Prime Bank signs cash management deal with bKash

Prime Bank PLC has recently signed a cash management agreement with the country's leading mobile financial service (MFS) provider, bKash Limited, aimed at enhancing the efficiency of bKash's daily transactional operations through end-to-end specialised digital cash management services.

Faisal Rahman, additional managing director of Prime Bank PLC, and Moinuddin Mohammed Rahgir, chief financial officer of bKash, signed the agreement at the bank's head office in Dhaka on Monday, according to a press release.

Under this partnership, bKash's distributors and agents will be able to transfer funds between their bKash channel accounts and designated bank accounts for the creation and redemption of bKash e-money, via an API-based validation process available 24/7 regardless of weekends and holidays throughout the year.

The comprehensive cash management solution also includes automated reconciliation and customised reporting services.

Additionally, bKash will utilise PrimePay, the bank's omni-digital platform, to initiate all types of domestic disbursements through host-to-host connectivity.

Sajid Rahman, senior executive vice-president and area head for Dhaka, corporate and institutional banking at Prime Bank PLC; Md Rashedul Husain, senior vice-president and head of cash management; Ali Ahmmed, chief commercial officer of bKash; and Ahamed Ashraf Sharif, executive vice-president and head of the department of treasury, finance and accounts; were also present, along with other senior officials from both organisations.