Western Union becomes the largest int’l money remittance network in Bangladesh

Western Union, together with its Agents, have become the largest international money remittance network in Bangladesh, by exceeding a record-setting 12,000 Agent locations across the nation recently.

Four leading banks – Agrani, Islami, NCC and Uttara have recently become Western Union Agents, bringing a total of 2,000 additional locations to the network.

Consumers in Bangladesh can now receive Western Union Money TransferSM transactions from overseas across all 64 districts and 509 Thanas in Bangladesh, from Teknaf to Tetulia. Some Western Union Agent locations open beyond traditional nine-to-five business hours and on weekends.

“Through our 12,000 locations operated by 20 principal bank Agents in Bangladesh, Western Union is there to serve Bangladeshis receiving money from family and loved ones working and living overseas,particularly70 percent of the population who live in rural areas ,”said Patricia Riingen, senior vice president, East & South Asia, Western Union.

“Western Union has been bringing the world to Bangladesh for 18 years, connecting it with a global network of 500,000 Agent locations in more than 200 countries and territories, providing coverage of countries popular with the six million Bangladeshis abroad.”

“Over the years, we have enabled and participated in the growth of overseas immigration and the change in Bangladesh’s economy by offering convenience, reliability and speedy transfers of monies – majority of which are funds for regular financial support and living expenses.

“Our strategy is to strengthen and expand both our local and global money transfer networks by increasing our presence through multiple channels, thus fulfilling our promise that wherever there is a Bangladeshi, there is a Western Union. We are proud to provide a reliable financial link between Bangladeshis abroad and their families back home,” Ms. Riingen said.

In 2011, Western Union transferred money into Bangladesh from165countries, up from 61 in 2004 – actively supporting the country’s growth into the seventh largest remittance-receiving country in the world.

To give consumers added choice and convenience, Western Union also launched a new mobile phone-based money transfer service early this year with Dhaka Bank and Banglalink, enabling consumers in Bangladesh to receive money directly and instantly into their mobile wallets. With Banglalink’s mobile network covering over 87% of Bangladesh geographically where over 97% of population lives, the new service is set to open up access to basic financial services to huge portions of the nation’s population.

The Western Union Agent Network started with the first location operated by National Bank in Rajuk Avenue, Motijheel, in 1994.

“On the occasion of our record-setting 12,000 Agent locations, I would like to thank our business partners, government and regulators who have played a key role in our network expansion strategy to ensure we reach out to every district and Thana in Bangladesh. Their tireless efforts ensure that we offer our consumers the best possible money transfer experience,”concluded Patricia Riingen.

The Central Bank of Bangladesh recorded that the total inward remittances from overseas wage earners exceeded US$12.1 billion in 2011.

With Bangladesh as a key growth market, globally Western Union recorded revenue of US$5.5 billion in 2011, an increase of 6% compared to 2010 and the highest full year growth since 2008.

Source: The Financial Express

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