Bank Asia ties up with Western Union

Dhaka,  Sun,  24 September 2017
Published : 06 Aug 2017, 20:55:41

Bank Asia ties up with Western Union

FE Report

Bank Asia will deliver remittance payment services of global money transfer company Western Union (WU) to country's grass root level through its agent banking service.

The service formally kicked off on Sunday through a launching ceremony held at a city hotel.

President & Managing Director (MD) of Bank Asia Md. Arfan Ali and Managing Director and RVP of South Asia Western Union Sohini Rajola, jointly inaugurated the service.

Senior Counsel and Vice President (Middle East, Africa, South Asia and South East Asia) of the WU Manju Rai, its Senior Country Manager (Bangladesh) Naved Ashraf, Senior Executive Vice Presidents (SEVP) of the Bank Junaid Masroor and Ziaul Hasan attended the ceremony among others.

Speaking on the occasion, Md. Arfan Ali said the initiative will reach the WU's foreign remittance payment to the doorsteps of grassroots people using the banks agent banking platform in a faster, easier and more flexible way.

He also said the bank has a strong digital banking platform and a nationwide well-connected network while Western Union has a rich global experience of transferring remittance across the world.

"I strongly believe the partnership, cooperation and firm commitment of both the organisations will help reach foreign remittance to people in any corner of the country," he said.

"This move will also play a significant role in financial inclusion of grassroots people," said Mr Arfan.

The Bank Asia has more than 1250 agent outlets across the country. The network is growing very fast, he noted.

Terming the people’s access to banking service a 'fundamental need', the bank MD said the partnership between two financial institutions will help many unbanked people to get involved with the formal channel.

This service will support government's Vision 2021 to build a 'Digital Bangladesh' facilitating financial inclusion for many people in rural areas, he said.

According to the World Bank data, Bangladesh is the eighth largest international remittance receiver in the world. In 2016 alone, the country received US$ 13.7 billion foreign remittances sent by Bangladeshis working abroad. However, researchers argue that nearly the same amount of international remittances is being delivered through various informal channels.
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