Payza wins Bangladeshi license for inbound remittance processing
26 November 2012 | 1647 views | 0
Payza, one of the world's leading online payment processors, today announced it has received the first license issued from Bangladesh Bank, the country's central bank, for inbound foreign remittances entering Bangladesh via Online Payment Gateway Service Providers (OPGSP).
The license allows Payza to facilitate a significant portion of the more than $14 billion USD in remittances that enter the country annually based on Bangladesh Bank's projected total for 2012.
Earlier this year, Payza became the first online payment processor to be licensed by Bangladesh Bank to provide Bangladeshis with a convenient and affordable way to receive international bank transfers. The purpose behind Payza's introduction to Bangladesh was to provide localized bank transfer services to the more than 10,000 freelance software developers, who collectively earn approximately $15 million USD annually. Since the Payza platform was launched in Bangladesh in March 2012, both the company and the country have experienced a surge in inbound international payments, and the freelance sector has seen a growth of more than 50 percent.
By partnering with one of the country's leading banks, Bank Asia, the first and only bank in Bangladesh to execute OPGSP payments, Payza was able to utilize the Bangladesh Bank-organized Bangladesh Electronic Funds Transfer Network (BEFTN) to provide the burgeoning IT freelance sector with the opportunity to work for global organizations and receive international payments directly to their local Bangladeshi bank accounts. This brought convenient, low-cost international money transfer services to the previously underserviced country.
During the Payza Appreciation Day press conference held last month, Bank Asia President Md. Mehmood Hussain praised the company's efforts, saying, "This is one step ahead toward creating a digital Bangladesh, where we can work toward alleviating poverty in Bangladesh by increasing people's income levels."
By pursuing its mission of bringing online financial services to traditionally underserviced markets and emerging nations, Payza has been able to contribute directly to growth of the country's economy and the welfare of its citizens. "The steps we have followed to enter Bangladesh, a country previously overlooked by our industry, are laying the groundwork for how Payza will be systematically and systemically bringing online financial services to other developing and underservices regions," said Firoz Patel, Executive Vice President of Strategic Partnerships and Corporate Affairs at Payza.
"We are truly a globally local company -- our reach is global because we service the needs of local markets," Patel added. "Opening the world up to a new market is a viable and profitable corporate mandate. Facilitating an emerging market's entry into the global economy is not just good business; it's a great manifestation of corporate citizenship."