Digital money transfer firm WorldRemit has teamed up with BRAC Bank and bKash to facilitate remittances to Bangladesh.
The alliance will enable the Bangladeshi diaspora living in more than 50 countries to make fund transfers directly from their phones to 1.5 million BRAC Bank accounts. Also to 186 BRAC Bank branches and 30 BRAC SME locations, and up to 30 million BKash mobile wallets.
WorldRemit will support instant international money transfers to BKash wallets.
BRAC Bank managing director and CEO Selim Hussain said: “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. We look forward to introducing more services to increase convenience for our customers.”
BRAC Bank partnership bKash enabling financial inclusion
Furthermore, the BRAC Bank partnership bKash aligns with WorldRemit’s strategy to meet the needs of 10 million customers connected to emerging markets by 2020.
In announcing the partnership, WorldRemit cited estimates by the central bank of Bangladesh. Those revealed that the country received around $15bn in remittances last year.
The country ranks as the ninth-largest recipient of remittances worldwide, WorldRemit said.
WorldRemit chief commercial officer Tamer El-Emary said: “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.”