(NASDAQ: MGI), a leading global money transfer company, announced today that it has signed an agreement with Southeast Bank Limited (SEBL), a Bangladesh-based private commercial bank, and is now offering money transfer services at the bank’s branches across the country. The agreement increases MoneyGram’s presence in Bangladesh, adds it to its growing agent network, and makes the company’s services easier for customers to access.
“Joining hands with SEBL will not only propel our growth in this important market, but will better enable us to meet the growing consumer demand for money transfers to Bangladesh,” said Harsh Lambah, senior regional director, South Asia, MoneyGram. “Collaboration with an expert Bangladeshi bank will give our customers another convenient option to receive money sent by their loved ones. The money can be received in nearly 200 countries in as little as 10 minutes, subject to local hours and regulations," he said.
SEBL, a well-known and trusted bank in Bangladesh, has locations across the country, with a large number in and around the capital city of Dhaka. Urban Bangladesh residents, as well as others across the state, now have more nearby locations from which to receive funds and from key send countries as Italy, the U.S., Saudi Arabia, Canada, France and Australia.
“Our customers’ needs come first, and our agreement with MoneyGram will bring added convenience to those whom we serve to offer reliable and affordable money transfer services,” said Murshid Kuli Khan, senior consultant, SEBL. “We are convinced that MoneyGram’s vast international presence in nearly 200 countries allows Bangladeshis living and working abroad to find convenient locations to send money home.”
According to the World Bank, remittances from migrant workers during the fiscal year 2012-13 amount to more than $14 billion to Bangladesh, and account for about 10 percent of gross domestic product of the country. The World Bank has estimated that the country’s remittances will continue to increase in the coming years. The addition of SEBL to MoneyGram’s agent network in Bangladesh creates an easy-to-access footprint of locations with MoneyGram services.