About Innovation Fund Challenge
In Bangladesh, approximately half of the adult population is unbanked. In less than four years, a mobile banking industry has emerged to meet these individuals’ needs, and has already reached over 25 million users bKash, the leading mobile money provider, conducts an average of 2 million transactions per day, and a total of nearly $1 billion USD per month. BRAC sees a tremendous opportunity to use mobile money to innovate, better serve clients and become more efficient. With the support of the Bill & Melinda Gates Foundation, BRAC’s social innovation lab established the BRAC Innovation Fund for Mobile Money. In the context of Bangladesh, the rapid adoption of mobile money creates exciting opportunities for new approaches in poverty reduction. As an organisation, BRAC hopes to improve operational efficiency, decrease costs, and make services more accessible to clients. Through a portfolio of diverse pilots, BRAC is experimenting with mobile money. The project began in September 2013 and will continue unil August 2016. Through this initiative, BRAC hopes to accomplish the following objectives:
- Increase the adoption of digital financial services at BRAC, particularly in service delivery
- Increase the adoption of digital financial services by BRAC’s clients
- Contribute to the global discourse on digital financial services
BRAC Innovation Fund Challenge
Last year, we asked people to share ideas about mobile money, and we received 100 ideas, resulting in in 7 exciting projects . This year, we are asking for your ideas again—briefly share your idea of how mobile money can be used to deliver better, more efficient services to BRAC clients in Bangladesh. A few moments of your time can potentially make a big impact!
Support from the social innovation lab
The social innovation lab is here to help you. We have conducted extensive research on mobile money adoption within Bangladesh and around the world. Please feel free to contact us with any questions.
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