Money Transfer Operators and bankers have emphasised the need to embrace next-generation technologies to boost remittance inflows, as expatriates prioritise low-cost, secure, and instant money transfers to their families in Bangladesh.
At the workshop titled 鈥楾he Changing Landscape and Emerging Potential of Remittance in Bangladesh,鈥� organised by mobile financial service provider bKash, participants also stressed the importance of a coordinated service approach across the entire remittance ecosystem.
They observed that higher satisfaction among senders would encourage more remittance to flow through legal channels, said a press release issued on Tuesday.
Chief commercial officer at bKash Ali Ahmmed said that it is crucial for all institutions in the remittance ecosystem to work collaboratively to make remittance platforms faster, more cost-effective, and interoperable.
He added that this is the right time to invest in technology-based infrastructure that can transform the remittance-sending experience.
Representatives of global Money Transfer Operators emphasised that transactions must be carried out through safe, easy, and advanced technological methods.
Since expatriates remit funds mainly for essential needs such as investment, housing, and their children鈥檚 future, they also require secure savings options and access to credit, they noted.
Representatives from leading banks in the country observed that integrated efforts by all ecosystem partners are essential to make the remittance experience even faster, easier, and more secure.
Head of Remittance at bKash, Zahidul Ahasan, delivered the keynote speech on the growth, potential, and challenges of Bangladesh鈥檚 remittance sector at the workshop.
Top officials of Janata Bank, Agrani Bank, Rupali Bank, Bangladesh Krishi Bank, Pubali Bank, BRAC Bank, Mutual Trust Bank, Trust Bank, City Bank, Eastern Bank, Social Islami Bank, Al-Arafah Islami Bank, Shahjalal Islami Bank, Prime Bank, and Mercantile Bank attended the event.
Several officials from international MTOs, including Western Union, MoneyGram, TerraPay, NEC Corporation, Mastercard, Instant Cash, National Exchange Company, Simpaisa, Hometown, Taptap Send, and EzyRemit, were also present at the workshop.聽
According to the release, more than 15 million expatriates worldwide send their income to Bangladesh every year from 176 different countries.聽聽
Although expatriate numbers are highest in Cumilla, Chattogram, Brahmanbaria, Feni, and Noakhali, nearly all districts now contribute to the inflow of remittances, it added.