Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Sunday, December 16, 2018 10:29:15 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Migrant workers prefer mobile banking

Share your thought
Post a comment »
Read all () »

Gazi Anowarul Hoque :
Migrant workers rely to send their hard earned income to their families through banks partnered with mobile financial services instead of sending unofficial channels.
Statistics say that migrant workers sent remittance worth Tk 31.74 crore in August - a surprising 241.65 per cent growth in the same month of last year thanks to impressive remittance inflow through banks partnered with bKash, the leading mobile financial services, central bank data shows.
Remittance inflow through bKash partner banks - BRAC Bank, MTB and Bank Asia has now reached to 14 million US dollar till last month and the exchange value has been disbursed to thousands of local recipients, industry sources said.
Major General Sheikh Monirul Islam (retd), Chief External Officer of bKash Limited said that bKash delivers remittance money to the recipient in remote areas in real time. So, migrant workers are increasingly finding the formal option to send their hard earned money through banks partnered with bKash.
"Our payment innovation reduces the hassle dramatically. At the same time the sense of instant gratification makes both the sender and recipient immensely happy. The hard earned money sent by the migrants to their friends and families adds up to the overall economic growth and that is pretty much known by Bangladeshi living in different parts of the globe. That is why the intensity of the inward foreign remittance is increasing at a faster pace", he told the New Nation.
Migrants living in Middle east countries said sending money through mobile banking channel is quick, secured and comparatively low cost delivery channel thanks to new regulations of Bangladesh Bank that allows them to send their remittance to scheduled commercial banks and settled through Nostro Accounts of and pay out the money only in Bangladeshi Taka (BDT) to MFS accounts of the beneficiaries.
Out of 56 banks, only 17 have their own MFS services to remit money instantly to the beneficiaries while bKash has largest clienteles base across the country with around 3 million subscribers mostly living in remote areas and remittance recipients.
Commercial banks used bKash as the last mile delivery solution of remittance money to the recipients in real time.
A senior BB official said, Bangladesh has a bright potentiality to address many of the challenges currently faced by rural remittance recipients using MFS as the last mile delivery solution. More than half a million Bangladeshis migrated to various countries in recent years, adding to the 9 million migrants already living abroad, many since the 1970s.
Last year, Bangladesh earned remittance worth US$ 13.5 billion, equivalent to 6.1 percent of the country's gross domestic product (GDP). A World Bank study says 65 percent of the total value of remittances goes to rural areas in Bangladesh.
High cost of remittance service is the main obstacle to remittance growth. Industry experts say an efficient model to channel formal remittance of small tickets at lower is the demand of time.

Add Rate

News Archive

Inside The New Nation

Cricket »

Sri Lanka 275-9 at stumps on day 1, 1st Test vs New Zealand

AP, New Zealand :Tim Southee took 5-67 as New Zealand exploited an influential toss to contain Sri Lanka to 275-9 Saturday on the first day of the first cricket Test at the Basin Reserve.A late unbeaten half century by wicketkeeper Niroshan Dickwella helped swing the day a little in Sri ...

Football »

Salah retains BBC African Footballer of the Year award

Liverpool and Egypt striker Mohamed Salah has capped a sparkling 2018 for club and country by winning the prestigious BBC African Footballer of the Year Award for the second time in a row."It's a great feeling to win again. I'm happy and I would like to win it also next ...

Entertainment »

Soundarya Sharma is going to have an exceptional time this festive season

Actress Soundarya Sharma who made her stellar debut in Ranchi Diaries, a Comedy thriller film, and got a thumbs up from the critics and audience and awarded as the ‘Best Debutante’ at Jharkhand international film festival 2018. She was nominated for the ‘Best Female Debutante’ by Zee Cine Awards 2018 ...

Entertainment »

Ishana in four plays under same director’s direction

Sheikh Arif Bulbon :Popular TV actress of present time Ishana Khan has worked in four faction plays under same director's direction. She has finished shooting of these four plays under Satirtho Rahman Rubel’s direction. Shooting of these plays took place in Darjeeling from November last week to December first week. ...

Editorial »

No room for self-satisfaction, success needed in other fields too

THE nation celebrates the 48th Victory Day today amid festivity. Today, the nation will remember its glorious historical achievement earned through a nine-month war against Pakistan Occupation Forces in 1971. The nation will recall today, Bangladesh was born as an independent country under the leadership of Father of the Nation ...

International »

Australia recognises west Jerusalem as capital of Israel

Australia now recognises west Jerusalem as Israel's capital, Prime Minister Scott Morrison said Saturday, but a contentious embassy shift from Tel Aviv will not occur until a peace settlement is achieved.Canberra became one of just a few governments around the world to follow US President Donald Trump's lead and recognise ...

International »

Trump taps budget head Mulvaney as acting chief of staff

Donald Trump announced Friday that his budget director Mick Mulvaney will step in as acting chief of staff to replace John Kelly - amid indications the president is struggling to fill the key post.Trump, whose presidency is increasingly embroiled in legal troubles, announced earlier this month that Kelly, a former ...

City »

BNP candidate of Dhaka-8 constituency Mirza Abbas speaking at a prèss conference at his residence in the city on Saturday in protest against attack on his electioneering in the city's Segunbagicha area.

Entertainment »

Mim`s new movie Thai Curry

Sheikh Arif Bulbon :End of this year is becoming something new for the National Film Award winner actress Bidya Sinha Saha Mim. At the end of this year, she has started shooting of a new movie. Now she is staying in Bangkok to take part in shooting of the movie. ...

Business & Economy »

In presence of Mohammed Monirul Moula, AMD of Islami Bank Bangladesh Limited, Abu Reza Md. Yeahia, DMD of the Bank and Dr. M. Easin Ali, Chairman of Dhaka City Physiotherapy Hospital, exchanging an agreement signing document at the Banks head office in the city on Wednesday. Under the deal, VISA and Khidmah Card holders of the Bank will get attractive discount in treatment services of the Hospital. Top officials from both the organizations were also present.


Cricket »

Malinga named captain for ODI, T20I series against New Zealand

Sri Lanka pacer Lasith Malinga, who until recently was out of favour with the selectors, has been appointed as the captain for the upcoming ODI and T20I series against New Zealand. He replaces Dinesh Chandimal, who led the side in the recently concluded ODI series and Thisara Perera, who captained ...

International »

US Senate votes to end support for Saudi-led Yemen war, blasts crown prince

The US Senate dealt President Donald Trump a double blow over Saudi Arabia on Thursday, approving a resolution to end US military support for Riyadh's war in Yemen, and another holding the Saudi crown prince responsible for the murder of Jamal Khashoggi.Though largely symbolic, the two bipartisan measures deliver a ...

International »

Islamic State not defeated, just transforming: Experts

Even as the last pockets of resistance in eastern Syria hold their ground, the Islamic State group is shapeshifting into a new, but no less dangerous, underground form, experts warn.Also known as ISIS, or the Islamic State in Iraq and Syria, the group had long been ready to cede the ...

Editorial »

Time to avail the golden opportunity to explore Japan`s rich market

BANGLADESH wants to explore the potentials of sending skilled workers to Japan as the country is likely to open its job market for foreign workers. The matter is likely to be raised at Foreign Secretary-level talks scheduled to be held on December 17 in Tokyo.Foreign Secretary M Shahidul Haque and ...

Editorial »

Involve the youths in decision making process

A RECENT survey rightly indicated that unified and quality education system for all is imperative to turn today's youth into skilled manpower for future Bangladesh. Ahead of the 11th National Election, the survey findings clearly echoed the youth voice who emphasised meritorious teacher recruitment at primary school to tertiary level ...

Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Write a comment to this news