Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, is providing its smart card based solution to Dipon Consultancy Services Limited (DCSL) for their financial inclusion project in Bangladesh. DCSL is implementing this project in collaboration with Prime Bank Limited (PBL). The program named Prime Cash which represents over 76% of the country’s 150 million-population1 aims to provide secure access to banking services for people with limited or no access to banking services in both rural and urban areas in Bangladesh.
In its effort to foster financial inclusion, DCSL has deployed DG-ePay (Dipon Group-ePay) Service Points at major public places throughout the country. End users can enroll themselves and open an account at any of the DG-ePay Service Points. The Gemalto smart cards contain an embedded software application that securely stores the holder’s facial image and fingerprint data captured upon enrollment. End user transactions are validated using biometric authentication, providing a superior level of convenience and security to all, including illiterate users. The Gemalto solution facilitates daily life financial services, such as account opening, deposit, withdrawal, transfer, loan repayment and remittances. DCSL has already delivered 200,000 cards to end users.
“Gemalto’s solution is the perfect fit for our market, where the literacy rate is less than 60%2, enabling users to authenticate themselves in a fast, intuitive and highly secure manner,” said Syed Javed Iqbal, Director, Dipon Consultancy Services. “We believe Gemalto’s smart card technology will go a long way in the spread of financial services to the remote corners of our country, contributing to enhancing the Digital Bangladesh campaign.”
“This is a great example of how digital security can benefit a developing market and bring essential financial services to the world’s under-banked,” added Suzanne Tong-Li, Senior Vice President, Gemalto Asia. “Bangladesh is one of the fastest developing markets for branchless-banking in the world and we look forward to accompanying Prime Cash Project in their journey towards Digital Bangladesh.”
Gemalto has delivered this solution through its partner Instrumental Clique (IC), a sister concern of DCSL. IC has a market share of around 40% for supply of bank cards in Bangladesh. In its efforts to provide access to banking for the unbanked, Gemalto has already rolled out over ten million smart cards in India for microfinance. Gemalto offers these customized solutions to micro finance partners, banks and non-government organizations.
1 World Bank data
2 Bangladesh Bureau of Statistics