Nagad, one of the country’s leading mobile financial service providers, has signed an agreement with Midland Bank PLC to ensure quicker and easier delivery of expatriate remittances to people at the grassroots level, a press release said.
The agreement was signed today (Thursday) at Midland Bank’s head office in Gulshan. The deal was signed on behalf of the two organisations by Midland Bank Managing Director and Chief Executive Officer Imtiaz Uddin Ahmed and Nagad Administrator appointed by Bangladesh Bank, Md. Motasem Billah.
Under the agreement, remittances earned by Bangladeshi expatriate workers abroad will be delivered directly to beneficiaries’ mobile wallets through Nagad via Midland Bank. Through this process, expatriates will be able to send money to Bangladesh through legitimate channels such as international exchange houses, money transfer operators (MTOs), or banks.
Beneficiaries will be able to receive and use the funds 24 hours a day from anywhere in the country, including remote areas, through their Nagad accounts.
Among others present at the signing ceremony from Midland Bank were the Deputy Managing Director and the Chief Risk Officer, Md. Zahid Hossain, Deputy Managing Director and Chief Technology Officer, Md. Nazmul Huda Sarkar, and Senior Executive Vice Presidents Mohammad Javed Tarek Khan, and Khandaker Toufiq Hossain Khan.
From Nagad, Head of Remittance, Md. Ahsanul Haque Bashar and other senior officials of the organisation were also present.
Speaking at the event, Midland Bank Managing Director Imtiaz Uddin Ahmed said, “Midland Bank collects remittances through its extensive partner network across different countries. Through this agreement with Nagad, expatriates and their families will now receive remittance services faster and more conveniently.”
Nagad Administrator, Md. Motasem Billah said, “As a result of this agreement, the hard-earned money sent by expatriates will reach recipients’ Nagad wallets instantly with maximum security. Beneficiaries will be able to use the money directly from their wallets at any time, or cash it out at the lowest cost from Nagad’s more than 300,000 agent points across the country, including in remote areas.”
He added that the initiative would help make the country’s remittance system more modern, dynamic, and efficient, thereby encouraging greater inflow of remittances through legal channels.
