INTERNSHIP REPORT

DRIVING FINANCIAL INCLUSION OF THE UNBANKED POPULATION

IN BANGLADESH – A STUDY OF IDLC FINANCE’S DIGITAL DEPOSIT
SCHEME THROUGH BKASH

JANUARY 26, 2023

 DRIVING FINANCIAL INCLUSION OF THE UNBANKED
POPULATION IN BANGLADESH – A STUDY OF IDLC FINANCE’S
DIGITAL DEPOSIT SCHEME THROUGH BKASH

IDLC Finance Limited

Prepared by
Rashid Shahriar Fahim
ID: 193011025

Supervised by
Syed Hasib M. Rahman
Senior Lecturer, ULAB

Submitted in Partial Fulfillment of the Requirements for the Degree

Bachelor of Business Administration

26th January 2023

 Internship Report Approval Form

Student Name _________RASHID SHAHRIAR FAHIM_____________ ID No.______193011025_________

Major: ________Finance_____________ Year: _____4th Year _________

Mobile Phone: ____01833650797_____ Email:___rashid.shahriar.1@bba.ulab.edu.bd___________________

--------------------------------------------------------------------------------------------------------------------------- ------------

INTERNSHIP/PROJECT INFORMATION

Internship Organization:________IDLC Finance LIMITED____________________________________

Internship /Project Report Topic:

______ DRIVING FINANCIAL INCLUSION OF THE UNBANKED POPULATION IN BANGLADESH – A
STUDY OF IDLC FINANCE’S DIGITAL DEPOSIT SCHEME THROUGH BKASH

_____________________________________________________________________________________
Term (Tick one): □ Spring 2022 □ Summer 2022 ✔ Fall 2022

SUPERVISOR APPROVAL
(Tick One)

✔ Approved □ Not Approved □ Partial Re-write □ Full Re-write

Remarks (For Not Approved): _________________________________________________________________

__________________________________________________________________________________________

Signature: _________________________________________________ Date: ___26/01/2023______

Name: _____Syed Hasib M. Rahman____________________________

E-mail: _____hasib.rahman@ulab.edu.bd________________________

Phone: _____01712832686____________________________________
 PLAGIARISM DECLARATION

1. I know that plagiarism means taking and using the ideas, writings, works
or inventions of another as if they were one’s own. I know that plagiarism
not only includes verbatim copying, but also the extensive use of another
person’s ideas without proper acknowledgement (which includes the
proper use of quotation marks). I know that plagiarism covers this sort of
use of material found in textual sources and from the Internet.

2. I acknowledge and understand that plagiarism is wrong.

3. I understand that my research must be accurately referenced.

4. This assignment is my own work, or my group’s own unique group

assignment. I acknowledge that copying someone else’s assignment, or
part of it, is wrong, and that submitting identical work to others
constitutes a form of plagiarism.

5. I have not allowed, nor will I in the future allow, anyone to copy my work
with the intention of passing it off as their own work.

Name ____RASHID SHAHRIAR FAHIM______________ (BLOCK LETTERS)

ULAB ID #____193011025____

Signature _____________________________ Date ____26/01/2023_____

 Letter of Transmittal

January 26, 2023

Mr. Syed Hasib M. Rahman

Senior Lecturer

University of Liberal Arts Bangladesh

Subject: Submission of Internship Report

Dear Sir,

With the utmost respect, I am delighted to submit my internship report as part of our BUS499 Internship
requirement of 6 credits for my BBA degree from ULAB this trimester. Upon completing a 3-month
internship at IDLC Finance Limited, it is my honour to present this report titled “Driving Financial
Inclusion of the Unbanked Population in Bangladesh – A Study of IDLC Finance’s Digital Deposit
Scheme Through bKash”. In completing this study, I have given my best effort throughout all aspects
pertaining to the topic as per the necessary guidelines.

I hope this report meets your recommendations in terms of an objective and informative study providing
a structured fundamental outlook of IDLC’s bKash DPS program and how it is engaging the unbanked
populaces in the nation. Working on this report has indeed been an incredible enlightening endeavour
for me as I not only got the opportunity to gain work experience at a reputed firm, but also apply what
I learned from both the university and the firm to prepare a comprehensive report on a relevant problem,
which hopefully appeals to concerned educational and financial bodies.

I would like to express my utmost gratitude for all your valuable insight and astute support which guided
me immensely with this project. Finally, I am requesting you to approve this report to allow me to
qualify for my defense and hence complete my internship. Thank You.

Yours Sincerely,
Rashid Shahriar Fahim – 193011025
School of Business, ULAB
 Acknowledgement

I would like to first take the opportunity to dearly thank Almighty Allah (SWT) for endowing me with
His blessings, guiding me on this eventful journey at ULAB and successfully completing my internship
at a top-tier organization. Of course, I am forever grateful for the endearing support from my parents
and peers.

It goes without saying that ULAB has been an instrumental avenue for my academic career, and I have
received abundant support from the Administration and Career Service Office to reach this point in my
university journey. My academic supervisor, Mr. A. F. Wazir Ahmad, Assistant Professor, has
accommodated me each term for which I am much obliged. I must express earnest gratitude to my
respected internship supervisor, Mr. Syed Hasib M. Rahman, Senior Lecturer, without whom I could
not have prepared a well-organized report. He has extended the support and vision I needed in every
step of the internship process, effectively advised me in the organization selection and provided me
with invaluable counsel while working through this report. Moreover, I am highly appreciative of our
Finance faculties, Mr. Kazi Md. Tarique, PhD, and Mr. Shafayat Hossain Chowdhury, for giving me
proper direction with the study proposal at the outset.

As for IDLC Finance Limited, it has been an exciting internship tenure for me at their Corporate Head
Office in Gulshan. I would like to express my sincere gratitude to my principal supervisor, Mrs. Naz A.
S. Hussain, Head of Customer Experience Department, for selecting me from amongst the finalist
interviewees and granting me the privilege of working at one of the country’s top financial institutions.
I am most grateful to my secondary supervisor, Mr. Mostafa Raiyan Islam, Customer Experience
Department Officer, for making me feel a part of the workplace community and showing me the ropes
of the corporate environment. I cannot thank him enough for taking time to help me settle at work,
grooming me from day one, involving me among the various departmental networks and assisting me
with my report proposal. Additionally, I am indebted to Mr. Ashraf Muhammad Sakib, Management
Trainee, and Mr. Ashir Jawad, Associate Lead, of the Digital Financial Services Team, Strategic
Planning and Transformation Department. They have aided me a great deal by sitting down for an
interview with me and providing me with the necessary data needed for my study. Lastly, I am thankful
to my fellow colleagues for their continuous encouragement and engagement.
Table of Contents

Part-A

Chapter-1: Internship Preparation ………………………………………………………1-6

1.1 Motivation and Learning Objectives ………………………………………………1

1.2 Internship Search Process ………………………………………………………….1

1.3 Interview Experience ……………………………………………………………...2

1.4 About IDLC Finance Limited ……………………………………………………..4

Chapter-2: About the Internship ………………………………………………………..7-10

2.1 Roles and Work Description ……………………………………………………….7

2.2 Learnings, Skills and Contributions ……………………………………………….9

2.3 Educational Learning Applications ………………………………………………10

Chapter-3: Self-Reflection ……………………………………………………………...11-13

3.1 Personal Internship Feedback …………………………………………………….11

3.2 Internship Program Improvements ……………………………………………….12

3.3 Insights for Next Position ………………………………………………………..13

Chapter-4: Personal Development Plan ……………………………………………….14-15

4.1 Next Course of Action in Career …………………………………………………14

4.1 Interpersonal and Technical Skills ……………………………………………….14

Part-B

Executive Summary ………………………………………………………………………...16

Chapter-1: Introduction …………………………………………………………..……17-18

1.1 Research Title ……………………………………………………………………17

1.2 Problem Statement and Research Background …………………………………..17

1.3 Research Questions ………………………………………………………………18

1.4 Research Objectives ……………………………………………………………...18

Chapter-2: Methodology …………………………………………………………….….19-20

2.1 Type of Research ………………………………………………………………...19

2.2 Research Design ………………………………………………………………….19

2.3 Data Collection ……………………………………………………………….….19

Chapter-3: Findings and Discussion …………………………………………….…….21-26

3.1 Detailed Overview of IDLC Finance’s bKash DPS Facility ……………………...21

3.2 Effectiveness and Impact of the Program ………………………………………..24

3.3 Strengths, Challenges and Limitations …………………………………………...25

Chapter-4: Recommendations …………………………………………………..…………27

Chapter-5: Conclusion …………………………………………………………..…………28

 Part-A

Chapter-1: Internship Preparation

______________________________________________________________________________________________________________________________________________________

1.1 Motivation and Learning Objectives

We are required to complete either an internship at an organization or a project on a subject matter in

our final trimester at university to earn the last credits needed to fulfil the requirements for our BBA
degree. As an active business student with a practical mindset, I know the importance of hands-on
experience, and so I was motivated to opt for an internship because I would finally get the chance to
materially apply what I have learned so far from my academic studies in a proper corporate
environment. More specifically, I wanted to gain first-hand understanding of how the theoretical
applications I had learned throughout my Finance major actually work in a real financial institution.
The prime reason for going for this internship was to strengthen my aptitude for future post-graduate
opportunities. I aimed to land a position at a top financial institution in order to build the network and
set the foundation needed for a career in finance. Needless to say, a major incentive for the internship
was to learn and grow in a corporate financial setting. My intention was to explore the ins and outs of
a top financial institution, delve into its diverse operations and experience what it is actually like to
work with other professionals. Researching innovative financial technology in current markets, which
is essentially the basis for my report, further prompted me to seek and secure this placement.

1.2 Internship Search Process

Application Process

So, I began my pursuit of securing an internship well ahead of the stipulated starting date. First I put
together an updated professional CV with past experiences, appropriately formatted as per current
company standards. As a Finance intern, I aspired to work at a leading financial institution, be it a bank
or non-bank. Thus I did some preliminary research into numerous companies, looking into their
establishments, internship scope and reachability. Also, I consulted working individuals among my
networks who were previously or currently associated with a financial institution, and who could hence
serve as references. In this way I scouted and finalized the organizations where I wanted to land a
placement, consisting of those that I had some sort of connection to, including IDLC Finance, Mutual
Trust Bank and Standard Chartered Bank, as well as those I was not connected to in any way, such as
Hajj Finance, Al-Arafah Islami Bank and IPDC Finance. With my CVs circulated among these
organizations, I checked up on my contacts timely.

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Organization Selection

Within a couple of weeks, I was called for interviews from and got accepted into three institutions –
IDLC, MTB and AIBL. Additionally, ULAB had also forwarded my CV to certain businesses and I
was selected by Gemcon Group for their Meena Sweets and Confectioneries concern, Supply Chain
Department. With several companies to choose from, I was a bit confused initially and hence consulted
my respective supervisor and Finance faculties. Consequently I passed up the offers from Gemcon,
which tendered a field of work rather different from what I was looking for, and the banks, which
offered unpaid tenures with limited working scope. Ultimately, my obvious choice was IDLC Finance
Limited, which was already a personal priority because of its leading reputation. It is virtually a
household brand in the world of finance in Bangladesh, and I did not want to pass up the opportunity to
work at the country’s top non-banking financial institution. Other than their paid intern-friendly
contract, I was drawn in by their innovative practices and social outreach as well.

1.3 Interview Experience

Over the two weeks following my applications, I was shortly called by MTB and AIBL for an informal
visit where they just asked about my background briefly and took my updated CV and forwarding letter.
They were quite impressed by my banking references, which apparently played a major role in my
selection later on. I did not really have much experience when it came to a professional interview prior
to my internship, so evidently I was somewhat tense. Still, I was confident enough with my
qualifications and preparation via mock research and ULAB’s workshops. After that, Meena Sweets
and IDLC reached out to me and called me in for a formal interview at a stipulated time at their
respective offices. I underwent both the interviews in a similar fashion but was more concerned about
IDLC given their competitive demand. First, I gave the interview at Meena Sweets wherein my main
intention was to experience an official interview. That was exactly what I got – it significantly benefited
by giving me a clear idea of what I could face in future interviews. Although I was selected, I still felt
there were certain questions that I could have tackled better and hence worked on those.

Eventually I went for my decisive interview at IDLC at their Gulshan Corporate Head Office. I started
out with sufficient commute time in hand considering factors like traffic and location. I scanned my
surroundings upon arrival. My competition included three other candidates, and we were seated in a
meeting room to be called in one by one. I interacted with them to discern how I could differentiate
myself from them as they hailed from reputable universities like NSU and BRAC. Each intern was
called sequentially into an adjacent room for a roughly six-minute interview, after which I briefly
managed to ask them how it went. Envisioning what I could be facing helped boost up some self-

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confidence, in addition to previous interview experience. When my turn came, it took me a few seconds
to overcome the overwhelmingness and I sat down with my interviewers, Mrs. Ayesha Chowdhury,
Senior HR Officer, and Mrs. Naz A. S. Hussain, Head of Customer Experience Department. They
seemed intimidating at first but as I conversed with them, they came on as most forthcoming. I presented
myself in proper corporate attire and handed in the required papers, remembering to breathe and smile.
Their questions were simple and straightforward, to which I gave to-the-point answers, keeping in mind
not to take up too much of their time from their busy work schedules. Our discussion covered queries
like why I was pursuing this internship and how I could contribute through my commitment. Finally,
they acknowledged my inquiry about the job description, remuneration and tenure, and I left with high
hopes. I had attempted to sell myself overall to convince them that I was the candidate who could best
accommodate their requirements. I realized that I had aced the interview when I was called the next day
to be informed about my selection and start date, and thus began my journey at IDLC.

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1.4 About IDLC Finance Limited

In 1985, a single product lease finance company – Industrial Development Leasing Company of
Bangladesh Limited (IDLC) – was incorporated through the initiation of the World Bank’s International
Finance Corporation and the collaboration of German Investment and Development Company, Korea
Development Financing Corporation, Aga Khan Fund for Economic Development, Kookmin Bank,
IPDC Finance Limited of Bangladesh and Sadharan Bima Corporation. Renamed as IDLC Finance
Limited in 2007, the financial institution has since then emerged as a fully locally owned 36-year
veteran in the financial service industry. Today, it is Bangladesh’s largest and leading multi-product
multi-segment non-banking financial institution (NBFI). Headquartered in Dhaka (Gulshan Avenue),
the company has around 40 branches and booths spanning most districts throughout the country
(covering 24 cities), with over 1,500 employees serving tens of thousands of customers (IDLC Annual
Report, 2021).

Company Philosophy

Mission Core Values

Focus on quality growth, superior customer ▪ Integrity

experience, and sustainable business practices. ▪ Customer Focus
▪ Equal Opportunity
▪ Trust and Respect
Vision ▪ Simplicity
Be the best financial brand in the country ▪ Eco-Friendly

Strategic Objectives

▪ Achieve sustainable business growth

▪ Fully leverage the core banking platform
▪ Maintain strong funding mix
▪ Attract, retain and develop talented employees
▪ Continuously improve operational efficiency
▪ Advance social causes

Having built their reputation as one of the most respected financial brands in the industry, IDLC Finance
Limited (IDLC FL) has gained a strong diversified client base in numerous segments – primarily
Consumer Retail, Corporate, SME and Capital markets – where they offer a wide range of products and
services including loans, deposits, capital products and other services like wealth management, advisory
support, etc. Most of these are listed below.

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5|Page
IDLC FL mainly operates in the capital market through their 3 wholly owned subsidiaries:

1. IDLC Securities Limited (IDLC SL) – Brokerage services like Cash & Margin Accounts, etc.
2. IDLC Investments Limited (IDLC IL) – Investment Banking services including Underwriting &
IPO, Corporate Advisory, Mergers & Acquisitions, Private Placements, etc.; and Portfolio
Management services including MAXCAP, Profit-Loss Sharing Schemes, etc.
3. IDLC Asset Management Limited (IDLC AML) – Mutual Funds (including Shariah Funds),
Alternate Investment Funds (including Venture Capital Funds) and Institutional Fund Management
and Advisory services.

In addition to achieving numerous accolades throughout the years, such as a AAA Credit Rating along
with Highest Taxpayer and SME Financier Awards, IDLC also focuses a great deal on their CSR
contributions through NGO partnerships and donations to create more sustainable communities for
future generations. For instance, they invested in the provision of emergency ambulance and food
support during the recent pandemic. They further uphold global Environmental, Sustainability and
Governance (ESG) standards alongside their business strategies. Some applications include efficient
energy and resource usage at workplace (which I have personally observed), green investments (e.g.
solar-power projects and tree plantations), workplace diversity and employee well-being, etc.

What I admire most about this organization is their constant pursuit of technological innovation. Some
notable examples include IDLC IL’s ‘Easy Invest’ online-based portfolio management platform for
investors, IDLC AML’s advanced on-boarding portal for new clients, and most importantly, IDLC FL’s
bKash DPS Program – the country’s first Mobile Financial Service (MFS) based deposit service
launched with the goal of building financial inclusion of unbanked communities.

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Chapter-2: About the Internship
______________________________________________________________________________________________________________________________________________________

2.1 Roles and Work Description

Position and Duties

I was appointed as an intern in IDLC Finance’s Customer Experience Department (CED) of their
Consumer Division. It was a paid 3-month tenure at the Gulshan Corporate Head Office. I was taken in
with another fellow intern and, while our responsibilities mainly revolved around supporting client
services, I got the opportunity to engage with other departments and respective officers. Mrs. Naz, Head
of CED, was my principal supervisor but as she was usually very busy, she handed our management
over to a secondary supervisor, CED Officer Mr. Raiyan, to direct us throughout the internship. He was
most cordial with us in showing us around the workplace and setting us up on our personal desktops.
We were given an overview of the office policies, timings, dress codes and what we would be doing
henceforth. Regular working days were Sunday-Thursday and office hours 10am-5pm with about an
hour for lunchbreak. My intern colleague and I were basically given the following tasks:

▪ Sort out and shelve customer documentation, including cheques, memos, delivery papers, and
client lists alongside supporting records of NIDs, TIN Certificates, Bank Statements, etc.

▪ Print and scan these necessary documents and forward them to the supervisor through shared
work folders via our individual computer workstations.

▪ Organize these files on our PC and update the relevant data onto corresponding databases (MS
Access) and spreadsheets (MS Excel).

▪ Prepare and present an end-of-the week report on the work done so far, highlighting any
particulars of concern like overdue customers, dishonoured cheques, and re-deposit issues.

▪ Occasionally sit and observe branch service channels to learn how to deal with clients over their
Online Service Portal (OSP).

▪ Supplementary assignments like maintenance of credit appraisal logs, product/service query

reporting and referral tracking

▪ Any additional activities requested by supervisor, such as printing follow-up letters and
forwarding SMS notifications.

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Office Environment

The Customer Experience Department where I was stationed was located at the IDLC Finance
Corporate Head Office in the heart of Gulshan Avenue on Level-4 of Bay’s Galleria (which also houses
Bank Asia and Huawei Technologies). Employees had to pass a security post on the way to the elevator
where they checked company ID. Going into the main office floor, I first saw the on-shift security guard
who never forgot to greet me with a smile. The front area consisted of several Front-Desk CED
Executive Counters to attend incoming clients; a balcony on the side where I would go for a quick
breather; and four adjacent meetings rooms in the center for use by both employees and customers. My
workstation was situated in the middle area which took up the majority of the vast floorspace. At the
back end was the cafeteria and staffroom. CED and the various other departments – Credit Risk
Management, SME, Wealth Management, Strategic Planning & Transformation, Marketing
Communication & CSR, Sustainable Financing Unit, IT, etc. – were all set out in designated sections
with low-rise cubicles throughout the open office space, wherein each employee can easily
communicate with one another from their authorized desktops. The Department Heads, Deputy
Managing Directors and other Senior Executives occupied the surrounding sides with bigger
personalized cubicles and individual rooms. Their hierarchical associations were quite equitable and
friendly, with no strict ‘Sir/Madam’ policy in addressing seniors.

Luckily my desk was right behind Mr. Raiyan and so I could easily talk to him about anything if needed,
like technical issues, pay, or day-off. Dress code required a basic formal corporate outlook for male
(shirt, trouser, suit) and female (kameez, saree). Two conference rooms and two photocopy stations
covered two halves of the floor for any meeting and printing/scanning requirements. I was delighted to
see a prayer room for both men and women. The cafeteria was spacious enough with a TV playing
mostly news/sports, and free tea and coffee to kickstart my morning buzz. Flexible hours were allotted
for lunchtime between 1pm-3pm. They had quite a good catering service, hence I usually bought lunch
there. The whole floor was served by active departmental attendants, called ‘messengers’, who carried
out menial tasks for the office personnel. The washroom lights were sensor-activated and would only
turn on upon entry. Overall, I really enjoyed IDLC’s ideal corporate atmosphere, working in a vibrant
fast-paced setting with a well-structured operational flow and simple hierarchy.

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2.2 Learnings, Skills and Contributions

 Things I learned – My internship period taught me a great deal and I got to learn more about a
variety of aspects such as:

• competently giving a formal interview

• applicable productive communication and interaction with colleagues and seniors
• networking among professionals and coworkers, as a result of which I now have more
valuable LinkedIn connections
• appropriate get-up for any corporate setting
• time management and routine maintenance
• operations and functions of a leading financial institution; and work-process efficiencies, as I
have observed IDLC effectively employ a Standard Operating Procedure (SOP) framework
whereby the necessary tasks for the day are conveyed to each respective worker’s computer
upon login

 Skills I employed in carrying out tasks – My previous/existing skills that came into play at work
involve:

• academic knowledge of Finance, thanks to my university Major studies, pre-equipped me with

a fundamental understanding of the company’s functions, products/services and client base
• proficiency in MS Office 365 Suite (especially Access, Excel and Word) made it easy for me
to work on databases, spreadsheets and reports; I got to use advanced Excel functions like
Sort/Filter, VLOOKUP, COUNTIF, etc.
• multitasking when two or more tasks were assigned simultaneously; for instance, I updated
Excel entries whilst also printing/scanning the corresponding documents at the same time
during the short half-minute intervals between each file
• teamwork and leadership, as I had to plan out and allocate our given tasks with my fellow
intern and oversee her progress periodically

 New skills I acquired – Working through my internship added the following to my skill set and
knowledge base:

• constructively formatting customers’ data and financials for use in a financial institution
• PDF management with Adobe Acrobat
• collaborative company-wide use of other Microsoft 365 Apps, namely MS Outlook (for
emails, calendars, contacts and tasks) and MS Teams (for file sharing, instant messaging,
audio/video calls and meetings)

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 Contributions – During my time at IDLC’s CED, other than my underlying duties in supporting
client services, I managed to make some additional contributions that benefitted the firm:

• in the weekly reports that we had to render, I added my own insights on any further
information discrepancies I came across and listed them out so that my secondary supervisor,
Mr. Raiyan, could consult with the concerned parties

• corroborate employee error records and present findings to principal supervisor, Mrs. Naz

• I occasionally joined in conversations with the CRM wing, where the Head of Credit
Analytics, Mr. Md. Shah Jalal, is also the Editor for the IDLC Monthly Business Review
publication – I happened to offer some personal input that helped shape their December cover
story on electric cars in Bangladesh

• help other interns with side tasks whenever I got the chance, and advise the new incoming
batch on our work

2.3 Educational Learning Applications

My BBA educational learning related to my internship roles and responsibilities to a great extent
without a doubt, and with IDLC being a model large-scale financial institution, my concentration studies
in Finance from ULAB practically enabled to experience the real-world applications and business
implementations. With a fundamental understanding of the company’s functions, products/services and
client base going in, I was able to easily catch on with the operations of my department and its coaction
with other units like Corporate and SME. Courses – like BUS421 Financial Markets & Institutions,
BUS311 Corporate Finance and BUS303 Banking & Insurance – taught me about various concepts,
applications and products/services in the world of finance, and my internship demonstrated how these
actively play out in an actual financial institution. It was indeed a competitive advantage having the
relevant knowledge base on loans and deposits, securities and wealth management, investments and
credit risk, sustainable and green financing. I was familiar with the many different terms thrown around
the office, including disbursement, NPV, encashment, L/C settlement, Mudarabah, call money, etc.
Moreover, I observed aspects of other subjects as well, for example, company laws from Business and
Legal Environment, workplace ethics from Organizational Behaviour, and employee motivation from
Human Resource Management.

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Chapter-3: Self-Reflection
______________________________________________________________________________________________________________________________________________________

3.1 Personal Internship Feedback

My internship period was indeed an experience of a lifetime. IDLC lived up to its reputation as a
prominent financial institution in my opinion, not just to its customers but the hard-working employees
as well. Overall, I was quite pleased with my tenure there and I feel I got the foundational grasp of the
corporate life I need moving forward. In terms of both my work and the office environment, there were
certain observations that really came to my liking, while, as with any organization, there were a few
that I did not appreciate as much.

 Likes - I was content to be working among friendly and supportive workers and to have such
approachable and helpful supervisors who accommodated me with the flexibility I needed. They were
fairly obliging whenever I approached them with any requests within valid grounds, for example, early
leave for bank visit, or day off for university work or personal reasons. The inclusive sociable workplace
culture there helped me feel like a part of the community and enabled me to freely engage with other
subdivisions’ employees and learn more about the operations of the organization comprehensively. In
fact, communicating with the Digital Financial Services Team was what helped me come up with my
internship report topic. I managed to build my professional network, make new intern friends and take
part in informative discussions. The whole open office setting was appealing to me, allowing easy
communication among multiple desks in proximity. I was happy to have my own desktop computer
with intranet from the get-go. There was 24/7 backup power with no outages and the washrooms used
‘smart lighting’ to save electricity. The prayer room was spacious enough for both men and women.
Initially I was unsure about how I would go about lunch, but I was relieved after trying out their catering
food, which was reasonably priced and appetizing. The menu varied daily with an assortment of
different fish, vegetable, chicken and rice items. Also, the office practiced occasional festivities, for
example, men and women were instructed to wear panjabis and sarees on the working day before
Victory Day.

 Dislikes - On the other hand, there were certain aspects I disliked. Since it was an open office floor
and the different departments were situated close to each other, there were times when one or two
employees or seniors seemingly forgot there were others working close by, talking to each other or on
the phone rather loudly. This was somewhat unprofessional, and it distracted me from work. Sometimes
the departmental messengers seemed to take too much time in attending to me, whether it was for a
signature or a printout, and this caused slight delays at work as well. The work at my department was
comparatively more individualized and desk-based, and thus it felt a bit monotonous since there were
limited analytical group discussions like in other subsections.

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3.2 Internship Program Improvements

 Recommendations for the organization – Based on my experience, I would say that IDLC could
improve their internship program in the following ways:

• there was no clear job circular for my internship opening, and it would be beneficial if they
circulate one with the relevant details about the intern’s roles and responsibilities at CED –
this could help new candidates prepare better beforehand and equip themselves with the
technical skills needed at work.

• I was not always able to properly identify and hence fraternize with other specific
departments’ interns, and since a big firm like IDLC employs lots of interns each term, they
should host an orientation or icebreaker for us wherein we can acquaint ourselves and network
better across other departments.

• while I acknowledge that any new recruits are expected to carry out due diligence before
joining, IDLC should still provide the training booklet to new interns just as they do with new
employees initially – this would help them gain a grip of the ‘what’, ‘how’ and ‘why’ at the
firm much faster in the first couple of weeks.

 Intern utilization betterment – Upon completing my internship, which is traditionally limited in

scope in most companies, I realized that I could have done much more to develop myself as a corporate
graduate. IDLC could have utilized me better in these ways:

• allowed access to customer analytics and survey data which would have aided me in preparing
more insightful weekly reports, but that was restricted by an NDA (non-disclosure agreement)

• the office used a proprietary web-based service called OCAS (Online Credit Appraisal
System) – showing me how to operate that may have enhanced my credit appraisal log
maintenance

• I generally engaged with other departments in an informal capacity; IDLC could have
officially rotated me among other wings once in a while, say by assigning me to observe a
management trainee in Wealth Management or Finance & Accounts – this would have made
my internship period there more fruitful as I wanted to participate in the basics of multiple
work sections instead of just one

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3.3 Insights for Next Position

With my internship completed, there are several things I want to continue working on for my next
position in my career. I have mainly worked in the Consumer Division at IDLC with limited
involvement in the other divisions, and so I am keen on pursuing a suitable placement in SME,
Structured Finance or Strategic Planning in the future. I am also considering exploring opportunities in
one of the Securities, Investments or Asset Management subsidiaries. I believe I have great potential to
learn and contribute in these other areas in Finance. In this way I aim to expand my portfolio and
strengthen my CV. Also I intend to keep learning further about Sustainable/Green and Islamic Financing
since modern NBFIs are now innovating in these sectors too.

Be that as it may, my first internship has made me realize there are some things that I still need to
develop moving forward, especially if I want my next job to go smoother. I will keep improving my
workplace communication. I have witnessed firsthand how the smallest factors matter a lot when
communicating with others at work. A simple greeting to someone I am not familiar with can play a
huge role in building my network. I intend to boost up my LinkedIn profile as much as possible, possibly
securing some endorsements on the way. Additionally, I really need to work on my punctuality. This
was my first official commitment at a firm, and I have to say, it was pretty challenging to stay punctual.
I struggled initially a bit but soon adjusted my daily routine around the office hours. Lastly, I hope to
increase my capabilities in MS Excel and MS PowerPoint to an advanced level.

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Chapter-4: Personal Development Plan
______________________________________________________________________________________________________________________________________________________

4.1 Next Course of Action in Career

My internship journey has really helped pave the way for me as I pursue a career in Finance. I have a
long road ahead of me and working at IDLC has groomed me to take on the corporate world. My main
goal is to establish myself as a stable working professional, and ultimately one day as a business leader.
With my undergraduate degree accomplished, I can now focus on planning for my post-graduate
studies. For the time being, I am thinking of working as an International Executive at an import/export
trading house that I am already involved with in order to get more work experience in international
business. This will help polish my resume further with better credentials. Afterwards, I will assess my
academic and job prospects both in Bangladesh and abroad, and proceed accordingly down either of
two routes. My first priority would be going for Masters overseas – I hope to enroll for an MBA in
Financial Management or MSc in Finance in Canada or Australia. If that works out, then I would hunt
down job opportunities in the financial sector with the long-run objective of landing a position as an
Investment Banker, Credit Analyst or Fund Manager. It is important to acknowledge that things do not
always go according to plan, and so I will keep a backup plan – my second roadmap would be based in
my home country where I would undertake an MBA at NSU or maybe an EMBA at IBA. Then I would
tap into my professional networks to see if I can secure a position of preference at IDLC through their
MTO program as aforementioned, or if needed I would also consider other companies like IPDC and
Reliance Finance.

4.2 Interpersonal and Technical Skills

Presently I intend to develop and add these soft and hard skills to my resume for my future career:

 Interpersonal (soft) skills –

• I will keep working on my social skills in communicating and interacting with others in
work spheres. My work at IDLC has already taught me some of the simpler conventions, like
how to address seniors or catch someone’s attention in the middle of a meeting due to urgency.

• For the future, I shall learn more imperative aspects of mediation and persuasion, such as
when leading a meeting or convincing a client.

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 • Emotional intelligence and empathy are also areas I need to work on, keeping in mind to
keep my emotions in check at work and actively listening to others to understand their
perspectives and provide suitable feedback.

• Most importantly, I want to excel when it comes to team building and leadership, gaining
proper expertise in decision-making, goal setting and conflict resolution.

 Technical (hard) skills –

• I aim to build my know-how in the fields of international business (L/C, foreign exchange,
government regulations, etc.) and finance (FinTech, Security Analysis, Portfolio
Management, etc.).

• It would be beneficial for me to learn how to use Accounting or Financial Management

Information Systems like Oracle Essbase, Tally, NetSuite, etc.

• There are certain other applications I hope to explore on more advanced levels, particularly
MS Excel and ERP Systems like QuickBooks.

• Finally, I will try getting some certifications like Business Analytics from Coursera.

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 Part-B

Executive Summary
______________________________________________________________________________________________________________________________________________________

IDLC Finance Limited is the country’s top NBFI and I had the opportunity to complete my internship
in their Consumer Division. The firm is one that is constantly trying to innovate in the proliferating
financial services industry. I wanted to explore FinTech applications today, and taking part in the other
departments at IDLC, especially the Strategic Planning and Transformation wing, really came to
fruition. I got to work among top-level corporate personnel and creative thinkers. They helped me to
realize there are certain problems existing in our nation’s financial spheres – one of them being financial
exclusion of unbanked populaces. That became the focus of my report.

Through this research I hope to investigate and present the initiative that IDLC Finance has taken in
partnership with bKash to tackle the underlying problem – an MFS-based Digital Savings Scheme
unlike any other. I intend to provide a detailed overview of this service with its features and benefits
and assess how effectively it has impacted the savings mentality among the non-banked communities
by looking at its exposure, portfolio and outreach. My study is mainly exploratory and qualitative based
on both primary and secondary data. Finally, I analyzed the services’ strengths, challenges and
limitations in order to make recommendations for moving forward.

Overall it was a highly educational internship experience for me, as I not only got the opportunity to
work at a top firm among skilled peers, but learn so many practical aspects for my career in finance for
the future. What is more rewarding is that I managed to also conduct this informative study on a relevant
issue, which I hope to bring to attention to the readers and provide some insight on how digital financial
technology can really solve certain problems for Bangladesh.

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Chapter-1: Introduction
______________________________________________________________________________________________________________________________________________________

1.1 Research Title

“Driving Financial Inclusion of the Unbanked Population in Bangladesh – A Study of IDLC Finance’s
Digital Deposit Scheme Through bKash”.

1.2 Problem Statement and Research Background

Financial inclusion of the people of Bangladesh, a key country economic growth indicator, has been a
long-running journey for our government over the past couple of decades. Our country ranked 44th in
Asia in terms of overall financial inclusion (Star Business Report, 2021). Transiting the on-going
transformations of the Fourth Industrial Revolution, the government unveiled the ‘Vision 2041’ national
development strategy recently in 2021 targeting citizen inclusion via digital solutions towards a ‘Smart
Bangladesh’. As part of these initiatives, the Ministry of Finance and Bangladesh Bank jointly
published the National Financial Inclusion Strategy (NFIS) circular, which focuses on social cohesion
through quality financial service access for everyone and sets out the roadmap to build impactful and
sustainable financial inclusion through innovation and digitization (NFIS, 2021).

The underlying strategies primarily target the unbanked populace in the nation who fall outside the
official financial umbrella – marginalized groups, low-income households (including women and
youths), participants of informal economic activities like farmers, physically challenged and other
disadvantaged people from rural or financially unserved regions. Typically, these also include remote
underdeveloped terrains that are scarcely populated and difficult to access (e.g., hills, haors and chars),
where residents lack financial education. They are inconvenienced by distant branch locations and
burdensome documentation procedures. It is a major problem for Bangladesh if around 40% of the adult
population remain unbanked despite technological advancements, improving literacy rate and
increasing household income (Barkat, 2022). Many of these people from geographically dispersed
villages in Bogra, Keraniganj, Mymensingh, etc., use mobile phones with internet access, and can even
avail Mobile Financial Services (MFS) like Nagad and Rocket through available agent booths in their
localities. They are not really incentivized to open a bank account.

This is where the core issue lies – since these users do not have convenient access to a savings service,
the Bangladesh Bank cannot really assess how much money they are saving or if they are engaging in
any deposit/investment practices at all. So, the financial sector has not been able to bring the savings
generated in these households, largely from remittances, into formal banking channels. Consequently,
in addition to inclusive financing initiatives through infrastructural development and policy support in
government and banking sectors (micro-credit, agro & CMSME finance, financial literacy

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advancements, capital cooperatives, etc.), we have also seen tremendous progress of digital financial
technologies under direction of the central bank’s promotional framework in the past years, especially
following the pandemic. While financial institutions are venturing in tackling the issue at hand, fintech
platforms like MFSs along with agent banking are penetrating financially neglected areas to help build
inclusive financing among people who are not yet associated with formal banking channels.

Recognizing this existing problem in the finance industry while working at an NBFI made me curious
about what digital innovation my company is employing and prompted me to explore how they are
actively involved in the endeavor of fostering financial inclusivity of non-banked communities. While
working in the Consumer Division, I diligently took part in discussions with other departments’ officers.
Through my exchanges with the Digital Financial Services Team of the Strategic Planning &
Transformation Wing, I came to know that in order to solve the concerned issue, IDLC has indeed
recently taken an initiative that was quite revolutionary. In accordance with the government’s NFIS
venture, IDLC Finance partnered with the country’s leading MFS, bKash, and launched a simple first-
of-its-kind savings deposit instrument on their platform in 2021. This is the context of my report.

1.3 Research Questions

In planning out my research on this project, I set out the following questions to investigate:

1. What is IDLC Finance’s digital savings scheme with bKash and how does it operate?
2. When and why was it launched?
3. Where has it reached till now? What is the portfolio size?
4. How has it impacted the intended target audiences so far? Have the desired outcomes been met?
5. What are the specialties, hurdles and constraints in the service execution?
6. How can these challenges be dealt with, and the facility be enhanced?

1.4 Research Objectives

With the research questions in mind, the purpose of my report is to cover the following objectives:

• Provide a detailed overview of IDLC’s bKash DPS program, including specifications and
portfolio.
• Assess how effectively the service is engaging the unbanked demographic’s savings behaviour
and impacting their financial inclusivity.
• Analyse the project’s strengths and benefits, as well as the challenges and limitations to make
recommendations for IDLC moving forward.

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Chapter-2: Methodology
______________________________________________________________________________________________________________________________________________________

2.1 Type of Research

My study is both descriptive and exploratory. It is descriptive to the extent that I am illustrating in
detail IDLC’s bKash DPS product guidelines, features and technicalities along with coverage and
portfolio information.

Also, the research is exploratory as I am trying to evaluate the effectiveness of the service in achieving
its key goal of financial inclusion and investigate how the program impacts savings engagement of non-
banked publics. This study could also support further research on definite subjects matters such as what
newer potential digital alternatives/solutions financial institutions can innovate in, or how governing
bodies could make regulatory/policy frameworks easier for fintech operators. My research can provide
groundwork for these topics.

2.2 Research Design

This research is mostly a qualitative study presenting observational findings based on contextual data
sources. There is also a slight mix of quantitative information as I incorporated a few numeric statistics
to support those findings.

The rationale of this my analysis is that it could be beneficial in enlightening readers about a model
example of a modern FI-MFS channel that can help our economy. As far as the scope and limitation
go, I managed to conduct this study of IDLC’s bKash DSP service through my internship of 3 months’
time and with the data I was allowed to collect from the organization, with no access to certain
information like customer insights due to the firm’s NDA policy.

2.3 Data Collection

I have used to following data sources in my assessment:

 Primary data –

• Formal one-on-one interview with two officers, Mr. Ashraf Muhammad Sakib,
Management Trainee; and Mr. Ashir Jawad, Associate Lead, of the Digital Financial
Services Team in Strategic Planning and Transformation Department.

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 • Individual discussions with another officer of the same team, Mr. Ashraf Uz Zaman;
Mr. Sabbir Ahmed, Head of Digital Deposits in Wealth Management Department; and
my supervisor, Mr. Raiyan.

 Secondary data –

• Internally accessible organizational publications.

• Company annual report and yearly disclosure.

• Externally available organizational information from the IDLC and bKash sites.

• Other websites, news, reports, articles, circulars, etc.

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Chapter-3: Findings and Discussion
______________________________________________________________________________________________________________________________________________________

3.1 Detailed Overview of IDLC Finance’s bKash DPS Facility

In line with the Bangladesh Bank’s directive for building up financial inclusion among the unbanked
population, ILDC Finance and bKash partnered up to launch the country’s first MSF-based Digital
Savings Scheme on their mobile application in September 2021. The project’s core objective was to
encourage savings practices by non-banked residents and the long-term goal was to expand inclusive
financing. This simple and convenient facility turned out to be quite revolutionary in Bangladesh. It
was groundbreaking because this fintech service was the first of its kind in the digital finance sector.

The following information has been sourced from officer interviews, internal company booklets and
websites. Basically, I am looking at a digital Deposit Pension Scheme (DPS) available on the bKash
app, wherein a customer can deposit a stipulated amount (instalment) every month over a stipulated
time period (term/tenure). At the end of this period, i.e. at maturity, the customer will receive the total
accumulated principal plus the interest profit earned.

While bKash provides the transactional platform, IDLC Finance manages the clients’ savings deposit.
The Digital Financial Services Team of the Strategic Planning & Transformation Department handles
the service processes, and the Digital Deposits Team of the Wealth Management Department deals with
the monetary business. The Terms & Conditions have been set out based on the Bangladesh Bank (BB)
circulated regulations for NBFIs.

Product Specifications

Deposit Amount 500 / 1000 / 2000 / 3000 BDT

Tenure 2 / 3 /4 Years

Deposit Frequency Monthly

Fixed at 7% p.a.;
Current Interest Rate
simple interest rate method used to calculate
(set by IDLC)
interest amount

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 Terms & Conditions:

▪ For this savings scheme, the deposit amount will be automatically deducted from the
user’s bKash account deposited each month, and total maturity balance will be
automatically disbursed to bKash account.

▪ There is no cash-out charge for encashment at maturity. However, a cash-out charge

will be applicable for premature encashment before maturity.

▪ As per BB rules, the user cannot cancel the DPS before the completion of the Lock-
in Period of 3 months. However, they can request pre-mature early encashment any
time after the first 3 months.

▪ If the user wants to close their savings scheme before maturity, they may not receive
the full interest as set initially. Information on forgone interest income and other
penalties are provided by IDLC as:
Month of cancellation 3-6 m > 6-12 m > 12-24 m > 24 m
Rate of penalty
100% 50% 25% 0%
on cumulative interest

▪ If the user does not have enough funds in their bKash wallet or their account is not
active at the time of an attempted debit transaction, the transaction will fail, and bKash
will retry for seven consecutive days. If the transaction continues to fail, the user may
not be entitled to potential interest earnings for that specific day. If the transaction
fails at the last attempt, it will be considered as a missed instalment, and they will not
be entitled to potential interest earnings from IDLC related to the relevant deposit
amount.

▪ Nominee and e-TIN details can be updated at any time.

▪ Taxation - As per NBR laws, Advance Income Tax (AIT) and Excise Duty will be
imposed on the customer’s accumulated interest amount on encashment; 10% for
users who have provided e-TIN (Electronic Taxpayer Identification Number) and
15% for users who have not.

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 Figure-1: Dashboard Interface

 Step-by-step Service Process:

✓ Tap on Savings from bKash app home-screen

✓ Go to “Open New Savings” from the Savings Dashboard; Select “General Savings”
from Savings Type

✓ Enter e-TIN details if available

✓ Select Term (2/3/4 years); Deposit Frequency (monthly); Select Deposit Amount (Tk.
500/1000/2000/3000)

✓ Select IDLC

✓ Enter Nominee details and tap Proceed

✓ Select Savings Purpose and tap Confirm

✓ Review Savings Summary, then tap Confirm

✓ Select Accept after reviewing Terms & Conditions

✓ Enter PIN

✓ Tap and hold to make the first instalment and start the Savings Scheme

✓ User will get a confirmation message from both IDLC & bKash if the request
submission is successful

✓ Finally, the user has successfully opened a savings scheme with IDLC Finance

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3.2 Effectiveness and Impact of the Program

IDLC’s main goal for their digital savings solution through bKash was to generate savings engagement
among target groups of unbanked demographics, thus alleviating financial inclusion in our economy.
In order to assess how effectively the model service has fared so far and keeping in mind that the project
is moderately young in just over a year or so since launch, I needed to explore its market exposure,
outreach, portfolio size and overall impact in the industry. Based on information determined through
officer interviews, internal company data and externally available reports, I can confidently affirm that
the product has been exceptionally effective in capturing the market over its lifetime till now.

The unbanked population’s need for financial services has been growing, and this joint project between
IDLC and bKash has successfully managed to take advantage of that through their digital offering. One
of the major reasons is that the DPS service is very easy-to-use and customer-friendly, with a
convenient dashboard interface as shown previously. Bangla language is also available by default in
bKash. Additionally, there are various other benefits and factors that have propelled the facility over
the past year. Fintech innovation has already been booming in our proliferating finance industry, while
the government and FIs are continually developing infrastructures in unbanked areas, promoting
financial literacy and smoothening out delivery channels.

Leading players like bKash, Nagad and Rocket have revolutionized the MFS sector where the average
transaction was nearly Tk. 10 billion daily in 2020 (Khan, 2020). These platforms play a big role in
creating financial empowerment for low-banked communities. Today we can find bKash agent booths
in almost every town and village, catering to the financial needs of rural and marginalized groups.
Moreover, internet connectivity in such regions has drastically improved, with mobile data accessible
thanks to network providers like Banglalink and Grameenphone. We have more than 130 million
internet users today (Barkat, 2022). So virtually anyone can avail MFS facilities, merely requiring a
phone number and NID. The customers can therefore avoid the cost and hassle of having to travel to
distant branches and fill in lots of documents, and instead exploit banking options from the convenience
of their homes or nearby agent booths. Moreover these publics have large revenues coming in through
remittance, and so they need simple savings channels. The recent pandemic was another major
accelerator for the reliance on digital financial services as more people grew aware of the importance
of saving. In these ways, unbanked individuals were motivated to explore IDLC’s savings scheme on
bKash for future needs and expenses.

Although their Digital DPS was a new, original product in the market, people easily started participating
because of their familiarity with the financial providers, bKash and IDLC, whose CSR activities have
preceded their reputation across the nation. bKash already had an enormous exposure in the industry,
with 57 million customers as of 2021 (Mohiuddin, 2023), and IDLC strategically took advantage of

24 | P a g e
their large-scale user outreach and thus managed to build up their portfolio rapidly. Within just 5 months
after launch, around 90,000 people had subscribed to their deposit program by February 2022,
amounting to Tk. 140 million or 14 crore (PA Staff Correspondent, 2022). 64% of these customers
availed the savings schemes service for future purposes, 25% for secure financial security, 6% to bear
educational expenses and the remaining 5% for other purposes.

At the moment, three other banks are offering a similar savings scheme on bKash alongside IDLC, and
the total number of customer accounts altogether has reached about 650,000 (TBS Supplement, 2022).
Of this, IDLC is leading the market share by more than half the total customer base with around 333,000
users availing their digital deposit. Internal statistical analysis at IDLC Finance has also shown me that,
for customers savings between Tk. 500 to Tk. 3000 per month with a maximum 4-year tenure in this
DPS, the average ticket size (i.e. monthly instalment) amounted to Tk. 680 and the average tenure
selected was 26.4 months (i.e. roughly 2 years and 2 months). The total portfolio size of IDLC’s bKash
savings scheme to date was a staggering Tk. 1,123 million (112.3 crore). These are exceedingly
impressive figures considering the short span of time this service has been active thus far. Moreover,
customer coverage has reached all 64 districts (including Sylhet, Jashore, Rangpur, etc.) in Bangladesh
as of 2022 due to a snowball effect, with product awareness and popularity gaining momentum as a
result of promotional campaigns and word-of-mouth recommendations. Lastly, since users are also
paying tax on their interest earnings in our service, more people are being brought into the tax bracket.

All in all, it is therefore evident that IDLC Finance’s digital savings scheme has indeed been
successfully effective in engaging savings behavior of the unbanked population, and contributed to
further financial stability and economic growth for Bangladesh.

3.3 Strengths, Challenges and Limitations

In analyzing the service, I have deduced the following specialties, weaknesses, and threats of the
program from both the company’s as well as the client’s perspectives:

 Strengths –

• It is simple and easy to use.

• The dashboard interface (shown previously) is user-friendly.
• Both English and Bangla language are available.
• There is full disclosure of details and no hidden charges. The user can easily track all relevant
information, such as missed instalment, maturity amount, interest receivable, etc.

25 | P a g e
 • The scheme offers clients a fast, convenient savings solution. They can open a DPS in a matter
of minutes from any location on their mobile phones.
• Time and costs are saved by eliminating the customer’s need to travel to banks and face
lengthy documentation processes.
• Security is ensured. In case of lost sim or locked bKash account, customer’s money stays safe
with IDLC.
• A clear regulatory framework set by the government allows for company enforcement and
customer protection.

 Challenges –

• Accidental wrong inputs by user, e.g. incorrect e-TIN, creates submission request delays.
• Certain issues from client’s end, particularly lost sim or locked bKash account, posed some
concerns, but now IDLC’s DFS Team has addressed these with more structured offline
settlement processes that return client’s money in a brief time.
• Initially IDLC faced some challenges in raising consumer awareness, but now with extensive
marketing (Advertisements, TVC and Celebrity Endorsements) this has been tackled well.
• Seeing IDLC’s penetration in the market, other FIs have joined the competition in offering
similar savings instruments on bKash, namely Mutual Trust Bank Limited, Dhaka Bank
Limited and City Bank Limited (which also offers a unique Islamic Savings Scheme). IDLC
hence has to keep leading the market in terms of quality assurance.

 Limitations –

• Financial literacy is still underdeveloped in certain remote terrains, and hence IDLC is facing
challenges in rolling out their product in those areas.
• Limited product usage in certain dispersed locations with weak digital infrastructure
(electricity, mobile and internet coverage) or little agent-booth availability.
• Clients are limited to 4 instalment amount categories, so this could also be restrictive to
someone who prefers more flexible instalments.
• The regulatory framework set up by government authorities can be restrictive to IDLC and
clients to some extent. For example, the 3-month Lock-in Period may be disincentivizing to
certain uncertain depositors who seek more encashment flexibility, or someone who needs
urgent money.

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Chapter-4: Recommendations
______________________________________________________________________________________________________________________________________________________

One of my research objectives was to come up with solutions to the hurdles and constraints IDLC
Finance is facing with their bKash-savings execution, also suggesting opportunities they could focus
on for the future to ensure utmost efficiency and client satisfaction. Through my research, I came up
with the following possible recommendations:

▪ Consider Islamic Savings scheme options on bKash because more and more consumers are
availing Islamic finance products. The City Bank has already taken the initiative, and I believe
it is not too late for IDLC to do so too, especially if they aim to face any type of competitive
advantage in the market.

▪ Partner with bKash in executing more CSR drives to advance financial education in the lesser
exposed communities, e.g. school campaigns to teach children the benefits of saving from an
early age.

▪ Invest in technological infrastructures and internet connectivity in rural areas to improve their
internet services by directing resources and funds to network towers and local ISPs. IDLC can
collaborate with the government, BTRC, internet service providers and mobile network
operators to arrange access to affordable high-speed connections for locals to use MFSs.

▪ Provide more flexible instalment amounts and make a proposal to ease out the lock-in period
for the bKash DPS product.

▪ IDLC could add a customer analytics feature on the bKash dashboard, whereby the client could
see their past savings trends to improve their savings practice in future.

▪ Finally, as we head towards a ‘Smart Bangladesh’, IDLC should keep exploring further fintech
innovations which are already observable in foreign countries, for instance, IoT-run financial
information systems, AI-based credit checking, Blockchain investments, etc.

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Chapter-5: Conclusion
______________________________________________________________________________________________________________________________________________________

My internship has indeed paid off much more than I could have hoped for. It was a privilege to work at
the country’s leading non-banking financial institution and expose myself to their innovative
approaches and highly skilled professionals. I got the practical working experience I sought, and it was
a continual learning process for me. I was happy to get the opportunity to delve into IDLC Finance’s
world and see how modern NBFIs actually run. Engaging with the various other teams and departments
really taught how diverse financial institutions can really be. On the way I picked up loads of skills and
expanded my professional network. Now I am confident in planning for my career in Finance.

It was a very interactive process for me in case of my internship report. I had not really planned out my
topic before and thus it was rewarding to actually participate in IDLC where my fellow colleagues
helped me come up with the proposal. Then through extensive discussions and research, I came to learn
further about the relevant problem of financial exclusion of the unbanked population in Bangladesh.
What really motivated me to pursue this research was IDLC’s innovative savings project with bKash
that I came to learn about later on. I was fascinated to see how this simple yet revolutionary service has
left a footprint all over the country, and encouraged savings behavior among those outside official
banking channels.

Accordingly, I set out to conduct this study with the hopes of bringing IDLC and bKash’s joint endeavor
to light through my report and present how important this product is for our non-banked localities. I felt
like I was actively taking part in the government’s long-run goal of financial inclusion, as I hope this
research can benefit concerned academic, financial and regulatory bodies in getting a glimpse of how
MFS-fintech can go a long way in addressing people’s needs in the world of finance. I also shed some
light on the challenges and limitations of the project and offered some potential recommendations that
could benefit future projects as such.

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References

Barkat, S. (2022). Financial Inclusion for an inclusive Bangladesh. The Daily Star. Retrieved from:
https://www.thedailystar.net/opinion/views/news/financial-inclusion-inclusive-bangladesh-
3209396

Khan, S. (2020). Bringing unbanked poor under financial services. The Financial Express BD.
Retrieved from: https://thefinancialexpress.com.bd/views/bringing-unbanked-poor-under-
financial-services-1579104999

Mohiuddin, T. (2023). Bangladesh becoming more financially inclusive, but still more work to be done.
Dhaka Tribune. Retrieved from:
https://www.dhakatribune.com/business/2023/01/15/bangladesh-becoming-more-financially-
inclusive-but-still-more-work-to-be-done

National Financial Inclusion Strategy (NFIS). (2021). Alliance for Financial Inclusion. Retrieved from:
https://www.afi-global.org/wp-content/uploads/2022/04/NFIS_Bangladesh.pdf

Staff Correspondent. (2022). Nearly 90,000 avail IDLC savings schemes through bKash since Sept
2021. Prothom Alo. Retrieved from: https://en.prothomalo.com/corporate/local/nearly-90000-
avail-idlc-savings-schemes-through-bkash-since-sept-2021

Star Business Report. (2021). Half of adult population still unbanked. The Daily Star. Retrieved from:
https://www.thedailystar.net/business/economy/news/half-adult-population-still-unbanked-
2927856

TBS Supplement. (2022). Savings through bKash expediting financial inclusion from rural backwater.
The Business Standard. Retrieved from: https://www.tbsnews.net/supplement/savings-
through-bkash-expediting-financial-inclusion-rural-backwater-550078
 Appendix-1

INTERNSHIP PROPOSAL FORM

Name: Rashid Shahriar Fahim

ID: 193011025

Department: BBA

Supervisor’s Name Syed Hasib M. Rahman

(Faculty):

Organization Name: IDLC Finance Limited

Driving Financial Inclusion of the Unbanked Population in

Bangladesh – A Study of IDLC Finance’s Digital Deposit
Internship Title: Schemes Through bKash.

13/11/2022

______________________

Student’s signature & date

14/11/2022

_________________________

Supervisor’s signature & date

 Appendix-2

Interview Questions

1. Could you tell me all about this digital savings scheme that IDLC Finance has launched with

bKash?

2. What was the initiative or motivation behind this? How did you come up with this idea?

3. When was it launched?

4. How does it work?

5. Which areas have you covered so far?

6. How many users have you gained, and how much in deposits have you earned?

7. Are people really using and benefitting? How so?

8. Tell me about the target group.

9. What are the strengths of this product?

10. Tell me about the challenges and limitations you have faced.
 Similarity Report ID: oid:15377:30349606

PAPER NAME AUTHOR

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WORD COUNT CHARACTER COUNT

4057 Words 23859 Characters

PAGE COUNT FILE SIZE

19 Pages 27.9KB

SUBMISSION DATE REPORT DATE

Jan 26, 2023 11:54 AM GMT+6 Jan 26, 2023 11:55 AM GMT+6

7% Overall Similarity
The combined total of all matches, including overlapping sources, for each database.
7% Internet database 0% Publications database
3% Submitted Works database

Summary
 Similarity Report ID: oid:15377:30349606

7% Overall Similarity
Top sources found in the following databases:
7% Internet database 0% Publications database
3% Submitted Works database

TOP SOURCES
The sources with the highest number of matches within the submission. Overlapping sources will not be
displayed.

bkash.com
1 3%
Internet

en.prothomalo.com
2 <1%
Internet

aimspress.com
3 <1%
Internet

University of Ulster on 2022-08-28

4 <1%
Submitted works

University of Bolton on 2022-11-18

5 <1%
Submitted works

scienpress.com
6 <1%
Internet

docshare.tips
7 <1%
Internet

Asian Institute of Technology on 2013-11-27

8 <1%
Submitted works

research-api.cbs.dk
9 <1%
Internet

Sources overview
 Similarity Report ID: oid:15377:30349606

granthaalayahpublication.org
10 <1%
Internet

juniv.edu
11 <1%
Internet

Sources overview