For the first time in the country’s Mobile Financial Services (MFS), bKash introduces a ‘Student Account’ aimed at preparing teenagers for digital financial transactions and fostering a cashless society.
Teenagers aged 14 to 18 can open this account, which will be linked to their parent’s bKash account. Requirements include a digital birth certificate, the active bKash account number of a parent, and parental consent.
This initiative aligns with Bangladesh’s move towards a smart economy, following Bangladesh Bank’s directives to include the new generation in digital financial services.
Services Available in ‘Student Account’
The ‘Student Account’ offers tailored services for teenagers, including payment of school-college fees, small daily purchases, mobile recharge, sending money, and bill payments.
Per central bank regulations, the account can hold up to Tk 30,000, with a daily transaction limit of Tk 5,000 and a monthly limit of Tk 25,000. Teens can receive money through the Send Money service but cannot use Add Money or Cash In services, ensuring parental supervision.
Opening a ‘Student Account’
To open a ‘Student Account,’ download the bKash app and tap on Login/Register. Select the ‘Birth Certificate’ option, upload a photo of the digital birth certificate, and enter personal details. Choose a parent as a nominee, input their active bKash account number, and complete the registration with a verification code sent to that number within 48 hours. A bonus of Tk 25 will be credited to the new account, with a chance to earn an additional Tk 105 upon completing specific transactions.
Parental Supervision
A ‘Student Account’ requires parental consent, and parents can monitor all transactions via the statement section of their bKash app.
Maj Gen Sheikh Md. Monirul Islam (retd), Chief External & Corporate Affairs Officer of bKash, stated, “In future, all daily transactions will be cashless and integral to our lives. Familiarizing teens with the digital payment ecosystem early will enhance their proficiency in financial management. The ‘Student Account’ for teenagers marks a significant step in financial inclusion in the country.”
The young generation, adept at digital technologies like AI, VR, AR, Robotics, and Big Data, will benefit from secure and fast digital financial transactions, furthering interest in new technologies and contributing to a cashless digital payment ecosystem.
