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WorldRemit, a digital money transfer service provider, has expanded its business in Bangladesh by joining hands with BRAC Bank and bKash aimed at increasing inflow of remittance into the country.
Through the new strategic partnership, WorldRemit is allowing its customers in over 50 countries to send money directly from their phones to 1.5 million BRAC Bank accounts in 186 BRAC branches for cash collection and up to 30 million bKash mobile money wallets in Bangladesh. WorldRemit today signed the partnership agreement with BRAC Bank and bKash at a function at the BRAC Bank head office in the city. Chief Commercial Officer of the WorldRemit Tamer El-Emary, Chief Executive Officer of bKash Kamal Quadir and Managing Director and CEO of the BRAC Bank Limited Selim RF Hussain, among others, were present at the function. Talking to BSS, Tamer El-Emary said Bangladesh is an attractive place for the mobile money transfer business as around 7.5 million of its people are working abroad and they sent around US $15 billion remittance in 2017.
He said Bangladesh features among the top five countries with the most emigrants living abroad and is the ninth-largest recipient of remittances globally.
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, he added.
The Tamer El-Emary said 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.
“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,” he added.
Kamal Quadir said 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. Managing Director and CEO at BRAC Bank Limited Selim RF Hussain said, “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.”
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.
WorldRemit was launched in Bangladesh in 2012. The money transfer service provider is the partner of multiple banks, telecoms operators and mobile money providers in the country to make sending money to Bangladesh as easy as sending an instant message.