Bank Asia to disburse Western Union remittance - Share market analysis of dhaka stock exchange, Bangladesh

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07 August, 2017 10:08 AM Source: The Daily Star Bangladesh

Bank Asia and Western Union have jointly launched a remittance service which will use the bank's countrywide agent banking channel to distribute funds among the beneficiaries.

Arfan Ali, president and managing director of Bank Asia, and Sohini Rajola, Western Union's managing director for South Asia, inaugurated the service at a programme at the Westin hotel in Dhaka yesterday.

“Remittance coming through Western Union will be disbursed by the agent banking channels of Bank Asia,” said Ali.

He said the partnership would stop illegal transfer of remittance and make the service convenient for remittance beneficiaries.

The use of agent banking channels will develop savings habit among people and the partnership with the international money transfer company will build trust on the agents, said a top executive of the bank.

Bank Asia currently has over 1,250 agents in 55 districts.

Remittance amounting to Tk 572 crore was disbursed through agents between January and March this year. Of the amount, the highest 47 percent or Tk 269 crore was channeled through Bank Asia, according to central bank data.

The total number of agent banking accounts of Bank Asia stood at 162,378 in March. Currently, 11 banks have agent banking operations.

Bank Asia channeled $418 million in remittance last year, which was 3 percent of the total remittance of $12.6 billion flowing to the country in the year.

Bank Asia has a strong digital banking platform and a well-connected nationwide network while Western Union has rich experience of transferring remittance anywhere in the world, said Ali.

“The partnership will help deliver remittance to people in any corner of the country in a more affordable, convenient and speedy manner. This move will also play a significant role in financial inclusion,” he said.

Manju Rai, vice president of Western Union for Middle East, Africa, South Asia and South-East Asia, Naved Ashraf, senior country manager of the company, and Bank Asia senior executive vice presidents Junaid Masroor and Ziaul Hasan were present at the launching

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