BRAC Bank, bKash partner with Malaysian Incentive Remit for digital remittance services

Malaysian money transfer company Incentive Remit is expanding its presence in Bangladesh by joining forces with BRAC Bank and bKash.

News Deskbdnews24.com
Published : 3 April 2019, 08:31 PM
Updated : 3 April 2019, 08:31 PM

A new strategic partnership between the companies allows Bangladeshi expatriates based in Malaysia to send remittance directly from their phones to 1 million BRAC Bank accounts, 186 BRAC branches for cash collection and up to 30 million bKash mobile money wallets in Bangladesh, the bank said in a media release on Wednesday.

Incentive Remit’s mobile-first, digital model saves customers time and money as they do not have to visit a bricks and mortar agent to send money home, the release said.

International transfers to bKash mobile money wallets via Incentive Remit are instant.

Recipients can then transfer funds from their bKash wallets to other bKash wallets.

BRAC Bank customers using internet banking can also transfer to bKash wallet, top-up mobile airtime, and pay for bills and groceries at shops and businesses that accept bKash payments.

Customers can also withdraw money as cash at bKash agent locations or store their funds in their bKash accounts.

“Our partnership will support financial inclusion by enabling the unbanked Bangladeshi population to receive remittances straight into their mobile money accounts. Considerably expanding Incentive Remit’s footprint in Bangladesh, the partnership will also connect us to over one million BRAC bank accounts and hundreds of cash pickup locations across the country,” the release quoted Incentive Remit CEO Maninder Bhullar as saying.

Selim RF Hussain, Managing Director and CEO at BRAC Bank, added: “Our groundbreaking new partnership with Incentive Remit allows our customers to receive remittances digitally directly into their BRAC Bank accounts, as cash over the counter at BRAC branches and agent points, and into their bKash mobile wallets.”

Mizanur Rashid, Chief Commercial Officer at bKash said, “In partnership with BRAC Bank, we are excited to launch international money transfers via Incentive Remit. The partnership brings tremendous value to Bangladeshis living in Malaysia, allowing people in Bangladesh to receive remittances into their bKash accounts 24/7, instantly.”