Note: We have an upcoming interview with the CEO of SureCash Mr. Shahadat Khan, please stay tuned.
“Started in 2010, SureCash is one of the important players in Dhaka’s fin-tech space. The startup raised an investment of $7.00 million in 2014 from Osiris, has a growing user base, it claims 12m people use it, and offers MFS platform to five banks for their MFS services and has a growing number of payment partners including colleges, companies and the Government.”
According to the company, SureCash is a mobile payment platform involving people, businesses, and government in Bangladesh. Users can make and receive government payments, pay school and college fees, pay utility bills, pay for goods and services, and make person-to-person (P2P) transfers.
The company has partnerships with 5 local banks, including one of the largest state banks and more than 550 payment partners.
It claims to have more than 100 thousand retail agents across the country. It currently works with over 470 colleges and schools collecting payments for all these colleges through its payment platform.
It disburses payments for 14 sugar mills in the country under a disbursement project for the Bangladesh Sugar Corporation.
However, the most significant user acquisition for the company comes from a government project where it helps the government to disburse stipends to 10 million mothers across the country, which means 10 million users for the company using its platform at least once every month.
As part of its user engagement push, it has launched renewed marketing campaigns. See its recent TVC below that aims to educate people who use its platform for receiving government scholarship for other purposes including P2P money transfer and shopping.
Now that it has a growing user base, the company is plotting to improve engagement of its existing users so that they use it for other purposes. Over the past few years, the company has silently built a solid partnership network that enables it to support both the payment partners and its retail users.
The company has launched a simple to use mobile-app that already has received great feedback from its users and plans to introduce a QR code-based payment system in the near future. It has already been pushing into digital payments space through bill payment partnerships and outlet partnerships.
As part of its user engagement push, it has launched renewed marketing campaigns. See its recent TVC below that aims to educate people who use its platform for receiving government scholarship for other purposes including P2P money transfer and shopping.
For SureCash, the primary challenge, when it comes to improving user engagement, is in activating the existing agent network as well as creating the overall awareness in the market. It seems the company is well on the way to address these challenges.
Note: We have recently interviewed CEO of SureCash, Mr. Shahadat Khan to know more about the progress the company has made over the past one year which will be published early next week. Please stay tuned.
