Remittance Reforms Require Robust Collaboration
Sending money home quickly, securely, and at minimal cost remains the foremost demand of expatriates. Experts in the remittance sector believe that meeting this demand requires leveraging modern technology and ensuring coordinated services across all stakeholders within the remittance ecosystem.
These observations were made at a workshop titled “The Changing Landscape of Bangladesh’s Remittance and Emerging Opportunities,” organized by bKash, the country’s largest mobile financial service provider. According to participants, expanding senders’ satisfaction could significantly increase remittance inflows through legal channels. They stressed the need for swift policy measures in line with shifting global realities.
The workshop brought together senior executives from Janata Bank, Agrani Bank, Rupali Bank, Bangladesh Krishi Bank, Pubali Bank, BRAC Bank, Mutual Trust Bank, Trust Bank, The City Bank, Eastern Bank, Social Islami Bank, Al-Arafah Islami Bank, Shahjalal Islami Bank, Prime Bank, and Mercantile Bank. Representatives from leading international money transfer operators—including Western Union, MoneyGram, Terrapay, NEC Corporation, Mastercard, Instant Cash, National Exchange Company, SimPaisa, Hometown, Tap Tap Send, and EasyRemit—also participated.
Zahidul Ahsan, Head of Remittance at bKash, presented the keynote on the development, prospects, and challenges of Bangladesh’s remittance sector. Ali Ahmed, Chief Commercial Officer of bKash, said: “To make the remittance platform faster, cost-effective, and interoperable, all institutions in the remittance ecosystem must work in close coordination. Investing now in technology-driven infrastructure can transform the remittance experience and ensure overall progress.”
Representatives of international money transfer operators highlighted the increasing competition in the market due to the rise of app-based remittance services. “Customer experience is now more important than ever. Expanding instant remittance services requires data-driven decisions,” they noted. They emphasized that expatriates remit money not only for daily expenses but also for investments, housing, and their children’s future, and therefore need safe savings options as well as access to loans.
Bank officials present at the event recalled how remittance once meant long waits and cash withdrawals over the counter. “Now, with initiatives such as bKash, money can be sent instantly to MFS platforms. Yet, there is room to further expand its reach. A coordinated approach across the ecosystem is essential to make remittance services simpler, faster, and more secure,” they said.
According to a bKash press release issued on Tuesday, September 30, over 15 million expatriates send their hard-earned income back home each year from 176 countries. While expatriates from Cumilla, Chattogram, Brahmanbaria, Feni, and Noakhali lead in numbers, nearly every district in Bangladesh now has citizens working abroad and supporting loved ones through remittances. With the expansion of banks, mobile financial services, money transfer operators, and digital platforms, remittance transfer has become faster and more convenient than ever before.
