Community Bank, Nagad partner on remittance and fund transfers
Community Bank Bangladesh PLC and mobile financial service provider Nagad have signed an agreement to introduce two-way fund transfers, wallet top-ups and remittance disbursement services.
The agreement was signed on Thursday, 20 August, at Community Bank's head office at Police Plaza Concord in Dhaka, according to a press release.
Community Bank Managing Director Mohammed Emtiaz Uddin and Bangladesh Bank-appointed Nagad Administrator Md Motassim Billah signed the agreement on behalf of their organisations.
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Under the agreement, Community Bank customers can transfer money directly from their bank accounts to Nagad wallets through the "Add Money" service.
The partnership will also enable two-way fund transfers between Community Bank accounts and Nagad wallets.
Community Bank will also disburse foreign remittances received through its accounts to beneficiaries through Nagad's network. The bank said this would make remittances more accessible, particularly for customers in remote and underserved areas.
The partnership will also support customer onboarding and system integration between the two organisations.
Mohammed said Nagad's network and digital capabilities would help Community Bank extend its services to a wider customer base.
"Particularly in remittance and digital transactions, this partnership will help us provide customers with simpler, faster and more effective services," he said.
Motassim said Nagad was expanding its partnerships with banks to make digital financial services more convenient.
"Our collaboration with Community Bank creates greater opportunities to provide remittance, 'Add Money' and fund transfer services," he added.
Senior officials from both organisations attended the signing ceremony.
