BRAC Bank Limited and the country’s largest mobile financial services (MFS) provider bKash Limited have partnered with Malaysia’s Incentive Remit for digital money transfers.
The new strategic partnership with Incentive Remit will allow Bangladeshi expatriates based in Malaysia to send remittance directly from their phones to 1 million BRAC Bank accounts, 186 BRAC branches for cash collection and up to 30 million bKash mobile money wallets in Bangladesh.
Incentive Remit’s mobile-first, digital model saves customers’ time and money as they do not have to visit a bricks and mortar agent to send money home, said a media release received today ( Thursday).
Bangladesh features among the top five countries with the most emigrants living abroad and is the ninth-largest recipient of remittances globally.
The Central Bank of Bangladesh estimates that the country received almost $15 billion in remittances in 2017.