Nagad, one of the country’s leading mobile financial service providers, has partnered with Shahjalal Islami Bank PLC. to accelerate and simplify the disbursement of inward remittances sent by Bangladeshi expatriates from around the world, a press release said.
Under the agreement, Nagad will disburse inward remittances on behalf of Shahjalal Islami Bank directly into beneficiaries’ mobile financial service (MFS) wallets. Through this collaboration, expatriates can send money via international exchange houses, Money Transfer Operators (MTOs), or banks, which Nagad will then deliver electronically to end users. This enables families across Bangladesh to access remittance funds 24/7, even in the country’s most remote areas.
To this end, a formal signing ceremony took place at Shahjalal Islami Bank’s corporate head office in the capital’s Gulshan. Mr. Mosleh Uddin Ahmed, managing director and CEO of Shahjalal Islami Bank, and Administrator of Nagad Md. Motasem Billah signed the agreement on behalf of their respective sides.
Senior officials from both organizations also attended the event.
From Shahjalal Islami Bank, participants included Mr. Imtiaz Uddin Ahmed, additional managing director and chief business officer, Mr. M. M. Saiful Islam, deputy managing director and CRO, Mr. Md. Jafar Sadeq FCA, deputy managing director & chief financial officer, Ms. Khandker Bedoura Mahbub, CTO and head of IT Division, and Mr. Mohammad Shakhawat Hossain, head of Foreign Remittance Department.
On behalf of Nagad, Anwar Ullah, associate administrator, Mohummed Shahin Sarwar Bhuiyan, chief commercial officer, Md. Ahsanul Hoque Bashar, head of Remittance, Shah Imran, senior manager (Remittance), Ifrat Jahan, manager (Remittance), and Md. Afsan Jani Tahrim, specialist, Remittance, were present there.
Speaking at the event, Mr. Mosleh Uddin Ahmed, managing director & CEO of Shahjalal Islami Bank, stated, “Shahjalal Islami Bank collects remittances globally through its extensive network of partners. By leveraging Nagad to disburse these funds on our behalf, we are ensuring a faster, more convenient, and Shariah-compliant remittance service for our expatriates and their families, bringing financial services closer to their doorsteps.”
Administrator of Nagad Md. Motasem Billah said: “Through this partnership, millions of beneficiaries will be able to receive remittances directly into their Nagad wallets round the clock and withdraw funds from more than two lakh Nagad payout locations [Uddokta points] across Bangladesh. We thank Shahjalal Islami Bank for choosing Nagad as its disbursement partner to help modernize cross-border payment services.”
