Xpress Money, one of the leading money transfer companies has vowed to promote remittance inflow in Bangladesh through legal channel by providing attractive exchange rates and innovative products and services, its high official said.
"We offer services such as 'cash to cash' and 'any bank account credit' in order to encourage Bangladeshi migrants to use legal channels of money transfer," Sudhesh Giriyan, chief operating officer (COO) of Xpress Money, told the FE in an e-mail interview recently.
The 'cash to cash' service allows the sender to deposit cash at any of its agent locations in a foreign country and the beneficiary here can instantly receive cash at any of agent locations, he said.
While 'any bank account credit' service enabled the beneficiary to access their funds, sent to any branch of any scheduled or specialised bank in Bangladesh, within 48 hours from the time the sender completes the transaction, he continued.
Xpress Money is operating in Bangladesh for about 10 years in Bangladesh.
"In 2015, we aim to further reach out to local consumers through grass root activities," he said. "We have always put consumers at the core of our strategy and we intend to continue the same trend in Bangladesh this year."
Citing Bangladesh as a fastest growing remittance market for Xpress Money, he said, "We have seen a continuous growth in our business here; our customer-focused services and affordable rates are the key drivers for the growth."
The company has affiliations with over 42 banks and 14 major NGOs across the country; to further extend its services to consumers in the remote areas, the company also partnered with a number of fourth generation banks.
"We significantly increase our network each year in the country and today, we have a more than 11,800 agent locations, up from 8644 in 2013," he said.
Replying to a question, Mr Giriyan further said that the money transfer companies like Xpress Money can enhance financial awareness among migrants and beneficiaries, helping inculcate a savings culture among many Bangladeshis.
Country's remittance receiving households are effectively using their cash reserves for infrastructural development, he said, adding that from hygienic sanitation set ups, plush new houses, to the use of advanced electronic devices, Bangladeshi population is transforming to significantly improved standards of living.
"Most importantly, funds sent by the Non-Resident Bangladeshis (NRBs) are being used to strengthen the existing education system in the country, making it accessible to residents from different parts of the country, with crucial implications for social change," he said.
md.ali.du@gmail.com
