Thursday, 26 July 2007

Sending money back to Bangladesh

BBy Lara Wozniak 26 July 2007 Citi and BRAC pair up to offer a remittance programme in Bangladesh.

Citi Bangladesh has signed a remittance distribution agreement with BRAC, the world’s largest national non-governmental organisation, which has over five million borrowers. Citi is billing this as one of the first such arrangements involving a micro-finance institution in the world.Under the agreement, BRAC will work with Citi to help facilitate transfer of workers' remittances that come through Citi from all over the world.

BRAC’s micro-finance programme covers all 64 districts of Bangladesh with its 182,497 village organisations, and 3,090 branches. And so, to meet the needs of far-flung people, BRAC deploys more than 20,000 (of its 100,000 employees) to concentrate just on micro-finance.[Read more]

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