Xpress Money sees 12pc growth in Bangladesh

Xpress Money, one of the world's most dependable money transfer brands, witnessed a growth of 12 per cent from July 2013 to June 2014 in Bangladesh. In the year, the total remittance inflows to the country through legal channels stood at US $ 14.22 bn, of which approximately 10 percent was sent through the money transfer company.

Districts like Chandpur, Brahmanbaria, Comilla & Greater Dhaka contributed nearly 50 per cent of the total inflows to Bangladesh in the year. Other contributing districts include Greater Noakhali (9%), Greater Chittagong (8%), Greater Faridpur (6%) and Greater Mymensingh (6%), amongst others.

To facilitate remittance inflows through formal channels, the brand has increased its network in the country by 27% as compared to last year. In 2014, out of the total 170,000 agent locations across the globe, Xpress Money has 11,000 agent locations in Bangladesh alone, up from 8644 in 2013.

The evolving nature of the Bangladeshi manpower, has led Xpress Money to introduce innovative products and services in the country. Alternate channels such as Any Bank Account Credit & Mobile Wallets,  financial literacy programs such as Haat Bazaar campaigns & Grahak Somabesh and special campaigns such as 'Say No to Hundi', have encouraged Bangladeshi migrants to send their hard earned money through legal channels.

Sudhesh Giriyan, Vice-President & Business Head, Xpress Money said, "We remain optimistic on the robust growth of remittances to the country this year. There is a significant demand for Bangladeshi workforce in international markets across sectors such as agriculture, infrastructure and hospitality services. The Government's initiatives to develop human capital will assist in migration of skilled workforce in the years to come. With consumers adopting innovative remittance channels, mobile remittances will play a crucial role in channelising remittances through formal ways."

Xpress Money's innovative products, coupled with its transparent pricing, affordable transfer fees and competitive exchange rates, has led to capturing a significant market share in Bangladesh.

"Bangladesh is one of the fastest growing remittance markets for us and we have seen a continuous growth in our business here. Our customer-focussed services and affordable rates are the key drivers for our growth in the country. If we, along with other players and the government, succeed in persuading Bangladeshi migrants, to convert from informal to formal channels, we can positively achieve the estimated target of $20 billion of inward remittance, by 2020," added Shamim Iftakhar, Country Manager-Bangladesh, Xpress Money.