- Famacash aims to become latest mobile financial service to enter Bangladeshi transfer market
- Platform would enable instant money transfers and purchase of retail gift cards
- App-based service hopes to compete with bKash and Western Union
As interest in mobile finance grows across Bangladesh, a Bangladeshi-American entrepreneur is hoping his latest venture will revolutionize the way Bangladeshis send cross-border payments.
Saiful Khandaker says his company, Famacash, aims to build on the success of mobile financial services like bKash, which have made a significant impact on the nation's remittance market. Though most consumers continue to use traditional providers like Western Union or local banks to send international payments, app-based payment solutions are gaining ground.
Mobile services are typically faster, cheaper and more convenient than traditional money transfers.
Saiful believes Bangladesh would greatly benefit by switching over to a cashless, digital economy, so much so that he will soon travel to Dhaka to discuss with government officials the possibility of a national wallet platform.
For now, however, his focus remains on growing Famacash.
According to Saiful, the Famacash app will allow users to send cross-border payments instantly via smartphone or computer for as little as $3 per transaction. Famacash will enable users to send up to $10,000 a month with the app, and recipients can pick up their money at one of more than 10,000 cash-out locations across Bangladesh.
Famacash will have an additional function that lets users purchase and send retail gift cards that recipients can use at a variety of Bangladeshi merchants.
"We will bring the Bangladeshi diaspora much closer to their families back home," said Saiful.
The Famacash app has already secured a venture capital investment of $500,000 and has inked partnerships with banks in 50 countries around the world, with hopes to expand into even more countries in the future.
Saiful expects Famacash to be fully operational in the next 60 to 90 days.
