Bangladesh's Remittance Sector Shifts to Digital, Focuses on Sender Satisfaction
Bangladesh's remittance sector is evolving rapidly, with a shift towards digital platforms and a focus on improving sender satisfaction. Key players in the industry, including Zahidul Ahasan from bKash, have highlighted these changes at recent workshops.
Traditional 'cash over the counter' methods are being replaced by instant mobile financial services (MFS). This shift, along with collaborative efforts among all remittance ecosystem institutions, aims to make services faster, cheaper, and interoperable. Next-generation technologies and a coordinated service approach are crucial for this transformation.
Expatriates now prioritise low-cost, secure, and instant transfers. App-based services have become the key competitive factor, with more than 15 million expats remitting income to Bangladesh annually from 176 countries. The highest numbers of remittances originate from Cumilla, Chattogram, Brahmanbaria, Feni, and Noakhali districts. However, the sector still faces challenges in secure savings options, access to credit, and broader adoption of integrated digital solutions.
The remittance landscape in Bangladesh is changing, with digital platforms and improved customer experience driving growth. Collaboration and innovation are key to tackling remaining challenges and fully harnessing the sector's potential.
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