Inward remittances routed through United Commercial Bank PLC (UCB) will reach beneficiaries’ mobile wallets across Bangladesh, particularly in rural and remote regions, under a partnership between UCB and Nagad, the mobile financial service of the Bangladesh Postal Department.
Nagad customers can access these funds 24/7 from anywhere in the country.
Nagad users will also soon be able to pay UCB loan installments, monthly savings (DPS) schemes and credit card EMIs directly through the platform.
Expatriates can send money home through international exchange houses, Money Transfer Operators (MTOs) or banks. The platform will also simplify customer integration and onboarding, bringing more people into digital financial services.
The agreement was signed at a ceremony at UCB’s corporate head office in Dhaka’s Gulshan area on Wednesday by Nagad Chief Commercial Officer Mohummed Shahin Sarwar Bhuiyan and UCB Additional Managing Director Adnan Masud on behalf of their respective organisations, said a press release.
Nagad Senior Associate Administrator Syed Himyanuddin Ahmed said, “Nagad has been working from the outset to bring digital financial services to the doorstep of the unbanked and marginalised populations. This agreement ensures daily digital banking conveniences for clients of both institutions.”
UCB Additional Managing Director Adnan Masud said, “This strategic alliance will play a pivotal role in delivering remittance proceeds to marginal communities efficiently while extending comprehensive banking solutions to them.”
Nagad Chief Financial Officer Afzal Ahmed, Nagad Head of Business Sales Md Saidur Rahman Dipu and Nagad Head of Remittance Md Ahsanul Hoque Bashar attended. UCB Deputy Managing Director and COO Md Abdullah Al Mamoon, UCB Deputy Managing Director (Wholesale Banking) Sufia Akter, UCB Executive Vice President (FI and OBU) Yousuf Habib and UCB First Vice President (Remittance) Mohammad Aminul Islam attended, alongside other senior officials.
Nagad users currently have Add Money services from UCB, National Payment Switch Bangladesh (NPSB) interoperability and Bangla QR payment features across both mobile applications.
