Tripartite agreement signed 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 youths in the Teesta-Brahmaputra basin.

Tareq Refat Ullah Khan, Deputy Managing Director and Head of Corporate & Institutional Banking of BRAC Bank, Ali Ahmmed, Chief Commercial Officer of bKash Limited, and Md. Anisul Wahab Khan, Project Director, PROVATi3-LGED, signed the agreement at the LGED office recently.

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, said a press release on Thursday.

The project's Skill Development of Youth for Employment component provides vocational training to underprivileged youths across 25 upazilas in six districts of the Teesta-Brahmaputra Basin, reports BSS.

Upon completion, stipends will be disbursed digitally through BRAC Bank and bKash, enhancing efficiency and transparency in the distribution process, and benefitting marginalized communities across rural Bangladesh.

The partnership is expected to significantly improve access to educational and welfare support for thousands of beneficiaries. 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.

Md. Ali Akhtar Hossain, Chief Engineer, Gopal Krishna Debnath, Additional Chief Engineer, Shaikh Muzakka Zahar, Additional Chief Engineer were present from LGED while AKM Faisal Halim, Head of Transaction Banking, Major Mohammad Arif Chowdhury (Retd.), Unit Head Transaction Banking from BRAC Bank and Ashique Iqbal, Vice President- Government Disbursement, was present on behalf of bKash Limited.