Target to train 50,000 on remittance management

A total of 15,000 migrant workers and their family members have been trained on remittance management so far under the first phase of a scheme.

"We are going to train 35,000 more to scale up the campaign on remittance utilisation, investment and savings drive among the remittance earners and senders," a source of Mastercard told the FE.

Mastercard in collaboration with WARBE Development Foundation took the initiative to train the people.

Remittance has become a major contributor to the Bangladesh economy. As the workers from Bangladesh gradually increased over the years, the amount of annual remittance to the country significantly rose.

According to World Bank, Bangladesh is now one of the largest recipients of remittance with $13.53 billion in 2017.

A large number of populations, especially people who are working abroad and their families who live in rural areas of Bangladesh, are dependent financially on foreign remittance. However, most of these people are not aware about the authentic remittance transaction process and its proper utilisation. Mastercard through this initiative wants to make aware and educate these communities on the proper way of remittance transfer, saving practices and its effective utilisation of remittance.

Mastercard in collaboration with WARBE Development Foundation arranged an event recently where Muhammad Abdul Mannan, MP, State Minister, Ministry of Finance and Ministry of Planning, was the chief guest.

Dr Ahmed Munirus Saleheen, Additional Secretary, Ministry of Expatriates' Welfare and Overseas Employment attended as the special guest.

Md Israfil Alam, MP, Chair of Parliamentarians Caucus on Migration & Development, Bangladesh National Parliament, was present as the Chair of the Consultation.

Advocate Hosne Ara Lutfa Dalia, MP, Member of Parliamentarians Caucus on Migration & Development, Jebunnesa Afroz, MP, Member of Parliamentarians Caucus on Migration & Development and Mehjabeen Khaled, MP, Member of Parliamentarians Caucus on Migration & Development, were present as the guest of honour along with top officials from both Mastercard and WARBE Development Foundation Bangladesh.

Speaking on the occasion, Syed Mohammad Kamal, Country Manager of Mastercard said, "In Bangladesh, livelihood of a large number of people remains dependent on remittance sent by their near and dear ones. We are proud to have already trained 15,000 beneficiaries on proper remittance management in partnership with WARBE Development Foundation. This time we look forward to train 35,000 more people and educate them on Remittance Utilisation, Investment and Savings. We believe that this training will equip these communities with the knowledge and skill sets to create their own opportunities and pursue their dreams, resulting in long-term benefits, not just for themselves, but also their families and society at large."

Syed Saiful Haque, Chairman, WARBE Development Foundation, said, "I believe that despite such large amount of remittance being sent from abroad by the migrant workers, their families are not being able to utilise the money properly due to lack of knowledge in remittance management. I hope that, this programme will be successful in educating these rural people on how to properly manage their remittance and utilise it in the most effective manner resulting in long-term socio economic development within these communities. Also government will have to take pragmatic policy to give business opportunity and intensive efforts for establishing enterprises by the migrants and of their families."

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