bKash to invest Tk 87 crore in 2023 to improve services

Bangladesh's largest mobile financial service provider bKash is committed to invest Tk 87 crore in 2023 in order to improve its services.

The MFS company's commitment came in its financial report of the year ended on December 31 of 2022.

It returned to a profit of Tk 17.21 crore in 2022 after incurring losses for consecutive three years, Tk 123 crore in 2021, Tk 67 crore in 2020 and Tk 63 crore in 2019, according to the financial reports of the company.

"There are times when technology companies have to invest to improve products, services and technologies. They also need to spend on campaigns. We did the same. So, we incurred losses in those years," said Shamsuddin Haider Dalim, head of corporate communications of bKash.

"Our investors knew that the investment would give them a return. Now, the return has started to flow in. So, its profit is now rising."

The Brac Bank subsidiary's revenue grew 22.7 per cent year-on-year to Tk 3,430 crore, according to its financial report of the year ended on December 31 of 2022.

Brac Bank holds 51 per cent shares of bKash while the Money in Motion LLC of the US has 16.45 per cent, Alipay Singapore E-Commerce 14.87 per cent, International Finance Corporation 10.36 per cent and SVF II BEAM (DE) LLC 7.32 per cent.

In 2022, bKash's e-money circulation soared around 17 per cent year-on-year to Tk 6,830 crore from the previous year's Tk 5,853 crore, according to the financial statements.