May 6, 2009

Bangladesh to Use Mobile Phones for Sending Remittance

Bangladesh is planning to use mobile phone technology to transfer remittance that will help expatriates to send money to their homes in a faster manner with lower cost, media reports said here on Tuesday.

Under the system, the recipient would get a code notification through an SMS. After getting the notification he can punch the code into a specially enabled ATM (Automated Teller Machine) to withdraw the cash.

"It's going to revolutionize the remittance delivery system. If introduced, it will enable expatriate Bangladeshis to send their hard earned cash back home from any corner of the world," the Financial Express newspaper quoted Mosharraf Hossain, Expatiates Welfare and Overseas Employment Minister as saying.

He said that the proposed system would make the transfer process faster and drastically cutting down the cost as Bangladesh became one of the world's top 10 remittance recipient nations in the developing world in 2008.

The World Bank has already agreed to support the planned process with initial financial and technical assistance while the country's top cellular phone operator Grameen Phone sought its permission for mobile phone-based transfer, Bangladesh Bank said.


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