Remittances sent by expatriate Bangladeshis are the backbone of many rural households, and with the advent of Mobile Financial Services (MFS) like bKash, the process of receiving and using these funds has become significantly more convenient and secure. Families, particularly those in remote areas, can now access remittances instantly from the comfort of their homes, transforming the way funds are transferred and used in Bangladesh.
Take the example of Umme Habiba, a mother of two from Ekhlaspur union of Matlab Upazila in Chandpur. Her husband, who works in the Middle East, used to send remittances through traditional banking channels. This required her to travel monthly to the upazila headquarters, which involved standing in long lines, filling out forms, and spending half a day in transit and waiting. "Earlier, I had to go to the Upazila Sadar every month, wait in long queues, fill out forms, and then withdraw the money. It would take at least half a day, so I withdrew the entire amount to avoid making multiple trips," she explained.
In case of emergencies, her husband can send funds instantly, whether it's the middle of the night or a public holiday. This is particularly useful for unexpected expenses, and she can use her bKash account for more than just withdrawals; she can pay utility bills like Palli Bidyut, recharge her phone, send money to others, and even make loan repayments to NGOs.
The role of bKash in Bangladesh's economic landscape
For years, expatriates have encountered obstacles in legally sending remittances. Now, thanks to bKash's robust ecosystem, barriers have been removed. The platform has collaborated with over 100 international Money Transfer Operators (MTOs) and major Bangladeshi banks, providing a seamless and secure experience.
Ali Ahmmed, Chief Commercial Officer of bKash, emphasized the impact of MFS on remittance flows. "The Central Bank recognizes the critical role of remittance inflows in bolstering the country's economy," he said. "Through concerted efforts and the technological and distribution support of MFS providers, expatriate Bangladeshis can successfully channel remittances digitally. They can also avoid illegal channels to ensure the security of their money."
According to Ahmmed, bKash has developed a strong partnership network for cross-border fund transfers, allowing remittances to be sent from over 142 countries through MTOs and banks.
Affordable cash-out and promoting legal channels
In addition to the convenience of instant, secure transfers, bKash has lowered the cash-out fees for remittances, making it even more accessible for beneficiaries. Withdrawing remittance funds now costs as little as Tk 7 per thousand at over 2,500 ATMs across 19 leading commercial banks. bKash also runs awareness campaigns and partnerships to encourage expatriates to use legal remittance channels, highlighting the security and cost-effectiveness of these services.
These efforts by bKash to make remittance channels more accessible, secure, and cost-effective have
significantly contributed to the growth of remittance inflows in Bangladesh, benefiting the economy and the everyday lives of millions who rely on this lifeline.
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