BRAC Bank and bKash partner with WorldRemit for bank and mobile money transfers to Bangladesh

November 27, 2018 Dhaka and London

Leading digital money transfer company WorldRemit is considerably expanding its presence in Bangladesh by joining forces with BRAC Bank and bKash for digital money transfers.

Using the WorldRemit app or website, the Bangladeshi diaspora living in over 50 countries can now send money quickly and securely to:

● 1.5 million BRAC Bank accounts

● 186 BRAC Bank branches and 30 BRAC SME locations for cash collection

● Up to 30 million bKash mobile money wallets

WorldRemit’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.

The new partnership considerably expands WorldRemit’s footprint in Bangladesh and supports its plan to serve 10 million customers connected to emerging markets by 2020.

International transfers to bKash mobile money wallets via WorldRemit are instant. Recipients can then transfer funds from their bKash wallets to other bKash wallets, top-up mobile airtime, and pay for bills and groceries at shops and businesses that accept bKash payments. Customers can also withdraw money as cash at bKash agent locations or store their funds in their bKash accounts.

Since its launch in 2011, bKash has become the largest mobile financial services (MFS) provider in Bangladesh, attracting 30 million customers.

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.

Tamer El-Emary, Chief Commercial Officer at WorldRemit, comments: “We are delighted to be partnering with BRAC, a leading bank and household name in Bangladesh, and bKash, the largest mobile financial services provider in the country.

Our partnership will support financial inclusion by enabling the unbanked Bangladeshi population to receive remittances straight into their mobile money accounts. Considerably expanding WorldRemit’s footprint in Bangladesh, the partnership will also connect us to over one million BRAC bank accounts and hundreds of cash pickup locations across the country.”

Kamal Quadir, Chief Executive Officer at bKash said: “In partnership with BRAC Bank, we are excited to launch international money transfers via WorldRemit. The partnership brings tremendous value to Bangladeshis at home and abroad, allowing people in Bangladesh to receive remittances into their bKash accounts 24/7, instantly.”

Selim R. F. Hussain, Managing Director & CEO at BRAC Bank Limited, added: “Our groundbreaking new partnership with WorldRemit allows our customers to receive remittances digitally directly into their BRAC Bank accounts, as cash over the counter at BRAC branches and agent points, and into their bKash mobile wallets. It is a great example of how international partnerships can make a difference to the lives of the Bangladeshi people. This is just the beginning of our partnership and we look forward to introducing more services to increase convenience for our customers.”

Visit the WorldRemit website for more information on how to send money to Bangladesh.

About WorldRemit

WorldRemit is changing the way people send money.

It’s easy – just open the app or visit the website – no more agents.

● Transfers to most countries are instant – send money like an instant message.

● More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).

● Available in over 50 countries and 145+ destinations.

● Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.

WorldRemit’s global headquarters are in London, UK with offices in the United States, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.

About BRAC Bank

BRAC Bank Limited, traded as ‘BRACBANK’ in Dhaka Stock Exchange, is one of the fastest growing banks in Bangladesh with focus on serving the SMEs. It is the only bank in the country with a market capitalization of US$1 billion. It was founded in 2001 to provide access to finance to the unbanked SMEs across the country. To realize potential and the dreams of SMEs, BRAC Bank was the first to introduce small-ticket collateral free loans to bring these grassroots entrepreneurs under the formal banking umbrella, thereby contributing significantly to revitalize the economy and generate employment. With 186 branches, 448 ATMs, 460 SME Unit Offices, BRAC Bank operation now cuts across all segments and territory in financial hypermarket. With 1.5 million customers, the bank continues to broaden its horizon into SME, Retail, Corporate, Treasury and Remittance. More than 40% of its publicly issued shares are owned by the overseas investors, which is the highest foreign investment in stock for a listed company. Internationally BRAC Bank has been rated B+ by S&P and Ba3 by Moody's. It has got industry best credit rating, AA1/AA+, locally. BRAC Bank has been recognized as Asia’s most Sustainable Bank in Emerging Markets by the Financial Times, London and IFC. The Bank is the member of Global Alliance for Banking on Values (GABV) and Global Banking Alliance for Women (GBA).

About bKash

bKash provides a safe, convenient platform to store limited fund and easy ways to make payments and fund transfer services via basic mobile phones to both the unbanked and the underbanked people of Bangladesh. Licensed by Bangladesh Central Bank in 2010, bKash is a subsidiary of BRAC Bank Limited with operational engagement with 15 different banks. With a social uplifting agenda and focus on business viability, bKash launched its services in 2011 and currently operates with over 30 million registered accounts.. Today bKash is a joint venture of BRAC Bank, US based Money in Motion, International Finance Corporation of World Bank Group, Bill and Melinda Gates Foundation and China based Ant Financial (Ali Pay), an affiliate of Alibaba Group.