Mobile Money Infosheet: IFIC Mobile Banking

  • Date Posted: December 17, 2014
  • Authors: Kazi Amit Imran
  • Organizations: FHI 360
  • Document Types: Primer or Brief, Primer or Brief
  • Donor Type: Non-US Government Agency

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.

 

See Infosheet for more details on corporate accounts, bulk payments, pricing structure, limitations, coverage, and examples of organizations using IFIC Mobile Banking.