WorldRemit boosts presence in Bangladesh

Source: WorldRemit

Leading digital money transfer company WorldRemit is considerably expanding its presence in Bangladesh by joining forces with BRAC Bank and bKash for digital money transfers.

Using the WorldRemit app or website, the Bangladeshi diaspora living in over 50 countries can now send money quickly and securely to:
• 1.5 million BRAC Bank accounts
• 186 BRAC Bank branches and 30 BRAC SME locations for cash collection
• Up to 30 million bKash mobile money wallets

WorldRemit’s mobile-first, digital model saves customers time and money as they do not have to visit a bricks and mortar agent to send money home. The new partnership considerably expands WorldRemit’s footprint in Bangladesh and supports its plan to serve 10 million customers connected to emerging markets by 2020.

International transfers to bKash mobile money wallets via WorldRemit are instant. Recipients can then transfer funds from their bKash wallets to other bKash wallets, top-up mobile airtime, and pay for bills and groceries at shops and businesses that accept bKash payments. Customers can also withdraw money as cash at bKash agent locations or store their funds in their bKash accounts.

Since its launch in 2011, bKash has become the largest mobile financial services (MFS) provider in Bangladesh, attracting 30 million customers.

Bangladesh features among the top five countries with the most emigrants living abroad and is the ninth-largest recipient of remittances globally. The Central Bank of Bangladesh estimates that the country received almost $15 billion in remittances in 2017.

Tamer El-Emary, Chief Commercial Officer at WorldRemit, comments: “We are delighted to be partnering with BRAC, a leading bank and household name in Bangladesh, and bKash, the largest mobile financial services provider in the country.

Our partnership will support financial inclusion by enabling the unbanked Bangladeshi population to receive remittances straight into their mobile money accounts. Considerably expanding WorldRemit’s footprint in Bangladesh, the partnership will also connect us to over one million BRAC bank accounts and hundreds of cash pickup locations across the country.”

Kamal Quadir, Chief Executive Officer at bKash said: “In partnership with BRAC Bank, we are excited to launch international money transfers via WorldRemit. The partnership brings tremendous value to Bangladeshis at home and abroad, allowing people in Bangladesh to receive remittances into their bKash accounts 24/7, instantly.”

Selim R. F. Hussain, Managing Director & CEO at BRAC Bank Limited, added: “Our groundbreaking new partnership with WorldRemit allows our customers to receive remittances digitally directly into their BRAC Bank accounts, as cash over the counter at BRAC branches and agent points, and into their bKash mobile wallets. It is a great example of how international partnerships can make a difference to the lives of the Bangladeshi people. This is just the beginning of our partnership and we look forward to introducing more services to increase convenience for our customers.” 

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This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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