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mSTAR Bangladesh Mobile Money Infosheet: IFIC Mobile Banking Last updated: December 17, 2014
Mobile Money Infosheet: IFIC Mobile Banking USAID promotes increased access to and usage of mobile financial services in order to deepen financial inclusion, accelerate
broad-based economic growth, and instill transparency into funding flows. These infosheets provide information on different
mobile financial services available in Bangladesh so that USAID implementing partners can make more informed decisions when
choosing a provider.
Overview: IFIC Mobile Banking began operations in 2014 and is the IFIC Bank’s mobile financial services
brand. They are currently the only mobile financial service provider in Bangladesh that offers a menu in
Bengali. IFIC MB also offers customized services to fit the needs of corporate clients. Customized services
include deploying mobile banking agents, ensuring liquidity at agent points, opening accounts for an
organization’s beneficiaries at the organization’s premises, and providing a manual transaction register to
mitigate potential network problems that could impede processing transactions. IFIC MB offers a range of
products and services: cash transfers between individuals (P2P) and between businesses/organizations and
individuals (B2P); merchant payments; insurance premium collection; school tuition fee payments; utility bill
payments; and airtime purchases. Money can be deposited and withdrawn from mobile accounts at any of
IFIC MB’s agent locations. Accounts are tied to individual SIM card numbers and can only be accessed by the
user through their personal PIN. By dialing *255#, the service can be accessed by Grameenphone, Banglalink
and Airtel users.
Setting up a corporate account: The first step to opening a corporate account with IFIC Mobile Banking
is to sign an MOU with them. Upon signing, organizations can open a master account through IFIC Bank Ltd.
to deposit funds and make payments.
Process for making bulk disbursement payments: Corporate account users can send money transfers
in bulk by sending a list of individual accounts with transfer amounts to IFIC MB via email or hard copy.
Once the payments are made, IFIC MB sends a disbursement summary report to the organization and notes
any failed transactions. IFIC MB is working to develop an automated system for bulk disbursements.
Pricing Structure and Limitations: Action type Corporate accounts Limitations End-user (P2P) Limitations
Opening an
account Free None Free None
Cash in 0.80% of the total amount
disbursed* None Free
BDT 25,000/day
5 times/day
BDT 150,000/month
20 times/month
Collection 0.80% of the total amount
collected None Not Applicable Not Applicable
Cash out from
agent** Not Applicable Not Applicable
0.80% of transaction
amount (minimum BDT 3)
BDT 25,000/day
3 times/day
BDT 150,000/month
10 times/month
Cash out from
ATM** Not Applicable Not Applicable Not Applicable Not Applicable
Cash out from
Bank Branch** Not Applicable Not Applicable
0.80% of transaction
amount (minimum BDT 3)
BDT 25,000/day
3 times/day
BDT 150,000/month
10 times/month
Transfer
money 0.80% of transaction amount
(Minimum BDT 3) None BDT 3
BDT 10,000/day
20 times/day
BDT 25,000/month
50 times/month
mSTAR Bangladesh Mobile Money Infosheet: IFIC Mobile Banking Last updated: December 17, 2014
Pricing structure and limitations (continued): Action type Corporate accounts Limitations End-user (P2P) Limitations
Merchant
payment Not Applicable Not Applicable Free None
Mobile Top up Not Applicable Not Applicable Not Applicable Not Applicable
*The corporate disbursement tariff is negotiable depending on the nature and volume of transactions
** The maximum cash out amount across all modes is BDT 150,000 per month in total
Coverage profile: Type Number nationwide Additional details
Subscribers (Active) 200,000+
Agents 20,000+ IFIC MB has agent coverage in 61 districts
ATMs Not Applicable While IFIC has 49 ATMs nationwide, IFIC Mobile Banking
customers currently cannot use them for transactions
Full service branches 11 IFIC Bank has full service bank branches in 57 districts
Mobile Banking offices Not Applicable
Merchants Not Applicable
Examples of Organizations using this service:
1. Green Delta Insurance Company Ltd. and Pragati Life Insurance Ltd are currently
collecting insurance premiums from policyholders from all across Bangladesh using IFIC Mobile
Banking.
2. Upakulio Biddutayan O Mohila Unnayan Samity (UBOMUS), a partner organization of
Infrastructure Development Company Limited (IDCOL), is collecting credit sales installments from
field staff and beneficiaries using IFIC Mobile Banking.
3. Epillyon Group is disbursing monthly salaries to its employees using IFIC Mobile Banking.
For more information:
Please contact
Name: Md. Ariful Mazid Ronju
Designation: Relationship Manager (Mobile Banking Division)
Organization: IFIC Bank Ltd.
Mobile: +88 01755 555055
Email: [email protected]
Website: www.ificbankbd.com DISCLAIMER
The views expressed in this publication do
not necessarily reflect the views of the U.S.
Agency for International Development or the
U.S. Government.
This infosheet is supported by USAID’s Mobile Solutions Technical Assistance and Research (mSTAR) project (Award #:
AID-OAA-A-12-00073) under the Financial Integration, Economic Leveraging, Broad-Based Dissemination and Support
Leaders with Associates award (FIELD-Support LWA). It was written by Kazi Amit Imran. mSTAR offers on-demand
technical assistance to support USAID implementing partners in Bangladesh with the transition from cash to mobile and
electronic payments. To learn more about technical assistance options, contact M. Ataur Rahman, Project Team Lead at
