bKash hosts workshop on future of remittance in Bangladesh

Expatriates increasingly prioritise low-cost, secure, and instant remittance transfers to their families in Bangladesh. To meet these expectations, stakeholders emphasised the need for next-generation technologies and a coordinated service approach across the remittance ecosystem at a recent workshop organised by bKash, the country's largest mobile financial service provider.

Titled "The Changing Landscape and Emerging Potential of Remittance in Bangladesh", the workshop highlighted that improving sender satisfaction is key to increasing remittance flow through legal channels. The event also recommended swift policy measures to keep pace with evolving global practices.

The workshop saw participation from senior officials of leading banks, including Janata Bank, Agrani Bank, Rupali Bank, Bangladesh Krishi Bank, Pubali Bank, BRAC Bank, Mutual Trust Bank, Trust Bank, City Bank, Eastern Bank, Social Islami Bank, Al-Arafah Islami Bank, Shahjalal Islami Bank, Prime Bank, and Mercantile Bank. Several representatives from international Money Transfer Operators (MTOs) also attended, including Western Union, MoneyGram, TerraPay, NEC Corporation, Mastercard, Instant Cash, National Exchange Company, Simpaisa, Hometown, Taptap Send, and EzyRemit.

Zahidul Ahasan, Head of Remittance at bKash, presented a keynote paper on the growth, potential, and challenges of Bangladesh's remittance sector. Ali Ahmmed, Chief Commercial Officer at bKash, stressed the importance of collaborative efforts among all institutions in the remittance ecosystem to make services faster, cost-effective, and interoperable. He urged investment in technology-based infrastructure to enhance the remittance sending experience.

Representatives from global MTOs noted that app-based services have made customer experience the key competitive factor, while bank officials highlighted the shift from traditional 'cash over the counter' methods to instant mobile financial service (MFS) platforms. They emphasised the need for secure savings options, access to credit, and broader adoption of integrated digital solutions.

Notably, more than 15 million expatriates worldwide remit income to Bangladesh each year from 176 countries. While the highest numbers originate from Cumilla, Chattogram, Brahmanbaria, Feni, and Noakhali, expatriates from nearly all districts now contribute to the country's remittance inflow, facilitated by faster, simpler digital processes across banks, MFS providers, and MTOs.