The World Bank, in an October report, predicted that global remittance flows would fall by 7% in 2020, followed by another 7% decline in 2021.
However, the report went on to say that Bangladesh registered a sharp increase in remittance inflows after the devastating July floods. One of the top 10 remittance recipients in the world, the country’s remittance earnings is projected to increase by about 8% in 2020.
This is an astonishing achievement given that the world is facing an unprecedented pandemic that has killed 1.5 million people to date and plunged many countries in economic crises.
So what drives this growth? For one, sheer resilience in the face of adversity of its people. And then there are the initiatives by companies like bKash.
bKash Ltd (bKash) is a leading mobile financial service provider in Bangladesh. With over 30 million registered users serviced by 180,000 agents nationwide, it aims to provide accessible financial services to its people, 70% of whom live in rural areas and have limited access to traditional banking services.
If this sounds familiar, it is exactly what we set out to do with our regional and global network, aiming to empower a global community with easy access to reliable and fair-priced cross-border payments.
With bKash’s infrastructure and experience, remittances into Bangladesh have always enjoyed competitive rates and returns. Now, it’s going to be even better.
Wait, a BONUS you say?
Yes! Until 31 January 2021, bKash is giving a 1% bonus to remittance beneficiaries who receive a minimum BDT10,000 (USD118) on their bKash wallet. Each customer can enjoy a maximum of BDT2,400 bonus during the campaign period.
That’s not all. Each customer will also receive a 2% government incentive upon the principal amount received in their bKash account!
Bucking the trend
Bangladesh and its people have been hit hard this year not only by COVID-19, but natural disasters along the way. But it is heartening to know that fintechs, such as bKash, are helping people get more out of their hard-earned money through relief programmes and promotional campaigns such as this.
If you are servicing Bangladeshi workers in your respective country and have a partnership with Tranglo, consider notifying your customers that this bonus is immediately available to their recipients back at home. 1% is not much, but to many who are struggling day by day, it may mean the world.
*We enjoy supporting our partners’ campaigns and sharing them with our network so that everyone benefits. If you are a business and want to tap into the huge remittance market in Bangladesh and elsewhere, contact us today.