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Business Insider Bangladesh

BRAC Bank’s success story of digital remittance is featured in UNCDF Case Study

BI Report || BusinessInsider

Published: 18:14, 9 August 2022  
BRAC Bank’s success story of digital remittance is featured in UNCDF Case Study

Photo: Courtesy

BRAC Bank’s success story of digital remittance has been featured in the case study of United Nations Capital Development Fund (UNCDF).  

The study titled “Shifting from cash to digital remittances during the pandemic: A case study of BRAC Bank in Bangladesh” sheds light on how digital service becomes financially inclusive and socio-economically empowering.

The case study published in UNCDF Blog provides insights and evolving dynamics of remittance market and how it impacts the socio-economic fabric of the country, which received US$ 22 billion remittance annually, according to a statement.

The Covid-19 pandemic led to increased use of digital remittances. When the pandemic broke out in early 2020, there were concerns that remittances in Bangladesh would decline, which would negatively impact the economy, specifically the well-being of migrant recipient families.  

“From 2019 to 2020, BRAC Bank Limited remittance transactions that were received digitally, in either a bank account or mobile wallet, increased from 37 percent to 75 percent. Digital transfers are not just cheaper, faster and safer than cash remittances. They also enable smaller, more frequent transactions. As many as 86 percent of transactions received through bKash mobile wallets are under $200, compared to 30 percent of those received in a bank account and 19 percent received in cash,” it added.   

Selim RF  Hussain, Managing Director and CEO, BRAC Bank, “We are very honoured that our digital remittance story has been picked up for UNCDF. This proves that good works do not go unnoticed. The recognition will further inspire us to drive more digitalization in BRAC Bank.”

Nagad
Walton