For the first time in the country’s Mobile Financial Services (MFS), bKash introduces ‘Student Account’ to prepare the future generation for digital financial transactions, aiming to create a cashless society. Teenagers from 14 to below 18 years of age can open this account which be linked to their parent’s bKash account, stated a press release.
Digital birth certificate, active bKash account number of the mother or father and consent from them are required to open the ‘Student Account’. In line with Bangladesh’s journey towards a smart economy, this ‘Student Account’ is introduced as per the directives of the Bangladesh Bank to bring the new generation under digital financial inclusion.
Available services in ‘Student Account’
The list of services in this account has been created to meet the needs of the teens from 14 to below 18. The services include – payment of school-college fees, daily small purchases, mobile recharge, send money and bill payment among others. As per the regulations of the central bank, a maximum of Tk 30,000 can be kept in this account.
Teenagers can transact Tk 5,000 per day and a maximum of Tk 25,000 per month. Young account holders can receive money in their ‘Student Account’ through Send Money service. However, to ensure parental supervision, account holders wouldn’t be able to use Add Money or Cash In services.
Process of opening ‘Student Account’
To open a ‘Student Account’, first download the bKash app and tap on Login/Register. Users need to select the ‘Birth Certificate’ option after providing their respective mobile number. They will have to take a photo of the digital birth certificate and enter a few more personal details to proceed.
In the following step, they will have to select their mother or father as a nominee and confirm after inputting one of their active bKash account numbers. A verification code will be sent to that number. Registration must be completed by entering the verification code within the next 48 hours.
Upon completion, they will receive a bonus of Tk 25 in their newly opened bKash account. Besides, there is opportunity to get bonus of Tk 105 subject to completion of specific transactions with condition.
Parental supervision
A 'Student Account' can only be opened after parental consent. Parents can view all transactions of their child’s ‘Student Account’ anytime from the statement section of their bKash app.
About this new service, Major General Sheikh Md Monirul Islam (retd), chief external and corporate affairs officer of bKash, said, “We welcome this timely initiative of the central bank to prepare the future generation for digital financial transactions. In future, all daily transactions will be cashless and become an integral part of our lives.”
“The sooner the teens become familiarised with the digital payment ecosystem, the more proficient they will be in their daily transactions as well as financial management. The opportunity to open a ‘Student Account’ with bKash for teenagers will remain a milestone in the initiative of financial inclusion in the country,” he added.
Young generation is always ahead of others in terms of adapting digital technologies like artificial intelligence (AI), virtual reality (VR), augmented reality (AR), robotics, big data and so on. Facilitating easy, secure and fast financial transactions digitally through MFS will open new avenues for them to get interested in new technologies and contribute to creating a cashless digital payment ecosystem.