

• Mobile Top-up & E-commerce Checkout.

Advanced Offerings ⚙️

• Savings & Deposits: Direct access to Midland’s savings, DPS, and FDR schemes.

• Microloans & Credit Line: Quick loans based on transaction history.

• Remittance Services: Direct integration with international partners.

• Investment Hub: Mutual funds and government bond purchase options.

• Merchant App: Dashboard for retailers to track and manage digital transactions.

Security & Compliance 🔒

• 256-bit encryption with biometric access.

• PCI DSS and ISO 27001 certified.

• Continuous monitoring under Bangladesh Bank’s digital banking guidelines.

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Geography & Market Reach 🌍
eWallet operates in all 64 districts, with Midland Bank branches and digital booths in 40+ urban centers.
It has particularly strong penetration in Dhaka, Khulna, Rajshahi, and Sylhet, targeting salaried professionals, students, and small business owners.

The app’s multilingual interface (English & Bangla) and integration with Nagad & bKash interoperability QR expanded its accessibility even to rural users.

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Nuances & Expert Insights 💡
eWallet’s biggest achievement is the fusion of a full bank account with wallet flexibility — something few competitors in Bangladesh offer.
This model aligns with global digital banking leaders like Revolut or Nubank, making Midland one of South Asia’s most forward-thinking banks.

Expert note:

“eWallet shows that a Bangladeshi bank can innovate like a fintech — without losing trust or regulation.” 💬

Strengths:
1️⃣ Direct linkage to full-service banking.
2️⃣ Interoperable QR and payment systems.
3️⃣ Microloan and investment integration.

Challenges:

• Competes with faster-growing standalone fintechs.

• Requires higher marketing visibility.

• Interface modernization needed for Gen Z appeal.

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Research & Key Metrics (2025)

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Conclusion 💬
eWallet by Midland Bank demonstrates how traditional financial institutions can successfully transform into digital-first innovators.
By bridging formal banking with the convenience of fintech, it’s shaping the future of secure, seamless, and sustainable finance in Bangladesh.

👉 “eWallet — your full bank, now in your pocket.” 🇧🇩🏦📱

NexusPay — Bangladesh’s First True Interbank Digital Payment Revolution

Overview
When it comes to digital payment innovation in Bangladesh, Dutch-Bangla Bank Limited (DBBL) has always been a pioneer.
In 2017, it launched NexusPay, the first interoperable mobile payment app in the country — enabling bank-to-bank, wallet, and QR-based payments long before UPI-style systems became common. 💳📱

Unlike mobile wallets tied to telecom operators, NexusPay is fully bank-centric, operating on DBBL’s robust infrastructure while also connecting users of other banks through the National Payment Switch Bangladesh (NPSB).
By 2025, it has surpassed 12 million registered users, 50,000 merchants, and handles over $6 billion in annual transactions, making it one of the largest digital banking ecosystems in the country. 🇧🇩

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Founding, Ownership & Governance

• Founded: 2017

• Parent Organization: Dutch-Bangla Bank Limited (DBBL)

• Chairman: Sayem Ahmed

• Managing Director & CEO: Abul Kashem Md. Shirin

• Headquarters: Motijheel, Dhaka

• Regulator: Bangladesh Bank

• Employee Base: 3,000 +

• Strategic Partners: Mastercard, Visa, UnionPay, Nagad, and bKash interoperability

DBBL was the first Bangladeshi bank to introduce mobile banking (Rocket) and continues to lead through NexusPay — the first multi-bank digital payment platform approved by the central bank.

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Service Portfolio

Core Payment Services

• P2P Transfers: Bank-to-bank and wallet-to-wallet across NPSB network.

• QR & NFC Payments: For in-store and transit transactions.

• Bill Payments: Electricity, water, internet, and tuition.

• Mobile Top-ups & Ticketing.

• Card Management: Add or manage DBBL Visa/MasterCard digitally.

Advanced Offerings ⚙️

• Multi-Bank Linkage: Users can connect multiple bank accounts (DBBL, City Bank, BRAC Bank, etc.).

• Instant Merchant Onboarding: For micro and small retailers.

• NexusPay Business: Merchant analytics and real-time settlement.

• Cross-Border Payments: Integration with Mastercard Cross-Border Services.

• Biometric Authentication: Fingerprint & facial recognition login.

Security & Compliance 🔒

• PCI DSS Level 1 and ISO 27001 certified.

• Tokenization for card data protection.

• Integrated with Bangladesh Bank’s NPSB and real-time transaction monitoring.

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Geography & Market Reach 🌍
NexusPay is available in all 64 districts, but its strongest presence is in Dhaka, Chittagong, Khulna, and Rajshahi.
It powers transactions across universities, hospitals, government services, transport, and retail.
Its interoperability allows users to send money to any bank account or MFS wallet, setting a new standard for open banking in Bangladesh.

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Nuances & Expert Insights 💡
NexusPay revolutionized how bank customers interact with digital payments, making it a universal app for all financial needs.
It essentially became Bangladesh’s precursor to UPI, connecting diverse financial institutions under one mobile platform.

Expert note:

“NexusPay is not just an app — it’s the digital nervous system of Bangladesh’s banking network.” 💬

Strengths:
1️⃣ First interoperable, multi-bank digital wallet.
2️⃣ Backed by a trusted and tech-driven commercial bank.
3️⃣ Deep integration with national payment infrastructure (NPSB).

Challenges:

• Interface still feels traditional compared to new fintech apps.

• Competes with Rocket (DBBL’s own MFS) and private wallets.

• Limited consumer education in rural zones.

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Research & Key Metrics (2025)

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Conclusion 💬
NexusPay by Dutch-Bangla Bank remains a cornerstone of digital banking innovation in Bangladesh.
By pioneering interoperability, bank-linking, and QR-based payments, it laid the foundation for a future where every Bangladeshi can transact instantly, securely, and seamlessly.

👉 “NexusPay — connecting every bank, every user, everywhere.” 🇧🇩💳📲

Islami Bank mCash — Pioneering Shariah-Compliant Mobile Money for All

Overview
In Bangladesh’s diverse financial ecosystem, Islami Bank Bangladesh Limited (IBBL) has been a dominant force for decades, combining religious values with modern banking.
In 2013, it launched mCash, a Shariah-compliant mobile financial service (MFS) aimed at promoting financial inclusion across rural and faith-based communities. ☪️💳

As one of the first Islamic fintech products in South Asia, mCash provides a secure, ethical, and accessible digital finance solution that aligns with Islamic principles — avoiding interest (riba), ensuring fair trade, and supporting social welfare transactions (Zakat, Waqf).
By 2025, mCash boasts 11 million registered users, 250,000 agents, and annual transactions surpassing $5 billion.

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Founding, Ownership & Governance

• Founded: 2013

• Parent Organization: Islami Bank Bangladesh Limited (IBBL)

• Chairman: Prof. Dr. Md. Nazmul Hassan

• Managing Director & CEO: Mohammed Monirul Moula

• Headquarters: Motijheel, Dhaka

• Regulator: Bangladesh Bank (MFS License)

• Shariah Board: Supervised by IBBL Shariah Supervisory Committee

• Employees (mCash Division): 1,200 +

• Partners: Visa, Mastercard, and various Islamic NGOs

IBBL’s mCash remains the largest Islamic MFS provider in Bangladesh, ensuring that digital transactions meet both modern financial standards and religious ethics.

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Service Portfolio

Core Financial Services

• P2P Money Transfers: Instant wallet-to-wallet and bank-to-wallet transfers.

• Cash In / Cash Out: 250,000+ agents across all districts.

• Utility & Bill Payments: Electricity, water, and telecom top-ups.

• Merchant QR Payments: For retail, education, and healthcare.

• Zakat & Donation Payments: Integration with Islamic charities and mosques.

Advanced Offerings ⚙️

• Microfinance & Qard Hasan Loans: Shariah-compliant small business support.

• Savings Wallets: No interest, profit-sharing mechanism instead.

• Remittance Integration: Direct transfer via partners in Saudi Arabia, UAE, and Malaysia.

• Corporate Payroll & G2P Payments: Used by Islamic NGOs and institutions.

• Merchant Dashboard: Analytics for small business owners.

Security & Compliance 🔒

• PCI DSS certified and Shariah Board audited.

• Real-time fraud detection and biometric KYC.

• Fully compliant with Bangladesh Bank MFS Guidelines.

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Geography & Market Reach 🌍
mCash has built an extensive rural presence — particularly strong in Khulna, Rajshahi, and Sylhet, regions with high unbanked populations.
Its agent network overlaps with mosques, madrasas, and cooperatives, enabling community-based digital banking.
In urban centers, mCash serves merchants, hospitals, and Islamic institutions with QR and POS integrations.

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Nuances & Expert Insights 💡
mCash’s biggest differentiator is faith-based trust.
By embedding Shariah compliance into digital finance, it has expanded inclusion among communities previously skeptical of conventional banking.

Expert note:

“mCash didn’t just digitize money — it digitized Islamic values.” 💬

Strengths:
1️⃣ Strong ethical and religious trust factor.
2️⃣ Massive rural agent network and community presence.
3️⃣ Backed by Bangladesh’s largest Islamic bank.

Challenges:

• Limited marketing toward youth and freelancers.

• Slower feature rollout compared to private fintechs.

• Interface modernization needed.

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Research & Key Metrics (2025)

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Conclusion 💬
Islami Bank mCash stands as a landmark in ethical fintech innovation — blending faith, finance, and technology.
By giving millions of Bangladeshis access to Shariah-compliant digital services, it’s helping build a more inclusive and value-driven digital economy.

👉 “mCash — finance with faith, powered by technology.” 🇧🇩☪️💳

Trust Bank EasyCash — Secure, Reliable, and Powered by National Trust

Overview
Among the most reliable financial institutions in Bangladesh, Trust Bank Limited (TBL) stands out for its integrity, military discipline, and service excellence.
In 2015, it extended this ethos into fintech by launching EasyCash, a mobile financial service (MFS) designed to provide secure, government-grade digital payments to both civilians and defense personnel. 💳📱

Backed by the Bangladesh Army Welfare Trust, EasyCash focuses on high-security transactions, institutional disbursements, and public-private digital finance.
By 2025, the platform supports 9 million users, 180,000+ agents, and over $4.5 billion in annual transactions, making it one of the top 10 mobile payment systems in the country. 🇧🇩

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Founding, Ownership & Governance

• Founded: 2015

• Parent Organization: Trust Bank Limited

• Chairman: General S. M. Shafiuddin Ahmed (Chief of Army Staff)

• Managing Director & CEO: Md. Akhlaqur Rahman

• Headquarters: Dhaka Cantonment, Bangladesh

• Regulator: Bangladesh Bank (MFS license)

• Employees (EasyCash Division): 800 +

• Partners: Mastercard, Robi Axiata, and Bangladesh Army Welfare Trust

Trust Bank’s strong institutional governance and defense backing give EasyCash a unique advantage in reliability, compliance, and nationwide reach.

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Service Portfolio

Core Financial Services

• P2P Transfers: Instant wallet-to-wallet and bank transfers.

• Cash In / Cash Out: 180,000+ agents across 64 districts.

• Utility & Bill Payments: Gas, electricity, and telecom.

• Merchant Payments: QR & NFC enabled for retail stores.

• Mobile Top-up & Ticketing.

• Payroll Services: Widely used for salary distribution in defense and public sectors.

Advanced Offerings ⚙️

• G2P (Government-to-Person) Transfers: For pensions and welfare schemes.

• Corporate Payroll Automation: Integrated with Trust Bank corporate accounts.

• Remittance Gateway: International money transfer support via Western Union.

• EasyCash Business: Merchant analytics and e-invoicing tools.

• Educational Fee Payments: Partnered with universities and schools.

Security & Compliance 🔒

• End-to-end encryption, biometric verification, and AI-powered fraud analytics.

• PCI DSS Level 1 certified.

• Supervised under Bangladesh Bank’s 2022 MFS regulations.

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Geography & Market Reach 🌍
EasyCash operates across all 64 districts, with strong presence in Dhaka, Cumilla, Bogura, and Chattogram cantonment zones.
Its defense-sector origin ensures penetration into military, government, and educational institutions, alongside regular retail users.
The EasyCash merchant network spans 70,000+ stores — from pharmacies to petrol pumps.

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Nuances & Expert Insights 💡
EasyCash differentiates itself through trust and security — its institutional heritage guarantees stability unmatched by purely private fintech startups.
It’s particularly effective for salary disbursement, pension management, and secure remittance transfers.

Expert note:

“EasyCash proves that fintech can be disciplined, secure, and national at heart.” 💬

Strengths:
1️⃣ Defense-backed credibility and reliability.
2️⃣ Wide agent network and government partnerships.
3️⃣ Seamless integration with Trust Bank’s corporate ecosystem.

Challenges:

• User interface still conservative compared to private fintechs.

• Limited lifestyle and youth-focused features.

• Needs broader interoperability with rival MFS apps.

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Research & Key Metrics (2025)

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Conclusion 💬
Trust Bank’s EasyCash combines national credibility, high-grade security, and modern financial accessibility.
It empowers both citizens and institutions to transact digitally in a system built on trust, transparency, and discipline.

👉 “EasyCash — Bangladesh’s most trusted way to move money.” 🇧🇩🎖️💳

MTB Smart Banking — Bridging Traditional Banking and Digital Innovation

Overview
In Bangladesh’s evolving financial landscape, Mutual Trust Bank (MTB) has emerged as one of the most forward-looking private banks.
Its MTB Smart Banking platform, launched in 2019, represents a bold step toward digital transformation — combining the full spectrum of banking, payments, and lifestyle services under one secure digital roof. 💳📱

Unlike standalone mobile wallets, MTB Smart Banking acts as a digital extension of full-service banking, giving users access to savings, loans, cards, investments, and instant transfers — all from a single app.
By 2025, the platform serves 4 million+ active users, powers $3.8 billion+ in annual transactions, and is recognized as one of Bangladesh’s top bank-led digital ecosystems.

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Founding, Ownership & Governance

• Founded: 2019

• Parent Organization: Mutual Trust Bank Limited (MTB)

• Chairman: Md. Hedayetullah

• Managing Director & CEO: Syed Mahbubur Rahman

• Headquarters: Gulshan, Dhaka

• Regulator: Bangladesh Bank

• Employees: 2,500 +

• Strategic Partners: Visa, Mastercard, Nagad, and bKash interoperability

MTB’s leadership — with deep expertise in digital transformation and retail innovation — positioned Smart Banking as a hybrid between fintech agility and banking-grade trust.

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Service Portfolio

Core Banking & Payments

• Digital Account Opening: Fully paperless onboarding via NID & OCR verification.

• Fund Transfers: Bank-to-bank, wallet, and international transfers.

• QR & Card Payments: Accepted at 60,000+ retail and online merchants.

• Bill & Utility Payments: Gas, water, electricity, and tuition fees.

• Mobile Recharge & Ticketing.

Advanced Offerings ⚙️

• Wealth Management: Mutual fund and bond investments through the app.

• Instant Microloans: AI-based credit scoring for small personal loans.

• MTB SmartBiz: A platform for SMEs to manage invoices, payroll, and collections.

• Remittance Wallet: Linked with Western Union and SWIFT network.

• Cards Hub: Request, activate, or block credit/debit cards digitally.

Security & Compliance 🔒

• PCI DSS Level 1 certified.

• ISO 27001 compliant and audited by Bangladesh Bank.

• Biometric authentication and behavioral fraud monitoring.

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Geography & Market Reach 🌍
MTB Smart Banking operates in all 64 districts, with particularly strong adoption in Dhaka, Sylhet, and Chittagong.
It’s popular among urban professionals, SMEs, and international remittance receivers.
The platform’s multilingual interface (English & Bangla) and integration with bKash/Nagad QR interoperability expand access across both rural and urban zones.

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Nuances & Expert Insights 💡
MTB Smart Banking’s success comes from its holistic design — it’s more than a wallet or app; it’s a digital companion for customers managing every aspect of their finances.
It also serves as a model for Bangladesh’s transition toward digital-only banking, aligning with the central bank’s “Smart Bangladesh 2041” initiative.

Expert note:

“MTB Smart Banking has set the benchmark for how banks can think like fintechs — agile, digital, and customer-first.” 💬

Strengths:
1️⃣ End-to-end digital banking under one platform.
2️⃣ Robust security and compliance record.
3️⃣ Integration with lifestyle, remittance, and SME ecosystems.

Challenges:

• Competes with newer, more agile fintechs in UX and marketing.

• Some features require further automation for scalability.

• Limited cross-border partnerships beyond Asia.

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Research & Key Metrics (2025)

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Conclusion 💬
MTB Smart Banking represents the evolution of banking into a fintech era — where convenience, compliance, and customer empowerment coexist.
It’s shaping the digital financial future of Bangladesh by proving that a trusted bank can innovate at fintech speed.

👉 “MTB Smart Banking — your money, your control, your future.” 🇧🇩🏦📲

LankaBangla FinSmart — Empowering Smarter Banking for a Digital Generation

Overview
As Bangladesh’s middle class expands and embraces digital finance, LankaBangla Finance Limited (LBFL) — one of the nation’s leading non-bank financial institutions (NBFIs) — launched FinSmart in 2020 to serve the modern, mobile-first customer.
The platform delivers a full range of financial services: deposits, loans, investments, cards, and payments, all through one sleek app. 💳📊

FinSmart’s aim is to make financial management transparent, fast, and intuitive for professionals and entrepreneurs who value control and insight over their money.
By 2025, it has attracted 3.2 million users, disbursed $300 million+ in digital loans, and enabled over $2.5 billion in annual payment transactions.

Its slogan: “Finance made smart.” 🇧🇩✨

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Founding, Ownership & Governance

• Founded: 2020

• Parent Organization: LankaBangla Finance Limited

• Chairman: Mohammad A. Moyeen

• Managing Director & CEO: Khwaja Shahriar

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank (NBFI License)

• Employees: 1,500 +

• Strategic Partners: Mastercard, Visa, bKash, and PathaoPay

LankaBangla FinSmart reflects the institution’s evolution from a traditional NBFI to a digital-first financial platform, targeting salaried customers, SMEs, and investors with personalized financial tools.

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Service Portfolio

Core Services

• Account Management: Real-time monitoring of deposits, DPS, and loans.

• Digital Payments: QR, card, and wallet transfers.

• Personal Loan Disbursement: Instant digital loans with AI-driven credit scoring.

• Utility & Bill Payments: Gas, electricity, internet, and tuition.

• Investment Dashboard: Access to mutual funds and bond portfolios.

Advanced Offerings ⚙️

• FinSmart Card: Dual-interface prepaid card for online and offline payments.

• Buy Now, Pay Later (BNPL): Consumer financing integrated with e-commerce partners.

• Corporate Payroll Integration: For business clients using LBFL’s SME solutions.

• Remittance Hub: Partnerships with UAE and UK-based PSPs.

• FinSmart Insights: Real-time spending analytics and savings goals.

Security & Compliance 🔒

• PCI DSS & ISO 27001 certified.

• Two-factor authentication and biometric security.

• Continuous oversight under Bangladesh Bank and NBFI digital finance frameworks.

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Geography & Market Reach 🌍
FinSmart is available in all 64 districts, with strong adoption in Dhaka, Chittagong, Khulna, and Sylhet.
It’s especially popular among young professionals, startup founders, and freelancers, positioning itself as a fintech for Bangladesh’s growing urban class.

The app supports both Bangla and English interfaces, improving accessibility for semi-urban users.

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Nuances & Expert Insights 💡
FinSmart stands out as one of the first fintech products developed by an NBFI, rather than a bank or telecom company.
This allows it to experiment with innovative credit models and lifestyle features, free from legacy banking restrictions.

Expert note:

“FinSmart redefines how Bangladesh’s emerging middle class experiences finance — smart, digital, and empowering.” 💬

Strengths:
1️⃣ Seamless integration of payments, credit, and investments.
2️⃣ Strong analytics and budgeting tools.
3️⃣ Backed by a trusted financial institution (LankaBangla).

Challenges:

• Limited agent and merchant network compared to MFS platforms.

• Needs stronger branding in rural regions.

• Competition from upcoming fintechs with lower loan rates.

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Research & Key Metrics (2025)

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Conclusion 💬
LankaBangla FinSmart bridges the gap between banking and personal finance technology.
It’s more than an app — it’s a digital companion that empowers Bangladesh’s next generation to save, invest, and spend smarter.

👉 “FinSmart — your money, your power, your future.” 🇧🇩📲💰

UCash — Bridging Urban and Rural Bangladesh Through Mobile Banking

Overview
United Commercial Bank Limited (UCBL), one of Bangladesh’s most innovative private banks, launched UCash in 2014 with a mission to make banking accessible to every Bangladeshi, regardless of income or location.
Designed as a mobile financial service (MFS), UCash enables cashless transactions, bill payments, fund transfers, and remittance services — effectively turning any phone into a portable bank account. 💳📱

With nearly a decade of evolution, UCash has become a core component of Bangladesh’s financial inclusion drive, serving 10 million+ users and 220,000 agents by 2025, processing $4.8 billion+ annually across all 64 districts.

Its guiding vision: “Empowering lives through digital finance.” 🇧🇩✨

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Founding, Ownership & Governance

• Founded: 2014

• Parent Organization: United Commercial Bank Limited (UCBL)

• Chairman: Anisuzzaman Chowdhury

• Managing Director & CEO: Arif Quadri

• Headquarters: Gulshan, Dhaka

• Regulator: Bangladesh Bank (MFS License)

• Employees (UCash Division): 1,000 +

• Strategic Partners: Visa, Mastercard, Robi Axiata, and bKash interoperability

UCBL’s strong banking foundation and diversified portfolio give UCash an edge in security, liquidity, and scalability — making it one of the most bank-integrated MFS solutions in Bangladesh.

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Service Portfolio

Core Financial Services

• P2P Transfers: Wallet-to-wallet, wallet-to-bank, and bank-to-wallet.

• Cash In / Cash Out: 220,000+ agent locations nationwide.

• Utility Bill Payments: Gas, electricity, and water.

• Merchant QR Payments: Accepted across UCBL merchant network.

• Mobile Top-ups & Education Payments.

• Remittance Integration: Receive international remittances directly into wallet.

Advanced Offerings ⚙️

• Corporate Disbursements: Payroll and supplier settlements.

• Government Payments: Tax, pension, and subsidy distribution.

• UCash App & USSD Access: Dual accessibility for smartphones and feature phones.

• Micro-Savings Products: Linked to UCBL’s deposit schemes.

• Card Integration: Digital card linked to UCBL account for ATM access.

Security & Compliance 🔒

• PCI DSS & ISO 27001 certified.

• Biometric verification via NID and SIM registration.

• Full compliance with Bangladesh Bank’s MFS and AML/CFT frameworks.

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Geography & Market Reach 🌍
UCash has nationwide coverage, with particularly strong networks in Dhaka, Khulna, Barishal, and Rangpur.
Its dual interface — app and USSD — ensures that even feature phone users in rural areas can perform digital transactions without internet access.
In urban areas, it serves as a convenient payment tool for small retailers, tuition centers, and public services.

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Nuances & Expert Insights 💡
UCash’s power lies in its dual accessibility model — blending digital and traditional channels to reach every socioeconomic layer.
It was one of the first MFS platforms to offer interoperability with major payment networks, ensuring smoother transactions across banks and wallets.

Expert note:

“UCash turned financial inclusion into a truly nationwide phenomenon — from smartphones to simple phones.” 💬

Strengths:
1️⃣ Inclusive access via both app and USSD.
2️⃣ Backed by a top-tier private bank.
3️⃣ Strong agent and merchant network.

Challenges:

• Interface could be more modernized for youth markets.

• Needs broader e-commerce integration.

• Competes with larger telecom-backed MFS brands.

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Research & Key Metrics (2025)

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Conclusion 💬
UCash has become one of the cornerstones of financial inclusion in Bangladesh.
By combining bank reliability, agent accessibility, and digital convenience, it’s helping millions move from cash to cashless — safely, smoothly, and sustainably.

👉 “UCash — your money, your mobile, your future.” 🇧🇩📲💳

ONEPAY — Powering Bangladesh’s Enterprise and E-Commerce Payments

Overview
In a country where fintech growth is often driven by retail users, ONEPAY has carved out a distinct niche by focusing on enterprise, SME, and institutional payments.
Developed by Aamra Networks Limited, a trusted technology leader in Bangladesh’s ICT industry, ONEPAY launched in 2018 as a secure, API-first payment gateway connecting businesses, banks, and customers in real time. 💳⚙️

By 2025, ONEPAY has grown into one of Bangladesh’s top five Payment System Operators (PSOs), serving 15,000+ merchants, processing over $3 billion annually, and powering large-scale digital ecosystems such as government portals, insurance companies, and e-commerce platforms. 🇧🇩

Its tagline — “Connecting Commerce with Confidence.”

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Founding, Ownership & Governance

• Founded: 2018

• Parent Organization: Aamra Networks Limited

• Chairman: Syed Faruque Ahmed

• CEO: Syed Farhad Ahmed

• Headquarters: Banani, Dhaka

• Regulator: Bangladesh Bank (PSO License, 2021)

• Employee Base: 400 +

• Strategic Partners: Visa, Mastercard, BRAC Bank, The City Bank, Dutch-Bangla Bank

Aamra’s decades of expertise in IT infrastructure, enterprise networking, and cybersecurity gave ONEPAY the foundation to become one of the most technologically robust fintech platforms in the country.

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Service Portfolio

Core Services

• Online Payment Gateway: Accept cards, wallets, and bank transfers.

• POS & QR Acceptance: For physical stores and retail chains.

• Recurring Billing & Subscriptions: For SaaS and service-based companies.

• Multi-Currency Transactions: For export-oriented and international e-commerce firms.

• Refund & Dispute Management: Simplified merchant dashboard.

Advanced Offerings ⚙️

• ONEPAY Enterprise API Suite: Custom integration for ERP, CRM, and web platforms.

• White-Label Solutions: For fintech startups and payment facilitators.

• Fraud Detection Engine: AI-based anomaly and velocity monitoring.

• Settlement Gateway: Same-day merchant settlements.

• Cross-Border Payment Support: Integrated with global acquirers and PSPs.

Security & Compliance 🔒

• PCI DSS Level 1 certified.

• ISO 27001 information security standard.

• Real-time fraud detection with tokenized transaction architecture.

• Fully licensed under Bangladesh Bank’s PSO Framework (2021).

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Geography & Market Reach 🌍
ONEPAY serves clients across all 64 districts of Bangladesh, with strong corporate clusters in Dhaka, Chittagong, and Narayanganj.
Its client base includes banks, telecoms, logistics firms, insurance providers, and public-sector organizations.

It’s the preferred gateway for enterprise-scale payments — powering systems like government e-tendering, university tuition portals, and ride-hailing platforms.

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Nuances & Expert Insights 💡
ONEPAY’s core strength lies in scalability and compliance — it’s engineered for high-volume, low-latency transactions suitable for large enterprises.
Its white-label capabilities make it a silent enabler of other fintech ecosystems in Bangladesh.

Expert note:

“ONEPAY doesn’t compete with fintechs — it powers them.” 💬

Strengths:
1️⃣ Enterprise-level stability and API flexibility.
2️⃣ Strong compliance and cybersecurity credentials.
3️⃣ Strategic collaborations with top-tier banks and card networks.

Challenges:

• Limited retail user engagement or consumer-facing app.

• Requires broader marketing among SMEs.

• Needs integration with emerging PSPs for micro-merchant expansion.

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Research & Key Metrics (2025)

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Conclusion 💬
ONEPAY is the backbone of Bangladesh’s enterprise payment infrastructure, offering unmatched reliability, security, and scalability.
By quietly powering thousands of digital transactions every day, it’s fueling Bangladesh’s transition into a smart, connected, and compliant digital economy.

👉 “ONEPAY — powering the payments that power Bangladesh.” 🇧🇩💻💳

SureCash — Transforming Education and Everyday Payments in Bangladesh

Overview
Among Bangladesh’s early fintech innovators, SureCash has earned a unique place for its focus on education, institutional payments, and grassroots financial inclusion.
Founded in 2014, SureCash built one of the first mobile financial service (MFS) ecosystems capable of connecting schools, universities, government programs, and millions of users on a single, interoperable network. 🎓💳

With its slogan “Pay Smart, Live Simple,” SureCash introduced digital tuition payments, scholarship distribution, and mobile transactions long before the nationwide fintech wave began.
By 2025, it has reached 12 million users, 350,000 agents, and processes more than $6.2 billion annually, making it one of Bangladesh’s top MFS providers.

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Founding, Ownership & Governance

• Founded: 2014

• Parent Organization: Progoti Systems Limited

• Founder & CEO: Dr. Shahadat Khan (PhD, University of Illinois Urbana-Champaign)

• Headquarters: Dhaka, Bangladesh

• Regulator: Bangladesh Bank (MFS License)

• Key Partner Bank: Rupali Bank Limited

• Investors: Local venture capital and institutional stakeholders

• Employee Base: 1,200 +

SureCash began as a technology startup and quickly partnered with Rupali Bank to create a hybrid public-private fintech model, bridging government services and citizens digitally.

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Service Portfolio

Core Financial Services

• P2P Transfers: Instant wallet and bank transactions.

• Cash In / Cash Out: 350,000+ agents nationwide.

• Education Payments: Tuition, exam fees, and admissions across 2,500+ institutions.

• Government Disbursements: Stipends and welfare programs via Rupali Bank.

• Utility Payments & Mobile Top-ups.

• Merchant Payments: QR and code-based retail transactions.

Advanced Offerings ⚙️

• SureCash Education Network: Integration with schools, colleges, and universities for real-time fee processing.

• Scholarship Management System: Supports government stipend disbursement to 10 million students.

• SureCash for Business: Merchant tools and settlement APIs.

• Bill Aggregation Platform: Consolidated digital billing for public utilities.

• Corporate Payroll Solutions: Salary and allowance payments via wallet.

Security & Compliance 🔒

• PCI DSS certified and fully regulated under Bangladesh Bank’s MFS framework.

• Biometric KYC using NID and SIM registration.

• Fraud monitoring and multi-factor authentication for all transactions.

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Geography & Market Reach 🌍
SureCash operates across all 64 districts, with extensive coverage in rural areas through its education-linked partnerships.
Its agent and institutional network spans government schools, NGOs, and microfinance centers, making it one of the most socially impactful fintech platforms in Bangladesh.
In urban areas, SureCash has strong presence in Dhaka, Khulna, and Rangpur, focusing on student and family financial needs.

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Nuances & Expert Insights 💡
SureCash’s biggest innovation is its education payment ecosystem, which digitized millions of school fee transactions and scholarship disbursements.
It successfully bridged the gap between financial technology and social development, something few fintechs achieve at scale.

Expert note:

“SureCash didn’t just digitize payments — it digitized education itself.” 💬

Strengths:
1️⃣ Deep penetration in education and government sectors.
2️⃣ Strong agent and institutional network.
3️⃣ Proven reliability and social impact credentials.

Challenges:

• Needs modernization of user interface for younger demographics.

• Strong competition from telecom-based MFS apps.

• Branding largely limited to education and G2P niches.

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Research & Key Metrics (2025)

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Conclusion 💬
SureCash remains one of Bangladesh’s most impactful financial platforms, empowering millions of students, teachers, and families through accessible digital payments.
Its educational and social reach proves that fintech innovation can drive not just profits, but progress and inclusion.

👉 “SureCash — educating, empowering, and enabling Bangladesh.” 🇧🇩📚💳