Nagad, the mobile financial service of the Bangladesh Post Office, and Rupali Bank PLC have signed an agreement to ensure faster and hassle-free delivery of inward remittances to beneficiaries across the country.
The deal was signed at the head office of Rupali Bank in the capital’s Dilkusha on Tuesday, according to a press release.
Bangladesh Bank-appointed Administrator of Nagad Md. Motasem Billah and Managing Director of Rupali Bank Kazi Md. Wahidul Islam signed the agreement on behalf of their respective organisations.
Under the agreement, expatriate Bangladeshis can send remittance to Rupali Bank through international exchange houses, money transfer operators (MTOs), or banks.
Nagad will then disburse the funds directly into the beneficiaries’ mobile wallets on behalf of Rupali Bank, allowing recipients to access and use the money 24/7 from anywhere in the country.
To boost remittance inflows through legal channels and encourage formal banking methods, Nagad regularly rolls out various initiatives. Aside from ensuring additional benefits for remittance recipients, the MFS provider frequently runs reward-based campaigns.
Recently, Nagad launched a campaign titled “Har Na Mana Har”, offering gold necklaces to families of expatriates who received remittance via Nagad.
On behalf of Nagad, its Associate Administrator Anwar Ullah, Chief Commercial Officer Mohummed Shahin Sarwar Bhuiyan, and Head of Remittance Md. Ahsanul Hoque Bashar, along with other senior officials attended the ceremony.
From Rupali Bank PLC, Deputy Managing Directors – Tahmina Akhter, Hasan Tanvir and Md. Harunur Rashid, General Managers – Mohammed Shahedur Rahman, Mohammed Shajahan Choudhury, Md. Ismail Hossain Sheikh, Md. Moin Uddin Masud and Salamun Nessa, and Head of Remittance Division AKM Zakir Hossain were present among others.
Speaking at the event, Nagad Administrator Md. Motasem Billah said, “Every single penny of remittance sent by expatriates is vital for the national economy. Through this partnership with Rupali Bank, beneficiaries can now receive remittances directly into their Nagad wallets quickly, safely, and without hassle. Additionally, utilising Nagad’s vast network across the country, they can easily spend the funds or cash out at the lowest rates when needed. This initiative will boost formal remittance channels and strengthen digital financial inclusion.”
Rupali Bank Managing Director Kazi Md. Wahidul Islam said, “As one of the largest state-owned banks, we always prioritise delivering the hard-earned money of expatriates safely and swiftly to their loved ones. This agreement with Nagad will make it easier to deliver remittance even to remote areas of the country. We believe this initiative will boost formal remittance flows and ensure better customer service.”
Nagad has recently introduced “Bangla QR” payment services and National Payment Switch Bangladesh (NPSB) facilities. As a result, users can now make cashless payments at nearly 10 lakh Bangla QR merchant points nationwide using the Nagad app.
Furthermore, it allows instant fund transfers to and from any bank account or MFS account. This enables remittance-receiving families to seamlessly transfer funds from their Nagad wallets to bank accounts, or use the money for shopping, utility bill payments (electricity, gas, water), educational fees, and other daily digital transactions.
