Nagad, one of the country’s leading mobile financial service (MFS) providers, has joined hands with Shahjalal Islami Bank PLC to accelerate and simplify the disbursement of inward remittances sent by Bangladeshi expatriates worldwide.
Under the agreement, Nagad will disburse inward remittances on behalf of Shahjalal Islami Bank directly into beneficiaries’ mobile wallets, according to a press release.
Expatriates can send money via international exchange houses, Money Transfer Operators (MTOs), or banks, which Nagad will then deliver electronically to end users.
The collaboration ensures families across Bangladesh can access remittance funds 24/7, even in the most remote areas of the country.
A formal signing ceremony was held at Shahjalal Islami Bank’s corporate head office in Gulshan, Dhaka.
The agreement was signed by Mosleh Uddin Ahmed, managing director and CEO of Shahjalal Islami Bank, and Md Motasem Billah, Administrator of Nagad. Senior officials from both organisations attended the event.
From Shahjalal Islami Bank, the participants included Imtiaz Uddin Ahmed, additional managing director and chief business officer; MM Saiful Islam, deputy managing director and CRO; Md Jafar Sadeq FCA, deputy managing director and chief financial officer; Khandker Bedoura Mahbub, CTO and head of IT Division; and Mohammad Shakhawat Hossain, head of Foreign Remittance Department.
Representing Nagad, the attendees 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 its extensive network of partners. By leveraging Nagad to disburse these funds on our behalf, we are ensuring a faster, more convenient, and Shariah-compliant remittance service for our expatriates and their families, bringing financial services closer to their doorsteps.”
Md Motasem Billah, administrator of Nagad, added, “Through this partnership, millions of beneficiaries will be able to receive remittances directly into their Nagad wallets round the clock and withdraw funds from more than two lakh Nagad payout locations [Uddokta points] across Bangladesh. We thank Shahjalal Islami Bank for choosing Nagad as its disbursement partner to help modernize cross-border payment services.”
