MoneyGram launches deposit service for NRBs

MoneyGram (NASDAQ: MGI), a global leader in Omnichannel money transfer and payment services, announced a  partnership with Jamuna Bank, creating a convenient and new money deposit option for Non-Resident Bangladeshis (NRB) around the world.

The new service enables any bank account holders in Bangladesh to receive MoneyGram funds directly into their bank accounts. Jamuna Bank will be responsible for processing of the remittance.

To this end, an agreement was signed in the city recently where Mirza Elias Uddin Ahmed, Additional Managing Director, Jamuna Bank Ltd, Yogesh Sangle, Head of Asia Pacific and South Asia and Sheshagiri (Sukesh) Malliah, Regional Head Indian Subcontinent, Indo China and Malaysia, MoneyGram.

“Bangladesh has been a key focus market for us and we wanted to provide Bangladeshi consumers around the world the option of sending money conveniently to their loved one’s bank account. The newly launched service is also in line with our commitment to provide consumers with convenient options of sending and receiving money,” said Sheshagiri (Sukesh) Malliah.

“Jamuna Bank is a progressive financial institution with a stellar reputation and we could not be more excited to partner with them to offer convenient receipt services,” said Yogesh Sangle, head of Asia Pacific and South Asia for MoneyGram. “Our exciting new partnership with Jamuna Bank will enable both parties to better serve our customers and grow together in the months and years ahead”.

With $15 billion in annual remittance, Bangladesh is amongst the top remittance receive countries in the world, per World Bank data. This, along with the need for bank deposit service options in the region, ushers in a new opportunity for new MoneyGram consumers.

MoneyGram is a global leader in omnichannel money transfer and payment services that enables friends and family to safely, affordably, and conveniently send money for life's daily needs in over 200 countries and territories.