Diaspora Journey: The greater role of postal banks as remittance distribution channels is increasing. Kenya is already providing domestic and interstate remittance services. In 2010, Philippine Postal Corp. announced that most overseas Filipino workers (OFWs) can already send their remittances to their families in the country in seconds, and with cheaper rate compared with other remittance centers. The remittance service is envisioned to cater to both domestic transfer and international remittances.
Bangladesh is the latest initiative of governments to improve channeling of remittances.
Bank Asia Limited has signed a Memorandum of Understanding (MoU) with Bangladesh Post Office recently in the city.
Erfanuddin Ahmed, President and Managing Director of Bank Asia and Mobasherur Rahman, Director General of Bangladesh Post Office signed the MoU on behalf of their respective organizations.
Under the agreement, Bank Asia will be using designated outlets of Bangladesh Post Office to channellize remittance payments electronically. It may be mentioned here that Bank Asia Limited has arrangements with more than 20 exchange houses and remittance focused organizations spread allover the world and channellizing remittances through more than 1500 locations within Bangladesh.
Bangladesh Post Office is on the threshold of launching electronic money order and fund transfer services and has in the process signed MoUs with several banks. This joint venture will enhance remittance through authorized and legal channels and boost the economy further efficiently.