Overview: Today we’re going to talk about bKash - The largest Fintech player in Bangladesh. We start with some background on Bangladesh, discuss bKash’s founding, growth & impact on Bangladesh's economy. We also discuss what other emerging markets can learn from the bKash story & end with our overall outlook. This episode was co-hosted by Shammi Quddus & recorded on May 16, 2021.
Companies discussed: bKash, CellBazaar, Money in Motion, Grameenphone, Grameen Bank, BRAC, BRAC Bank, Safaricom (M-Pesa), Nagad, Telenor, Gates Foundation, IFC (World Bank) & Alibaba (Ant Financial)
Business concepts discussed: Agency banking strategy, ecosystem partnerships strategy, microfinance expansion, Nonprofit fundraising, impact investing, telco distribution & serial entrepreneurship
Conversation highlights:
(00:30) - Why are we talking about bKash and Bangladesh FinTech
(04:40) - Bangladesh context and similarities to African countries
(14:50) - Fintech context in Bangladesh before bKash in 2011
(16:20) - Founder background - Kamal Quadir background, CellBazaar
(22:05) - bKash background - Iqbal, Grameenphone, etc.
(30:48) - bKash founding
(47:18) - Fundraising - IFC , BMGF, Ant Financial
(59:30) - Evolution of product strategy, monetization
(1:10:06) - Monetization strategy
(1:22:22) - Impact of bKash on the tech sector and economy
(1:23:56) - Bankole’s overall thoughts and outlook
(1:36:26) - Olumide’s overall thoughts and outlook
(1:42:20) - Shammi’s overall thoughts and outlook
(1:50:41) - Recommendations and small wins
Olumide’s recommendations, small wins & open questions:
Recommendation: Indistractable: How to Control Your Attention and Choose Your Life (by Nir Eyal) & Seeking Wisdom: From Darwin to Munger (by Peter Bevelin)
Small win: Dinner with friends with a live band. Some chatting, some drinking & some dancing. Marvelous!
Bankole’s recommendations & small wins:
Recommendation: Prescription Drug Commercials - why they are the way they are by Packy McCormick and Nikhil Krishnan
Small win: Spending a week in New York
Other content: M-Pesa rate card, FT Partners
Shammi’s recommendations & small wins:
Recommendation: Fintech podcast 11fs.com/podcast
Small win: Got my COVID vaccine! Vaccines for the win!
Other content: Bangladesh Bank MFS guidelines, bKash gives a boost to the poor
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