Global remittances stood at nearly $905 billion in 2024. However, an estimated $57 billion was lost worldwide due to high fees, hidden charges, and unfavorable exchange rates.
For Bangladesh, remittances totalled $26.9 billion during the same period, yet $1.48 billion (equivalent to BDT 162 billion) was lost. This figure represents 2.025 per cent of the national budget and 0.33 per cent of the country’s GDP.
These figures were revealed at a special “Meet the Press” event organised by international fintech company and money transfer app NALA to highlight its operations and future plans in Bangladesh. The event was held on Saturday, September 6, at Pan Pacific Sonargaon Hotel in Dhaka.
Mahmudul Hasan, head of Growth, NALA Bangladesh, addressed the media at the event. The session was moderated by presenter Toma Rashid.
Hasan said, “Our commitment is to ensure that the hard-earned money of Bangladeshi expatriates reaches their families in Bangladesh quickly, safely, and with zero fees. We know that migrants endure immense hardship abroad to support their loved ones. Every dollar they send home not only sustains families but also strengthens the overall economy of Bangladesh.
NALA is working to remove unnecessary costs, hidden charges, and delays in this process.”
He added, “Our goal is not just money transfer, it is to ensure trust and transparency in every transaction. We want Bangladeshi migrants to proudly say, “Our money is reaching home safely, quickly, and at no cost.” By doing so, we aim to strengthen the flow of remittances and drive the national economy forward.”
According to NALA, its app currently allows Bangladeshis abroad to send money directly from 21 countries across US, UK, and Europe. Since its launch in 2021, the NALA app has gained more than 500,000 users worldwide.
