BRAC Bank, PROVATi3-LGED, and bKash sign tripartite agreement to streamline digital stipend disbursement
BRAC Bank, PROVATi3-LGED, and bKash Limited have entered into a tripartite agreement to facilitate the digital disbursement of stipends to train youth in the Teesta-Brahmaputra basin.
With unwavering commitment, Tareq Refat Ullah Khan, Deputy Managing Director and Head of Corporate & Institutional Banking of BRAC Bank, Ali Ahmed, Chief Commercial Officer of bKash Limited, and Md. Anisul Wahab Khan, Project Director, PROVATi3-LGED, signed the agreement at the LGED office on September 11, 2024.
Under the agreement, the beneficiaries of the PROVATi3 (Promoting Resilience of Vulnerable through Access to Infrastructure, Improved Skills and Information) project, funded by the International Fund for Agricultural Development (IFAD), will now receive their stipends via the bKash app where BRAC Bank will act as the settlement bank, ensuring timely and secure payments to eligible recipients.
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The project's Skill Development of Youth for Employment component provides vocational training to underprivileged youth across 25 upazilas in six districts of the Teesta-Brahmaputra Basin. Upon completion, stipends will be disbursed digitally through BRAC Bank and bKash, ensuring unparalleled efficiency and transparency in the distribution process and benefiting marginalised communities across rural Bangladesh.
The partnership is expected to significantly improve thousands of beneficiaries' educational and welfare support access. They can now receive their stipends from anywhere, at any time, without the need to visit physical bank branches or fill out paperwork.
Reflecting BRAC Bank's core values of financial inclusion, the initiative aims to empower underserved communities across Bangladesh.
"We are proud to partner with the Government of Bangladesh and bKash to bring the benefits of digital banking to the people at the grassroots level. This initiative aligns with our commitment to improving financial inclusion and supporting the government's effective delivery of social benefits," said Tareq Refat Ullah Khan.
He added, "BRAC Bank strives to empower individuals and small businesses, which drives us to provide tailored financial solutions, foster economic development, and ensure access to essential banking services."
From LGED, Md. Ali Akhtar Hossain, Chief Engineer, Gopal Krishna Debnath, Additional Chief Engineer, Shaikh Muzakka Zahar, Additional Chief Engineer, were present.
From BRAC Bank, AKM Faisal Halim, Head of Transaction Banking, Major Mohammad Arif Chowdhury (Retd.), Unit Head Transaction Banking, were present. From bKash Limited, Ashique Iqbal, Vice President- Government Disbursement, was present.
