WorldRemit partners with BRAC and bKash

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  • WorldRemit expands presence in Bangladesh
  • BRAC Bank has 186 locations in the country making it possible for WorldRemit to reach millions of account holders while bKash currently has 30 million mobile wallets, based on numbers from the company
  • The partnership is set to reach more people in Bangladesh, according to reports and supports WorldRemit’s plan to expand its market base to 10 million customers

 

The leading digital money transfer service recently inked a deal with bKash and BRAC Bank to accommodate labour migrants from Bangladesh who regularly send funds to friends and family.

Fintech company WorldRemit is strengthening its presence in Bangladesh, according to reports. Analysts say that the move is inspired by the brand’s goal to reach millions of customers around the world. In a press release in Q1 of 2018, WorldRemit executives said that the brand’s target is to reach 10 million customers by 2020.

“We are delighted to be partnering with BRAC, a leading bank and household name in Bangladesh, and bKash, the largest mobile financial services provider in the country”, said Tamer El-Emary, the Chief Commercial Officer at WorldRemit.

A huge market

The main motivating factor for the partnership is the number of emigrants from the country, observers say. Based on data from the Bangladeshi government, the country is one of the largest recipients of remittances in the world. The Central Bank of Bangladesh says that the country received a whopping $15 billion in 2017 alone.

For years, families of the Bangladeshi diaspora received money through traditional means. With WorldRemit’s services and that of other fintechs now available, recipients can now receive funds from loved ones without the senders paying hefty transaction fees.

All about convenience

WorldRemit’s app and website make it possible for the Bangladeshi diaspora to transfer money internationally at cheap overseas transfer rates. While this in itself is already an achievement, analysts say that WorldRemit’s partnership with BRAC Bank will make it easier for remittance recipients to access funds from abroad. BRAC has 1.5 million account holders and they are now connected to WorldRemit’s platform. BRAC contributes to the convenience that WorldRemit wants to provide to its customers, according to observers, as it has 186 branches and 30 SME locations where recipients can collect their funds. The financial institution also boasts 30 million bKash wallets.

WorldRemit has always endeavoured to make money transfers easier for its customers. Through its digital-only model, senders no longer need to visit physical locations to send money home.

According to WorldRemit executives, its partnership with bKash mobile money wallets will also improve the fintech’s brand of service in the country. International transfers done through bKash via WorldRemit’s platform are instant. bKash users can use funds to do the groceries, pay for bills, and even top-up mobile credits or airtime. Customers with bKash can also withdraw money from their mobile accounts by visiting a bKash agent location. bKash is currently the largest mobile money services company in Bangladesh.

Find out more about the remittance industry by following our magazine.


Andrea Barnes
Editor
Andrea is Communications Manager at FXcompared. Prior to joining FXcompared, she worked as a communications consultant for companies seeking guidance with their social media, marketing and digital… Read more

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