Tuesday, June 25, 2019 | ePaper

Migrant workers prefer mobile banking

  • Print
Gazi Anowarul Hoque :
Migrant workers rely to send their hard earned income to their families through banks partnered with mobile financial services instead of sending unofficial channels.
Statistics say that migrant workers sent remittance worth Tk 31.74 crore in August - a surprising 241.65 per cent growth in the same month of last year thanks to impressive remittance inflow through banks partnered with bKash, the leading mobile financial services, central bank data shows.
Remittance inflow through bKash partner banks - BRAC Bank, MTB and Bank Asia has now reached to 14 million US dollar till last month and the exchange value has been disbursed to thousands of local recipients, industry sources said.
Major General Sheikh Monirul Islam (retd), Chief External Officer of bKash Limited said that bKash delivers remittance money to the recipient in remote areas in real time. So, migrant workers are increasingly finding the formal option to send their hard earned money through banks partnered with bKash.
"Our payment innovation reduces the hassle dramatically. At the same time the sense of instant gratification makes both the sender and recipient immensely happy. The hard earned money sent by the migrants to their friends and families adds up to the overall economic growth and that is pretty much known by Bangladeshi living in different parts of the globe. That is why the intensity of the inward foreign remittance is increasing at a faster pace", he told the New Nation.
Migrants living in Middle east countries said sending money through mobile banking channel is quick, secured and comparatively low cost delivery channel thanks to new regulations of Bangladesh Bank that allows them to send their remittance to scheduled commercial banks and settled through Nostro Accounts of and pay out the money only in Bangladeshi Taka (BDT) to MFS accounts of the beneficiaries.
Out of 56 banks, only 17 have their own MFS services to remit money instantly to the beneficiaries while bKash has largest clienteles base across the country with around 3 million subscribers mostly living in remote areas and remittance recipients.
Commercial banks used bKash as the last mile delivery solution of remittance money to the recipients in real time.
A senior BB official said, Bangladesh has a bright potentiality to address many of the challenges currently faced by rural remittance recipients using MFS as the last mile delivery solution. More than half a million Bangladeshis migrated to various countries in recent years, adding to the 9 million migrants already living abroad, many since the 1970s.
Last year, Bangladesh earned remittance worth US$ 13.5 billion, equivalent to 6.1 percent of the country's gross domestic product (GDP). A World Bank study says 65 percent of the total value of remittances goes to rural areas in Bangladesh.
High cost of remittance service is the main obstacle to remittance growth. Industry experts say an efficient model to channel formal remittance of small tickets at lower is the demand of time.

More News For this Category

Mohammed Mahtabur Rahman, Chairman of the Bank NRB Bank Ltd, presiding over its 6th Annual General Meeting (AGM) at the at a city hotel on Sunday. Vice Chairmen Tateyama Kabir, Kamal Ahmed, Chairman of Executive Committee M Badiuzzaman, Chairman of Audit Committee Imtiaz Ahmed, Chairman of Risk Management Committee Mohammed Idrish Farazy and Founder Chairman of the Bank Iqbal Ahmed, among others, were present. The Bank declared 8 percent stock dividend  for the year of 2018.

Mohammed Mahtabur Rahman, Chairman of the Bank NRB Bank Ltd, presiding over its 6th Annual General Meeting (AGM) at the at a city hotel on Sunday. Vice Chairmen Tateyama Kabir, Kamal Ahmed, Chairman of Executive Committee M Badiuzzaman, Chairman of Audit Committee Imtiaz Ahmed, Chairman of Risk Management Committee Mohammed Idrish Farazy and Founder Chairman of the Bank Iqbal Ahmed, among others, were present. The Bank declared 8 percent stock dividend for the year of 2018.

.

China eyes front against protectionism at G20

AFP, Beijing :China said Monday it would seek backing for free trade and multilateralism at the G20 summit this week as it denounced protectionism while it fights a tariffs

Tokyo stocks close marginally higher

AFP, Tokyo :Tokyo stocks closed modestly higher on Monday, recovering earlier losses after receiving support from rallies in Hong Kong and Chinese markets.The benchmark Nikkei 225 index gained 0.13

Rupee opened flat at 69.58 vs USD in early trade

PTI, Mumbai :The rupee opened on a flat note at 69.58 against the US dollar in opening trade Monday amid rising crude oil prices and foreign fund outflows.Forex traders

US-Iran fears buoy oil prices as focus turns to Trump-Xi talks

AFP, Hong Kong :Oil prices extended gains Monday as rising US-Iran tensions fuelled supply concerns, while Asian equity traders moved cautiously ahead of a crunch meeting between Donald Trump

Japan plans lifting ban on Russian chicken imports after Putin-Abe meeting

TASS, Tokyo :Japan intends to allow imports of fresh chicken from Russia as part of earlier reached agreements on the expansion of bilateral trade as well as to help

First-ever prepaid metre-manufacturing plant goes into production next month

UNB, Khulna :Country's first-ever electric prepaid metre-manufacturing plant here goes into production in the second week of July.The plant is aimed at fulfillingthe huge demand for prepaid metresand thus

Bangladesh is on right track to attract FDI: Speakers

Bangladesh is on right track to attract FDI: Speakers

Economic Reporter :Speakers of Monday claimed that despite the global flow of Foreign Direct Investment (FDI) is showing downward trend, Bangladesh achieved remarkable success in attracting FDI in 2018

Robust growth in Walton AC sales centering heatwave

Business Desk :The local electronics giant Walton has witnessed a robust growth in the sales of its air conditioner during heavy heatwave all over the country in this year.According

Md Nazmus Salehin, Chairman of the Audit Committee of the Board of Directors of Standard Bank Ltd, presiding over the Bank's 92nd board meeting at its board room in the city on Monday. Members of the committee Al-Haj Mohammed Shamsul Alam, Kazi Sanaul Hoq, Najmul Huq Chaudhury, Ferdous Ali Khan, Managing Director Mamun-Ur-Rashid, Additional Managing Director Md Tariqul Azam and Deputy Managing Director Md Motaleb Hossain, among others, were present.

Md Nazmus Salehin, Chairman of the Audit Committee of the Board of Directors of Standard Bank Ltd, presiding over the Bank's 92nd board meeting at its board room in the city on Monday. Members of the committee Al-Haj Mohammed Shamsul Alam, Kazi Sanaul Hoq, Najmul Huq Chaudhury, Ferdous Ali Khan, Managing Director Mamun-Ur-Rashid, Additional Managing Director Md Tariqul Azam and Deputy Managing Director Md Motaleb Hossain, among others, were present.

.