Call to raise awareness to boost remittance inflow

OUR CORRESPONDENT
CHATTOGRAM, Sept 10: Chattogram City Corporation (CCC) Mayor Dr Shahadat Hossain has said the widespread use of hundi among Bangladeshi expatriates, driven by lack of awareness of digital money transfer apps, is costing the country valuable foreign exchange.
"Millions of expatriates in the Middle East struggle to send money home through banks as their working hours often clash with banking hours. Documentary complications make it even harder. On the other hand, most of them are unaware of online transfer apps that allow instant remittance," said Dr Shahadat.
He made the remarks while addressing a view-exchange meeting titled 'The Role of Media in Boosting Remittance' in Chattogram, organised by international fintech company and remittance app, NALA, on Wednesday.
Highlighting the dangers of informal money transfers, the mayor said, "The money is entering the country through hundi, but since it bypasses formal channels, the nation is not benefitting. The government must take action against those involved in hundi, who are already identified."
Speakers at the event stressed the need for increased awareness to promote legal remittance channels and curb the underground flow of foreign currency.
In his keynote address, Chittagong University Marketing Professor Dr Hossain Shahid Sarwardy underscored the pivotal role of remittances in Bangladesh's economy.
"Remittance is one of the key drivers of the economy, contributing billions of dollars each year. It strengthens foreign reserves and supports household as well as social development," said Dr Sarwardy. "To increase this flow, building awareness, trust, and positive behaviour among expatriates is essential -- and that is where the role of media becomes most important."
In his welcome speech, NALA Bangladesh's Head of Growth, Mahmudul Hasan, said the media is one of the most effective tools to raise public awareness.
"If remittance comes through legal channels, not only do the families of expatriates benefit, the whole country does. Formal transfers are faster, cheaper and more secure, and journalists can deliver this message through campaigns, success stories and comparative reports."
According to NALA representatives, expatriates from 21 countries, including the US, the UK and various European nations, can send money to Bangladesh using the NALA app, launched in 2021. It currently has more than half a million users.
NALA operates in 14 countries across Africa and Asia, offering transfers to 249 banks and 26 mobile money services. Its B2B platform, Rafiki API, simplifies international transactions. The company is backed by global investors including Y Combinator, Accel and Bessemer.
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