Sonali Bank launches new mobile app for sending remittance

Sonali Bank PLC has launched its new mobile phone app to facilitate sending of remittances back home by the Bangladeshi expatriates living in the United States of America.

Bangladesh Bank Governor Abdur Rouf Talukder inaugurated the 'Sonali Exchange Mobile App' at a city hotel on Tuesday.

Speaking on the occasion, the governor discouraged the use of unofficial channels for sending remittances, saying that those who transfer remittances through unofficial channels are actually encouraging crimes as their families receive a part of the money launderers' illegal earnings through such practices.

At the same time, the government loses revenue as remittance is the main source of income for the country, he added.

He also highlighted that the government has been implementing a wide range of initiatives to facilitate the transfer of expatriates' hard-earned money to the country.

Sonali Bank's new mobile app is one such initiative, he mentioned.

Sonali Bank CEO and Managing Director Md Afzal Karim presided over the programme while Sheikh Mohammad Salim Ullah, secretary of the Financial Institutions Division (FID), and Dr Md. Khairuzzaman Mozumder, secretary of the Finance Division under the Ministry of Finance, were present as special guests.

Sonali Bank Chairman Ziaul Hasan Siddiqui and a number of non-resident Bangladeshis (NRBs), among others, attended the launching ceremony virtually.

Central Bank Governor Abdur Rouf Talukder said a smart economy entailing a cashless society is one of the prerequisites for building a smart Bangladesh.

Highlighting the digital transformation taking place in the banking sector, he said no customers would visit bank branches in person five years later. So, the institutions need to plan accordingly.

FID Secretary Sheikh Mohammad Salim Ullah said smart banking services are a must in order to help achieve the country's vision to be a developed nation by 2041.

Finance Division Secretary Khairuzzaman Mozumder said the new app would also facilitate NRBs' participation in the recently introduced universal pension scheme in the country.

Around 16,000 registrations for the pension scheme have been done so far, but participation of NRBs remains limited, he said.

The digital fund transfer facility directly to pension funds will encourage NRBs in this regard, he added.

Sonali Bank CEO Afzal Karim said remitters could now send money anytime from anywhere using the app, which would help promote cashless banking.

Using the new app, expatriates living in the USA, especially in New York, New Jersey, Michigan, Maryland, Georgia and Florida states, can send their remittances free of charge, easily and fast, round the clock.

Presently, expatriates receive a 2.5 per cent incentive in every transaction from the government and an additional 2.5 per cent from Sonali Bank PLC.

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