The largest multilateral remittance service HomeSend will enable money transfers from 136 countries to Bangladesh’s 90 million residents
To advance the cross-border capabilities of Bangladesh’s financial ecosystem, Mastercard today announced the launch of HomeSend with bKash and DBBL. Remitters from 136 countries will now be able to transfer remittances directly to 40+ million Bank accounts of Bangladesh through Dutch-Bangla Bank Limited and 50 million bKash accounts. Bank Asia is the banking and settlement partner of bKash for this service.
HomeSend is a joint venture of Mastercard and Wameja that enables business-to-business cross-border and cross-network transfers. Its vision is to transform cross-border payments by connecting the world in a way that is safe, convenient, and cost-effective.
The launch of HomeSend will increase access to direct remittance services and accelerate financial inclusion in Bangladesh. It will also ease the overall remittance-receiving experience by providing recipients the safety, convenience, and predictability of receiving funds directly to their bank accounts through DBBL or bKash accounts. They will no longer need to visit a physical money transfer location or bank, helping to mitigate health risks in the current circumstances. Further, it will remove the dependency on informal cash-based remittance channels that can often be unreliable. By eradicating the middleman, informal channels, and reducing commission will help bring the remittance costs down and contribute to significantly grow foreign remittances in Bangladesh.
The launch of HomeSend will increase access to direct remittance services and accelerate financial inclusion in Bangladesh. It will also ease the overall remittance-receiving experience by providing recipients the safety, convenience, and predictability of receiving funds directly to their bank accounts through DBBL or bKash wallet accounts. They will no longer need to visit a physical money transfer location or bank, helping to mitigate health risks in the current circumstances. Further, it will remove the dependency on informal cash-based remittance channels that can often be unreliable. By eradicating the middleman, informal channels, and reducing commission will help bring the remittance costs down and contribute to significantly grow foreign remittances in Bangladesh.
Stephen Doyle, Chief Executive Officer, HomeSend said, “We are extremely proud to launch this international mobile money transfer service in partnership with Mastercard, DBBL, and bKash (through Bank Asia). Bangladesh is a nation that has a high penetration of mobile phones and bank accounts. A service such as the one we are launching today is integral to facilitating financial inclusion.”
Abul Kashem MD Shirin, Managing Director, Dutch Bangla Bank Limited said, “The partnership among Mastercard, HomeSend, and DBBL will allow customers to receive remittance literally at their fingertips. This groundbreaking service revolutionizes how remittance is received locally and is an example of innovations in financial services that will help attain the goal of a truly Digital Bangladesh.”
Kamal Quadir, Chief Executive Officer, bKash said “bKash is delighted to be a part of this initiative that promises utmost convenience for our customers. We believe, this collaboration under the regulation of Bangladesh Bank will further contribute to the remittance flow of our economy and will empower rural households in receiving the remitted amount in the most convenient ways. Recipients can Cash out the money at any time from bKash’s 240,000 agent points across the country and avail various services like utility bill payment, send money, mobile recharge, payment of online shopping, e-ticketing, payment of educational institutions or hospital expenses, etc. They can also save money in their accounts.”
Md. Arfan Ali, President, and Managing Director, Bank Asia Limited said, “We are excited to connect with the remittance HUB model managed by HomeSend, a joint venture with Mastercard, where 50 exchange houses from over 136 countries are connected and deliver cross border remittances directly to 50M bKash accounts through Bank Asia in real-time. Remittance is the lifeline of our economy and we are happy to join this noble enterprise. I believe this partnership will help us to support our migrant workers and create a positive impact on remittance growth.”
Vikas Varma, Chief Operating Officer, South Asia, Mastercard said, “2020 recorded the highest ever number of inbound remittances. With more than 10 million international migrant workers contributing to the economy and sending money to their families, cross-border remittances are one of the largest financial inflows to Bangladesh. The country has also witnessed widespread adoption of mobile phones, providing many people with the opportunity to adopt financial technology inclusion. HomeSend will offer flexibility and convenience to remitters and make Bangladesh’s financial system accessible to more people, expanding financial inclusion to even the remotest parts of the country.”
HomeSend is a joint venture between Mastercard and Wameja, its fintech and telecommunication partners aiming to enhance the degree of convenience and flexibility to consumers in both developed and emerging markets. It is the most extensive cross-border money transfer network in the world with over 20,000 connected financial institutions.
