WorldRemit, a UK based Fintech in the digital money transfer sector has formed a partnership with BRAC Bank and bKash for banking and mobile money transfers to Bangladesh. The strategic partnership was announced at a press conference held on November 27 at the bank’s head office in Dhaka.
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 and upto 30 million BKash mobile money wallets, said a press release.
“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,” said Tamer El-Emary, chief commercial officer of WorldRemit.
The whole process will occur within a second, said Kamal Quadir, CEO of bKash. Having a Brac Bank account is not a prerequisite as bKash accountholders will be able to send money home using WorldRemit, he 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,” said Selim R. F. Hussain, Managing Director and CEO of BRAC Bank Limited.
“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,” he added.
According to Tamer El-Emary, while others charge 5 percent of the remittance being sent from the United Kingdom to Bangladesh, WorldRemit will charge 1.5 percent.
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.
Founded in 2010, WorldRemit currently provides money transfer services from 50 countries to over 145 destinations. It has been operational in Bangladesh since 2012. WorldRemit also offers bank deposit, cash collection and mobile airtime top-up services.