Midland Bank, Nagad join hands to speed up remittance delivery

Nagad Limited has entered into a partnership agreement with Midland Bank PLC to streamline the delivery of expatriate remittances to Bangladesh’s grassroots, enabling faster and more secure digital transfers nationwide.

Under the partnership, remittances sent by Bangladeshi expatriates will be credited directly to beneficiaries’ Nagad mobile wallets through Midland Bank, using authorised channels including international exchange houses, money transfer operators and banks.

Recipients will have 24/7 access to their funds through Nagad accounts, regardless of location, including remote and rural areas.

Imtiaz Uddin Ahmed, managing director and CEO of Midland Bank PLC, and Md Motasem Billah, administrator of Nagad Limited, signed the agreement at the bank’s head office in Gulshan, Dhaka recently, according to a press release.

Ahmed said, “Midland Bank collects remittances through an extensive global partner network. This agreement with Nagad will deliver faster and more convenient remittance services to expatriates and their families.”

Billah said, “This partnership ensures expatriates’ hard-earned money arrives instantly and securely in recipients’ Nagad wallets. Beneficiaries can access funds anytime or withdraw cash at minimal cost from over 300,000 Nagad agent points nationwide, including in remote locations.”

He added that the initiative would help modernise the remittance ecosystem and encourage increased inflows through formal channels.

Md Zahid Hossain, deputy managing director and chief risk officer of the bank; Mohammad Javed Tarek Khan and Khandaker Toufiq Hossain Khan, senior executive vice-presidents; and Md Ahsanul Haque Bashar, head of remittance at the mobile financial services (MFS) provider, along with other senior officials from both organisations, were also present at the event.