Transfast, BRAC Bank and bKash, one of the world’s leading mobile financial service (MFS) providers recently launched a unique, international remittance receiving service in Bangladesh.
The new service enables bKash’s registered customers to use their mobile phones to receive remittances from abroad directly into their bKash accounts.
Bangladesh is the eighth largest receiver of international remittances in the world, and therefore the new service stands to improve the ease and security with which millions of people are able to receive money from their loved ones abroad - a vital lifeline for many families, said a statement.
The new service builds on the unprecedented success of bKash, which has attracted more than 30 million customers since its launch in 2011. Now people around the world can use Transfast’s trusted global network for sending cross-border remittances that can be received by bKash customers. Transfast’s network includes an unparalleled 200,000 agent locations in over 100 countries and territories.
The architecture in this partnership by providing the real-time, back-end solution via its innovative Send Platform, which, by connecting bKash, BRAC Bank and Transfast helps to further enhance the security, efficiency and reliability of the end-to-end remittance process.
By using the new service, bKash’s registered customers can receive remittances from every Transfast’s send market and channel directly into their bKash account, 24 hours a day.The service accepts single transaction remittances of up to BDT 25,000 (approximately US300); and combined monthly remittances of up to BDT 150,000 (approximately US$1,500) to a maximum of 20 transactions.
Once the transfer is completed, the funds can be accessed instantly. Customers can then either cash out the money via 180,000 bKash agent locations across the country, or can utilize the account balance to make person to person fund transfers, top-up mobile airtime, pay bills and shop in-store. They can also store the money in their bKash accounts and earn interest on savings.
bKash makes financial services accessible and affordable to millions of Bangladeshis, who would not otherwise have access to simple banking services, and helps drive financial inclusion by bringing the poor and unbanked into a regulated financial system.
Kamal Quadir, Chief Executive Officer, bKash said: “We are excited to launch the new remittance service from Transafst through the assistance of BRAC Bank, who are leaders in their respective fields, allowing people in Bangladesh to receive money into their bKash accounts from their friends and families abroad, 24/7. It brings tremendous value to Bangladeshis living at home and abroad.”
Transfast CEO, Mr Samish Kumar, said: “This partnership is another step towards achieving our global commitment to make the financial system accessible to 500 million more people by 2020. The widespread adoption of mobile phones, not only in Bangladesh but around the world, presents the most exciting opportunity to enable mass adoption of financial services and facilitate financial inclusion. Partnerships with companies such as BRAC Bank and bKash are crucial to taking advantage of the latest technology; digitizing money transfers and supporting financial inclusion efforts in the South Asia region and worldwide. The choice, flexibility and convenience of this new bKash service will help to expand financial inclusion to some of the most remote parts of this thriving nation.”
Selim R. F. Hussain, Managing Director & CEO, BRAC Bank Limited, said: “The partnership has allowed remittance to be received literally at the fingertips of our customers. This groundbreaking partnership helps to receive remittance money right into the mobile wallet of the customers for the first time in Bangladesh and it is an example of how local and international partnerships can make a difference to the lives of the Bangladeshi people. At BRAC Bank, we are committed to providing customers with a better experience through innovation. This is just the beginning of our partnership and we look forward to introducing more services for the ease and comfort of our customers.”
Mohammad Khairuzzaman, Country Director & Head of Operation, Bangladesh of Transfast, Nazmur Rahim, Head of Retail Banking, and senior officials of Transfast, BRAC Bank and bKash were present.