Expatriate Bangladeshis around the world can now experience the ease of sending money as Nagad Limited, a leading mobile financial service provider in Bangladesh, joins forces with TerraPay, a global payments network, to revolutionize the landscape of cross-border remittances. This exciting collaboration marks a significant milestone for the region, offering Bangladeshi expatriates a swift, affordable, and secure means to remit their hard-earned money to their families back home.
Nagad, known for its commitment to innovation and customer-centric solutions, has partnered with TerraPay to leverage its interoperability platform and vast network spanning 200 countries. This strategic alliance empowers Nagad to establish a streamlined avenue for real-time, cross-border money transfers, ensuring that expatriates and their families have access to high-security features and a government incentive of BDT 25 per BDT 1,000 when receiving remittances in their Nagad wallets, all at a minimal cost.
TerraPay, renowned for its global presence, is registered and regulated across 29 international markets. Serving as a pivotal partner to banks, mobile wallets, money transfer operators, merchants, and financial institutions worldwide, TerraPay contributes to the creation of a more extensive and inclusive international financial ecosystem. Furthermore, Visa’s strategic equity investment in TerraPay enhances the digital cross-border commerce experience for consumers and small-to-medium-sized businesses.
This collaboration empowers Nagad to connect with the TerraPay network’s presence across the globe, ensuring 24/7 availability of services throughout the year. Trust Bank Limited, a reputable private commercial bank in Bangladesh, played a pivotal role in facilitating the partnership between TerraPay and Nagad, allowing Nagad Limited to operate as a remittance service provider approved by the Bangladesh Bank.
Ambar Sur, Founder and CEO of TerraPay, expressed his enthusiasm for the partnership, stating, “We are thrilled to have this significant partnership with Nagad to enable faster and more secure remittance inflow for expatriate Bangladeshis. Wallets are the key enablers for sending money back home, and TerraPay’s aim is to ensure a seamless and instant process for the end consumer, i.e., the families in most cases. Nagad propels our brand to fulfill its goal, and we are excited to leverage our interoperability platform and help simplify lives.”
Tanvir A. Mishuk, Founder and Managing Director of Nagad Limited, shared his excitement about the agreement with TerraPay, saying, “From the get-go, we have been trying to make people’s lives easier. Now, Bangladeshi expatriates living in different countries can send home their hard-earned money through Nagad Limited using the TerraPay network. We are delighted to have forged this partnership, and it is like a gift to expatriates and their families.”