Nagad, Midland Bank sign deal to speed up remittance delivery
Nagad has partnered with Midland Bank PLC to streamline the delivery of expatriate remittances to Bangladesh's grassroots, enabling faster, more secure digital transfers nationwide.
The agreement was formalised at Midland Bank's head office in Gulshan, with Managing Director and CEO Imtiaz Uddin Ahmed and Nagad Administrator Md Motasem Billah (appointed by Bangladesh Bank) representing their organisations.
Under the partnership, remittances sent by Bangladeshi expatriates will be credited directly to beneficiaries' Nagad mobile wallets via Midland Bank, using authorised channels including international exchange houses, money transfer operators and banks.
Keep updated, follow The Business Standard's Google news channel
Recipients will have 24/7 access to funds through their Nagad accounts, regardless of location, including remote and rural areas.
Senior officials from both organisations attended the signing, including Midland Bank Deputy Managing Director and Chief Risk Officer Md Zahid Hossain; Deputy Managing Director and Chief Technology Officer Md Nazmul Huda Sarkar; and Senior Executive Vice Presidents Mohammad Javed Tarek Khan and Khandaker Toufiq Hossain Khan.
Nagad was represented by Head of Remittance Md Ahsanul Haque Bashar and other senior officials.
Imtiaz Uddin Ahmed stated, "Midland Bank collects remittances through an extensive global partner network. This agreement with Nagad will deliver faster, more convenient remittance services to expatriates and their families."
Md Motasem Billah commented, "This partnership ensures expatriates' hard-earned money arrives instantly and securely in recipients' Nagad wallets. Beneficiaries can access funds anytime, or withdraw cash at minimal cost from over 300,000 Nagad agent points nationwide, including remote locations."
He added that the initiative would modernise the remittance ecosystem and encourage increased inflows through formal channels.
