Nagad, the mobile financial service of the Bangladesh Postal Department, and National Bank PLC have jointly introduced a new channel allowing expatriates’ families to receive remittances directly into Nagad mobile wallets.
Under this initiative, customers sending remittances through National Bank can now have the money delivered directly to their beneficiaries’ Nagad mobile wallets, said a press release issued on Thursday.
Remittances sent from abroad through the National Bank will be credited straight to beneficiaries’ Nagad wallets, it said.
As a result, expatriates can remit money using international exchange houses, money transfer operators (MTOs), or banks. Beneficiaries, including those in remote areas of the country, will be able to receive and use the money 24 hours a day from anywhere, with minimal cash-out charges.
Besides, the remittance recipients will also continue to enjoy the government’s 2.5 percent incentive. In addition, the service is available through more than 60 money transfer operators (MTOs) and over 300,000 Nagad Uddokta points nationwide.
A remittance payment agreement was signed between National Bank PLC and Nagad at Nagad’s head office in Dhaka’s Banani area recently.
Adil Chowdhury, Managing Director of National Bank and Md. Motasem Billah, administrator of Nagad signed the agreement on behalf of their respective organisations. They also described the initiative as a groundbreaking step toward bringing remittance services to the country’s marginal and underserved communities.
They also expressed optimism that the agreement would not only increase the flow of remittances into Bangladesh but also contribute positively to the national economy.
National Bank’s Deputy Managing Director (In-Charge), Md. Meshkat-ul-Anwar Khan, Head of Remittance Division, Milton Roy, Nagad’s Senior Associate Administrators, Md. Habibur Rahman and Md. Abu Taleb, Associate Administrator, Anwar Ullah, Chief Commercial Officer, Muhammad Shaheen Sarwar Bhuiyan, Head of Remittance, Md. Ahsanul Haque Bashar, along with other officials from both institutions were present at the signing ceremony.