Mobile financial service provider bKash achieved an astounding 504 percent year-on-year increase in profit in 2023, soaring to Tk 1.04 billion from Tk 170.2 billion in 2022.
This extraordinary leap in profitability marks a significant milestone for the BRAC Bank subsidiary, especially considering its previous string of losses, which lasted three consecutive years until 2021.
According to Moinuddin Mohammed Rahgir, Chief Financial Officer of bKash, the company’s success can be attributed to patient capital and a growth-oriented mindset, particularly during its formative stages.
Rahgir emphasized the importance of strategic investments in technological capabilities, infrastructure, digital literacy, and awareness, which laid the foundation for sustainable growth and profitability.
bKash, renowned as the country’s largest mobile financial service provider, has remained steadfast in its pursuit of expansion and innovation. Rahgir highlighted the company’s commitment to enhancing its service platform, acquiring new customers, and maintaining a robust agent network as key drivers of its success.
The surge in profitability reflects the fruition of bKash’s long-term strategic investments, as noted in BRAC Bank’s audited annual financial statement.
In 2023, the company achieved revenues totaling Tk 41.90 billion, marking a notable 22 percent year-on-year increase from the previous year’s Tk 34.30 billion. This growth trajectory underscores bKash’s expanding footprint and increasing adoption among consumers.
bKash witnessed a significant uptick in its user base, with the number of individuals availing of its services reaching 7.4 crore in 2023, reflecting a robust growth rate of 13.3 percent compared to the previous year. Over half of these customers, accounting for 53.1 percent, were active users, engaging in at least one transaction within the last 90 days.
To further bolster its reach and accessibility, bKash expanded its agent network by adding 23,000 agents in 2023, bringing the total count to 3.64 lakh.
