Nagad, Rupali Bank Sign Deal to Speed Up Remittance Disbursement
Mobile financial service provider Nagad and Rupali Bank PLC on Tuesday signed an agreement to facilitate faster and hassle-free disbursement of inward remittances to beneficiaries across Bangladesh. The agreement was signed at Rupali Bank's head office in the capital's Dilkusha area, said a press release. Bangladesh Bank-appointed Administrator of Nagad Md. Motasem Billah and Rupali Bank Managing Director (MD) Kazi Md. Wahidul Islam signed the deal on behalf of their respective organisations. Under the agreement, expatriate Bangladeshis will be able to send remittances to Rupali Bank through international exchange houses, money transfer operators (MTOs) or banks.
Nagad will then disburse the funds directly to beneficiaries' mobile wallets on behalf of Rupali Bank, enabling recipients to access the money anytime from anywhere in the country. The partnership aims to encourage remittance inflows through formal channels by ensuring quick, secure and convenient delivery of funds. Speaking at the signing ceremony, Nagad Administrator Md. Motasem Billah said remittances are vital for the country's economy and the partnership would enable beneficiaries to receive money directly in their Nagad wallets safely and conveniently.
He said the initiative would strengthen formal remittance channels and promote digital financial inclusion by allowing recipients to spend digitally or cash out through Nagad's nationwide network at low cost. Rupali Bank MD Kazi Md. Wahidul Islam said the agreement would help the state-owned bank deliver expatriates' hard-earned money safely and swiftly, particularly to beneficiaries living in remote areas. He expressed hope that the collaboration would increase remittance inflows through legal channels while improving customer service. Nagad said it has been introducing various initiatives to encourage remittances through formal channels, including reward-based campaigns for expatriate families. The MFS provider has recently introduced Bangla QR payment services and National Payment Switch Bangladesh (NPSB) facilities, allowing users to make digital payments at nearly one million Bangla QR merchant outlets and instantly transfer funds between bank and mobile financial service accounts.
