Nagad, Shahjalal Islami Bank partner on remittance disbursement
Nagad, one of the country's leading mobile financial service providers, has partnered with Shahjalal Islami Bank PLC to accelerate and simplify the disbursement of inward remittances sent by Bangladeshi expatriates.
Under the agreement, Nagad will disburse inward remittances on behalf of Shahjalal Islami Bank directly into beneficiaries' mobile financial service wallets. Expatriates will be able to send money through international exchange houses, money transfer operators and banks, with funds delivered electronically to recipients through Nagad.
The initiative will allow families across Bangladesh, including those in remote areas, to access remittance funds round the clock.
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A formal signing ceremony was held at Shahjalal Islami Bank's corporate head office in Gulshan, Dhaka. Mosleh Uddin Ahmed, managing director and chief executive officer of Shahjalal Islami Bank, and Md Motasem Billah, administrator of Nagad, signed the agreement on behalf of their respective organisations.
Senior officials from both institutions attended the event.
From Shahjalal Islami Bank, attendees included Imtiaz Uddin Ahmed, additional managing director and chief business officer; M M Saiful Islam, deputy managing director and chief risk officer; Md Jafar Sadeq, FCA, deputy managing director and chief financial officer; Khandker Bedoura Mahbub, chief technology officer and head of the IT division; and Mohammad Shakhawat Hossain, head of the foreign remittance department.
Representing Nagad were Anwar Ullah, associate administrator; Mohummed Shahin Sarwar Bhuiyan, chief commercial officer; Md Ahsanul Hoque Bashar, head of remittance; Shah Imran, senior manager (remittance); Ifrat Jahan, manager (remittance); and Md Afsan Jani Tahrim, specialist (remittance).
Speaking at the event, Mosleh Uddin Ahmed said Shahjalal Islami Bank collects remittances globally through an extensive network of partners. "By leveraging Nagad to disburse these funds, we are ensuring a faster, more convenient and Shariah-compliant remittance service for expatriates and their families, bringing financial services closer to their doorsteps," he said.
Md Motasem Billah said the partnership would enable millions of beneficiaries to receive remittances directly into their Nagad wallets at any time. "Customers will also be able to withdraw funds from more than two lakh Nagad payout locations, or uddokta points, across the country. We thank Shahjalal Islami Bank for selecting Nagad as its disbursement partner to help modernise cross-border payment services," he said.
